Hedge funds’ bullish bets on gold jump to four-year high
Hedge funds and other large speculators boosted their net-long position in gold.
Premier Colin Barnett today unveiled the world’s first coin to feature a significant red diamond from Rio Tinto’s Argyle pink diamond mine.
The exclusive $1 million Kimberley Treasure coin was struck by The Perth Mint from one kilogram of 99.99 per cent pure gold, and features an image of a red kangaroo holding a radiant 0.54 carat red gemstone between its front paws.
The unique collectable also displays the Ian Rank-Broadley effigy of Her Majesty Queen Elizabeth II on the obverse, confirming its status as legal tender of Australia.
Mr Barnett said the creation of the precious icon was a great example of two companies sharing a passion for quality craftsmanship and Western Australia’s rarest and most valued resources.
“The Perth Mint and Rio Tinto’s Argyle pink diamond mine have been at the hub of Western Australian industry for decades, so I am delighted to unveil a collector’s item which captures two of the most beautiful treasures of our State,” he said.
As an alternative asset class, gold is a traditional haven in times of uncertainty. The metal remains buoyant with its price rise directly linked to demand for the prized commodity. In recent weeks, gold has reached record price highs of more than AUD$1,850, exceeding its previous high of AUD$1,846 in 2011.
The Perth Mint refines more than 95 per cent of the country’s newly mined gold and exports significant volumes of bullion bars to international markets. It provides world-class safe storage facilities for nearly 30,000 investors globally, who collectively hold more than $3 billion in precious metal with the Perth Mint.
