Swiss gold bug cleans out S Africa Krugerrand coin maker

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An unnamed Swiss buyer ordered a massive 5000 ounces, cleaning out the Rand Refinery's gold stocks.

The Krugerrand is the world's best-known gold coin and was introduced in 1967 to provide a convenient, easily tradeable form of bullion.
Rand Refinery has delivered more than 46 million blank coins over the years.

Precious metal bullion is attracting investors as a haven against a sliding dollar and global conflict and has led to shortages.

The US Mint has suspended sales of one-ounce American Eagle gold coins, and Johnson Matthey has stopped taking orders for 100-ounce silver bars at its Salt Lake City refinery.

Heraeus Holding has a delivery waiting list of as long as two weeks for orders of gold bars in Europe.

The gold price hit a two-week high of $844 an ounce this week and is 25% higher than this time last year but off the $1030.80 record achieved in March.

Krugerrand coins are produced as blanks by the Rand Refinery before being sent to the South African mint for stamping with its springbok markings on one side and the face of Paul Kruger, a Boer resistance leader against the British, on the other.

The success of the Krugerrand led to many other gold-producing nations minting their own bullion coins, such as Britain's Britannia issued from 1987, the Canadian Gold Maple Leaf, the Australian Nugget and the American Gold Eagle.