Fashion and Lifestyle 12 Mar 2018
As civilians, we are often not equipped with the knowledge to validate a transaction involving gold. Our worries and concerns for the purity and fineness of the precious metal are well founded, and shared worldwide. The gold coins and bullions manufactured and distributed by the governments primarily serve to placate concerns that people might have about the purity of the gold and the legitimacy of the transaction. This trust in the government helps facilitate trade of the precious metal, both domestically as well as overseas.
Canada is one of the countries that mints its own gold and is also of a founding member of the commonwealth - an intergovernmental organization – that India and 50 other nations are also a part of. The commonwealth countries all share a common history of having been under the rule of the British Empire at some point before gaining independence. Canada is also home to some of the largest gold mines in the world, and Indian customers consumed approximately 300 million dollars worth of Canadian gold in 2016.
Off the 22 nations that produce gold coins and bullions, no country produces gold bullion as pure as Canada. Canada’s Maple Leaf, is a gold coin that is refined to .99999 fineness, and is proudly produced by the Royal Canadian Mint. According to official Canadian mint website, the gold Maple Leaf is a legal tender in Canada, and has a face value of $50, and weighs in at 1 troy oz. or 31.10 g. The purest gold in the world is available in six different sizes (1 Ounce, 0.5 Ounces, 0.25 Ounces, 0.1 Ounce, 0.05 Ounces and 0.04 ounces) and can be purchased directly from the Canadian Mint’s official website.
The Maple Leaf, like its Australian counterpart, displays the profile of Queen Elizabeth the second on one side of the coin. The other side showcases a Maple Leaf with laser-micro-engraved texture. This texture serves as a security feature to tell apart the real coins from counterfeit ones. In 2007, the Royal Canadian Mint produced five massive 100 kilogram Maple Leaf gold coins. Each coin was half a meter in diameter and had a thickness of 3 centimeters. Each of these massive coins had gold worth 4 million US$. Unfortunately, in an unprecedented heist, one of these gold coins was stolen on 26th March 2017 from the Bode Museum in Berlin, Germany.
Gold loans are secured loans where gold jewellery is used as collateral. You pledge your gold jewellery with the lender and get a loan. The loan amount is usually a percentage of the gold’s value. You can repay the loan through monthly instalments. After the repayment, you get back your gold jewellery. Nationalised banks, private banks, and other financial institutions offer these loans at affordable interest rates.
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