Archive for September, 2009
A collection of rare gold coins dating back to the Jewish Bar-Kokhba revolt against the Romans in between 132 and 135 AD has been found in a cave in the Judean Hills in Israel.
The find also included pottery and weapons and was made by researchers from the Hebrew University of Jerusalem and Bar-Ilan University.
A total of 120 coins made from gold and other metals were discovered at the site. They included rebel coins that were struck on top of Roman coins, as well as a number of original Roman period coins minted in Israel and elsewhere.
The hoard represents the largest collection of Bar-Kokhba revolt-era coins ever found.
Professor Amos Frumkin of the Hebrew University of Jerusalem said: “This discovery verifies the assumption that the refugees of the revolt fled to caves in the center of a populated area in addition to the caves found in more isolated areas of the Judean Desert.”
The Bar-Kokhba revolt was the last of the Jewish-Roman Wars and was led by Simon Bar-Kokhba, who was seen as a messiah who could reclaim Judea for the Jews from the Romans. The Romans eventually defeated the uprising, however.
A major Chinese bank is launching a new precious metals department to meet rising demand for gold investment.
Industrial & Commercial Bank of China (ICBC) – the largest bank in the world based on market value – is starting up its own metals business that will see the institution represent trade and financing clients, Reuters reports.
Currently, the Chinese can invest in gold by purchasing physical forms of the metal at the Shanghai Gold Exchange, as well as through buying gold futures, although individuals tend to opt for gold bar investments acquired through banks and jewellers.
China became the largest producer of gold in the world two years ago and is also the second biggest consumer of the precious metal behind India.
In a statement, ICBC said: “[The] Chinese always have a custom to keep gold as personal wealth. China’s gold market is growing rapidly and has a huge potential with the growth of individual incomes.”
The news comes shortly after Simon Black of the International Man blog reported that the Chinese government is taking steps to encourage more citizens to buy gold as an investment.
Demand for physical forms of gold is on the rise in spite of the current high prices associated with the precious metal.
This is according to Indian jewellers and dealers speaking to the Economic Times, who said they had noticed a spike in demand for gold coins and bars in recent times.
Jitendra Kantilal Jain of bullion merchant Jugraj Kantilal and Co said that his company had sold more than 20kg of gold coins in the space of two days.
Elsewhere, Prithiviraj Kothari of RiddhiSiddhi Bullion revealed that his firm is currently selling in the region of 7kg of gold coins a day.
Last week, Indian jewellers bought more gold than usual as they strove to replenish their stocks ahead of the Shradh period, which is traditionally seen by Hindus as an inauspicious time for investment.
Shradh is marked by Hindus to honour the memories of deceased family members and can involve a period of fasting.
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A collection of rare gold and other coins has gone on display at a museum in India.
The From Pagodas to Paise exhibition at the Fort St George’s Fort Museum in Chennai, Tamil Nadu includes coins dating back to the late 17th century.
Some of the coins on display include gold pieces from the period of the Madras presidency – known as pagodas – which were minted by kings reigning at the time and feature images such as the three-swami pagoda with Vishnu and his consorts, the Times of India reports.
The pagoda was the main gold coin used in southern India during the 16th century and was struck until the early 19th century.
A range of Indo-Portuguese, Indo-Dutch, Indo-French and Indo-Danish coins are also on display at the Fort Museum, which is run by the Archaeological Survey of India.
“The idea was not only to display rare coins, but also to show a range of coins used during the colonial period,” commented P S Sriraman, assistant superintending archaeologist at the Fort Museum.
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Gold Beach in Oregon is looking to tackle the economic downturn head-on by offering visitors the chance of winning their own American Eagle gold coin.
Tourism is a key source of income for the coastal city of 2,100 people and although it has fared better than many other destinations since the start of the recession, it is hoping that the gold coin promotion will create some extra buzz among holidaymakers, the World Link reports.
Visitors can enter the American Eagle sweepstakes by staying at one of Gold Beach’s hotels or holiday homes.
In all, ten coins worth around $10,000 (£6,040) will be up for grabs in the promotion, which starts on September 12th and will run until September 1st 2010.
Elizabeth Kuljis, Gold Beach’s promotions director, said: “Tourism is a very significant part of our economic base.
“We see this promotion as our stimulus package, if you will, to drive our local economy.”
Congressionally-approved American Eagle gold bullion coins were officially launched by the US Mint in 1986.
The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.
