It has been announced that the central bank of China will more than double production of the Gold Panda bullion coin this year, in response to high public demand.
The People’s Bank of China, will raise production of the Panda coin from a planned 500,000 ounces to 1.06 million ounces. In addition, production of the Silver edition of the Panda has been raised from 3.4 million ounces to 6.4 million ounces.
This announcement follows an extraordinarily sharp surge in the buying of gold and silver coins in China, which recently overtook India as the largest market for gold bars and coins.
Indeed, the Financial Times of 21 June reported that Gold Panda coins were even being shipped back to China from Western markets in order to fulfil demand. Bloomberg have suggested that the current spate of buying may have been sparked by inflation fears in both India and China– with gold seen as a safe haven, as in the West.
Eastern interest in coins has not been confined simply to gold. The Perth Mint has reported record sales of silver coins – 68% higher than the previous year at 10.7 million – as buyers seek a haven accessible at lower prices, whilst we have reported the sell out of the 2011 Silver Kookaburra at the Mint previously.