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AUSTRALIA ATTAINS NUMBER ONE POSITION IN GOLD BULLION MARKET

 AUSTRALIA ATTAINS NUMBER ONE POSITION IN GOLD BULLION MARKET
 NEW YORK, April 8 /PRNewswire/ -- Australia has grabbed the number one spot in the world's intensely competitive gold bullion investment coin market, according to figures from the World Gold Council. This indicates that in less than five years in world markets, Australia's Kangaroo Nugget gold bullion coin has surpassed Canada's Maple Leaf, previously the most popular bullion coin.
 According to the World Gold Council, the Australian Nugget's share of the world market jumped from 15 percent in 1990 to 35 percent in 1991 following the launch in March last year of Australia's innovative Large Bullion Investment Coin Series comprising gold bullion coin weights of two ounces, 10 ounces and one kilogram.
 Don Mackay-Coghill, managing director of GoldCorp Australia, noted that the Nugget has been successful for several reasons. "Our large coins, introduced last March, are designed for the large-scale precious metal investor. They are produced in unlimited quantities to a standard design, and are the first legal tender bullion coins sold at prices that are competitive with precious metal bars.
 "They have proved successful, especially in Asia, and no other producer has yet been able to emulate them. I am certain that the demand momentum for these coins is still growing."
 The emergence of the Nugget coins has come at a particularly difficult time in the global economy. Mackay-Coghill noted that Australia's coin moved into the number one spot during a down metals market. "Precious metal investment demand has been through its longest bear phase in the memory of market participants, and precious metal prices have been at depressed cyclical lows."
 "In 1987, the year of the Nugget's launch, total world sales of all gold bullion coins were 98 tons. In 1991, they were only 45.5 tons. For any commodity or product to achieve such a substantial increase in market share at a time when the total market is contracting sharply is particularly gratifying. We feel the key to Australia's success has been the quality of its bullion coins and our marketing innovations," Mackay-Coghill stated.
 Australia is also a dominant force in other precious metal markets. The Nugget's companion coin, the Australian Koala, has held world market leadership of the platinum bullion coin market since its launch in September, 1988.
 In the silver market, Australia just launched the silver kilogram, 10 ounces and two-ounce Kookaburra bullion coins. A one-ounce silver Kookaburra has been in existence since 1990. Strong initial orders for the large coins suggest they will make a major impact on the world's silver investment market.
 The Kangaroo Nugget, the Koala and the Kookaburra are produced by the Perth Mint by formal agreement with the Australian government and are legal tender under Australia's Currency Act. They are traded internationally for the value of the precious metal they contain, rather than for their nominal face values.
 Legal tender status is the key to strong international demand because it means that, unlike other precious metal investment products, they are backed by a government guarantee of weight and purity.
 -0- 4/8/92
 /CONTACT: Donna Tasso or Lisa Lindberg of PR,NY Inc., 212-685-1222, for GoldCorp Australia/ CO: GoldCorp Australia ST: California IN: SU:


TQ-LO -- NY005 -- 6046 04/08/92 08:01 EDT
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Publication:PR Newswire
Date:Apr 8, 1992
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