USA NEW YORK KRUGERRAND MILLENNIUM EDITION

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(15 Oct 1999) English/Nat • • The South African Krugerrand, the world's premier gold bullion coin, launched its millennium edition in New York on Thursday. • • The coin is returning to the U-S gold market after being embargoed for many years. • • Manufacturers of the Krugerrand hope to usher in a new era for the legendary coin in the United States, by marking the start of an international initiative to increase gold investment demand. • • Since its launch in 1970, more Krugerrands have been issued -- some 46 million ounces -- than all other gold bullion coins combined. • • In fact, more Krugerrands, some 15 million ounces, are held in the U-S -- the world's largest gold bullion market -- than the entire worldwide mintage of the American Eagle. • • Kelvin Williams, Chairman of Rand Refinery Limited which makes the coins, said the 30 year-old Krugerrand has stood the test of time and remained highly valuable. • • SOUNDBITE: (English) • It was a product of great relevance then, and it is still a great product now. It was conceived of as the method, the world's best way of putting gold into the hands of private citizens. • SUPER CAPTION: Kelvin Williams, Chairman, Rand Refinery Limited • • The gold bullion coin contains exactly one ounce of gold, or a fraction of an ounce. Its value is directly related to the prevailing gold price. It is wholesaled internationally at a low premium above the gold price, around 3% on the one ounce coin. • • It is legal tender, its fine gold content government guaranteed. • • Although the Krugerrand was targeted during the mid-1980s during the Apartheid regime as a symbol of the South African government, and therefore placed under international embargo, the makers of the coin feel that its past association will not keep buyers away. • • But just in case it does, they have a model for the Mandelarrand ready to go. • • SOUNDBITE: (English) • Did we think of a different coin? We absolutely did. We intended to, in co-operation with someone whose working on the project right now, to get the support of the government for a Mandelarrand. And we've been trying for over a year to get support for the Mandelarrand as a legal tender coin. • SUPER CAPTION: Kelvin Williams, Chairman, Rand Refinery Limited • • As the coins are reintroduced, it will be the first time in 15 years that newly minted Krugerrands have been imported to the U-S. • • It is also the first time that a South African coin has been released prior to the year inscribed on the coin. • • Find out more about AP Archive: http://www.aparchive.com/HowWeWork • Twitter: / ap_archive • Facebook: / aparchives • Instagram: / apnews • • • You can license this story through AP Archive: http://www.aparchive.com/metadata/you...

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