2017-06-15 Thu

The Reserve Bank of South Africa has chucked out the plan for introducing a platinum bullion version of the famous gold Krugerrand. The original plan was to release and market a platinum coin like the gold Krugerrand. Some reports indicate that it wouldn’t be financially viable to produce these platinum bullion coins. As per an official research, the demand for such coins all over the world would not be more than 50,000 ounces every year. This number is far less than the demand for gold Krugerrands which is 1.1 million ounces per year.

Apart from that, platinum could not be included in the bank’s reserves as per norms laid down by the International Monetary Fund, which disqualifies the metal as a monetary asset. Coin sets celebrating Krugerrand’s 50th anniversary include both platinum and silver coins.