Hm. Re-running the numbers:
1KG of gold = 32.16 troy ounces (conversion chart)
32.16 x USD355.50 =$11432.88 (current gold price)
Current value of USD11432.88 in British Pounds: 6859.73
Over 100% markup. Zowie.
kfwilkinson. The coin will cost the Alderny issuers $11,432.88 US each, just in material cost. They will also pay the British Royal Mint for the labor involved in making/designing the “coin.” They’re selling the coins for US $14,500. They’re making less than $3000 US on a cost of over $11,432.88. Not exactly a 100% markup. But a bad buy.
“How you doin’???”
And he needs a lot of gold chains.
They’re selling the coin for 14,500 British Pounds, which is currently worth USD 24,070.
Considering they’re paying only USD 11,432.88 for the material, even WITH the labor involved that’s still a HUGE markup. They’re making over $12,000 on each of them. And of course the production costs such as coin design, die making, stamping, etc. is amortized out over the entire run, instead of on just one coin.
(Parenthetical note: Gold’s under $350 / ozt now…value of them things is dropping fast…)