News and Views from Scotland

Gold Coins From Cononish

Scotgold Rounds

A mining company hoping to open the only underground goldmine in the Scottish Highlands near Tyndrum has sold its first gold in the form of 11 commemorative coins.

Scotgold Resources raised just under £46,000 by auctioning 10 "rounds" to enthusiasts and collectors.

Each solid gold coin weighs an ounce, which represents a mark-up of nearly 400% on the current market price of $1,192 per ounce.

The company hopes that the auction, the first sale of Scottish gold in recent history, will attract enough investment to fund its long-delayed mining operation at Cononish on the edge of Loch Lomond and the Trossachs national park in Stirlingshire in the southern Highlands. Scotgold Resources believes its gold will attract a premium price as a niche product for tourists, jewellers and couples keen on Scottish gold wedding or engagement rings.

The first round, embossed, like all the coins, with a stag's head, was snapped up by Graham Donaldson, a Scotgold shareholder who lives in Christchurch, Dorset. His bid of 21,003.3p was the highest. "As to what I would do with it now, I would probably look at it and stroke it, and put it in a safe," he said.

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January 2017

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