The Perth Mint has transported a colossal one tonne gold coin to the New York Stock Exchange to promote physical Australian gold being made available to US investors.
The 99.99 per cent pure gold coin measures 80cm wide and 13cm deep, and is recognised by Guinness World Records as the largest coin ever created.
It was worth $A50 million when it was cast in 2012 but its value has risen to more than $A60 million given the soaring price of the precious metal, which recently has been hitting all-time highs of more than $2,000 an ounce against the Aussie.
The coin is being displayed outside the stock exchange on Wall Street to mark the official launch of the Perth Mint Physical Gold Exchange Traded Fund, which will trade under the code AAAU on Tuesday night Australian time.
Perth Mint chief executive Richard Hayes will ring the bell to signal the end of the trading day
“Every AAAU share is backed by physical gold stored in our central bank-grade vaulting facilities in Perth, so at any time investors may choose to exchange part or their entire holdings for a delivery of physical gold to their door,” he said.
“The physical gold that backs each AAAU share is guaranteed by our sovereign owner, the government of Western Australia.”