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Buy Your Own 1kg Gold Bar - But At What Price?

Buy Your Own 1kg Gold Bar - But At What Price?

Gold bars worth almost £25,000 at current prices are to go on sale at Royal Mint to mark the first anniversary of its bullion trading website.

The Government company said the Kilo Gold Cast Bar offered a "high-value purchase opportunity for serious investors and those who wish to own and trade larger amounts of gold."

The website, royalmintbullion.com, was aimed at giving people of every budget the chance to own their own piece of gold, with prices starting from around £20.

It had been offering bars from just one gram to 100 grams in its first year of operation, attracting over 12,000 customers from almost 35 countries.

But the Royal Mint said the kilo bar, which will bear the logo of the Royal Mint Refinery, added "depth to its range".

Customers could either have their purchase delivered direct to their home through an insured postal service or opt to store their gold in its vault, the Mint said, adding that it was "protected at all times by the Ministry of Defence."

The bar measures 53 millimetres by 118 millimetres and is 8 millimetres thick.

The Royal Mint said that while there were charges for using its vault, customers could easily trade their purchases through its buy-back facility.

Annual storage fees are 1% of the market value of the gold being held, plus VAT.

Gold is used by investors as a safe haven during troubled times in financial markets - reaching a record high of $1,923 per ounce in 2011.

It is currently trading above $1,100.