World's first-ever rhodium bullion coin arrives 21st May 2009
Rhodium bullion coins are set to hit the market for the first time ever in the next few weeks, according to a new report published yesterday (21st May).
The Cohen Mint produced the first grade .999 rhodium coin towards the end of last month and is planning to sell them initially at a one-gram size for about $100.
In an interview with GoldAndSilverBlog.com, mint owner and operator Eitan Cohen explained that he is thrilled to be developing such a novel product for investors.
He told the website: "The work involved in getting this project off the ground has been tremendous, easily the biggest thing our company has ever done.
"This is really an historic moment, where a truly unique precious metal product comes onto the market, and we're just excited to be the ones to have pioneered it."
Mr Cohen also revealed that the method used to manufacture the coins was the result of a "eureka" moment after exhaustive tests had appeared to suggest that it was not possible.
He explained that the process was very different to and more complicated than the way in which coins are made from other metals, as rhodium is far more "hard, brittle and downright stubborn".
Furthermore, he noted that rhodium - which slipped from $10,000 per oz last July to under $1,000 per oz in a matter of months - will be "on the vanguard" of the pgm demand revival.
"Internal combustion engines are not going away any time soon and if anything, emissions standards are only going to get stricter," he added.
"This metal, along with platinum and palladium, will feel a resurgence once the economy begins to pick back up and consumer confidence reawakens."
The mint is capable of producing as many coins as required and will be selling them individually and on a wholesale basis, with a sealed plastic coin slab for encasing plus a certificate of authenticity.
According to figures compiled by Johnson Matthey, total global rhodium supply was just 695,000 in 2008, while total demand for the metal was 689,000 oz.
Posted 05/22/2009 12:27 am
