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Canada’s Newest Source of Gold Bullion

Since they have become one of the biggest players in the gold bullion market with the introduction of their 99.99% pure Maple Leaf coins in 1979. Maple Leaf coins were immediately and overwhelmingly popular, since they were the only other bullion coin option for the world after the South African Krugerrand that many people refused to buy during the Apartheid-era. With this bite of the “gold bug,” Canada has made it easier than ever for those in the US to start buying gold bullion from our friendly neighbor to the North.

In fact, the demand for Gold Maple Leaf coins has occasionally outstripped the ability of the mint to produce them. Though Canada itself has quite a bit of gold of its own, it is not enough to supply the increasing demand for gold Maple Leafs and still sell excess gold to the Central Banks of Europe. These banks have become desperate to back their own loans with a higher percentage of gold reserves and to put their own finances on something more solid than the fickle stock markets and poorly performing treasury-bills.

Those buying gold bullion are hardly ever made aware of where the gold for their coins or bars comes from. In the case of the Royal Canadian Mint that produces the Maple Leaf coins, only Canadian gold is used in the production of the bullion coins. Bars and other gold cons (such as the occasional commemorative series) may be minted with the foreign-mined gold. It remains to be seen whether these Canadian gold finds will be considered to be the property of Canada when scrutinized more closely.

The Canadians opened up the Kittilä mine, in the extreme north of Finland (Lappland), was constructed and managed by the larger organization of Agnico-Eagle Mines Ltd. in Toronto. After spending over CN$100 million to get the mine up and running in the frozen tundra, it just began puring its first 25-pound ingots in early 2009. With an expected “lifespan” of at least 15 years, this mine hopes to produce as much as 3 million ounces of pure gold by 2025.

Indeed, it is now Europe’s largest currently producing gold mine. Situated on the Suurikuusikko Deposit (once owned entirely by the Finnish company Riddarhyttan Resources) in Northern Finland, this strip mine is currently producing gold for the actual cost of about $300 per ounce – making it a very profitable venture for both the Canadians and investors who are interested to take advantage of the influx of concerned folks buying gold bullion.

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Arthur McGuire

March 5, 2009

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