You can now buy gold from the Royal Mint

Press Association
JFK Coin
JFK Coin

Consumers will be able to buy tiny fractions of gold bars from the Royal Mint, with prices starting at £20, as part of its new service which promises to open up the world of gold trading.

The Mint said its new signature gold service will allow customers to buy gold in "quantities to suit all budgets", allowing them to purchase and own a fractional amount of a 400oz gold bar.

The Mint, which has a 1,000-year history of producing British coinage, launched a bullion trading website last autumn - enabling customers to buy, store and sell bullion directly from the Mint.

The new signature gold service will expand on this, but rather than buying a coin or a bar outright, people will also now be able to buy gold based on value rather than weight, with entry level starting at £20.

The website constantly updates live prices for gold and silver at a rate linked to the current precious metal price, helping budding investors as well as those who are more experienced to pick the best moment to buy.

All bullion purchased via signature gold will be stored in "the vault" - the Royal Mint's on-site precious storage facility which is protected around the clock by the Ministry of Defence.

The Mint will charge a "management fee" for signature gold customers of 0.5% plus VAT per year based on the value of the customer's gold holding being stored. The Mint said the fee covers the cost of holding the gold in a high-security vault, insurance and administration costs.

The Royal Mint said customers will hold full legal title over every ounce of gold they purchase and can buy and sell it back to the Mint as they choose.

Martin McDade, the Royal Mint's director of bullion, said: "The launch of our online bullion platform last September opened up gold trading to an audience that may previously have been put off by the perceived complexities of the market.

"With the introduction of signature gold, we hope to expand this audience even further."

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