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Auctions Yield Record Prices on Gems and Precious Metals

Who says there is a recession going on? Certainly not buyers at a recent Christy’s auction in Geneva, Switzerland where record prices were fetched for a number of items. Among them were a 56 carat diamond that sold for $10.6 million, a 130 carat sapphire for $7.1 million, and a PatekPhillipe watch that sold for $3.6 million!

Sotheby’s got into the mix too setting a record with a $12.7 million sale of a diamond and emerald tiara and jewelry that once belonged to the Duchess of Windsor.

One of the most amazing items sold at auction in recent memory, however, is the world’s largest gold coin, which was sold in the summer of 2010. The Royal Canadian Mint produced only 5 of these $1 million coins, and each one weighs in at about 220.5 lbs (2646 troy ounces) apiece. It was purchased for a price of about $4 million.

Although a rare coin, the purchase was not by a collector, but rather by a Spanish precious metals trading company and the value was not based upon scarcity.  Other items such as a rare 1913 Liberty Head nickel, of which there are also only 5 known examples as well, its worth goes far beyond its intrinsic value (the value of the gold itself, versus the numismatic value).

So if you happen to come across any giant gold coins, or record setting gold watches or any other precious metal scraps you might have lying around your workspace, be sure to bring them to Manhattan Gold & Silver. We can refine your precious metals quickly and easily.

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