A Spanish precious metals trading company bought the world's largest gold coin for 3.27 million euros ($4.02 million), its exact material worth, from the estate of an insolvent investment firm at a rare auction in Vienna on Friday.
The 100 kg (220.5 lb) piece, one of only five Canadian $1,000,000 Maple Leaf coins the Royal Canadian Mint has ever produced, was snapped up immediately in a written bid from ORO direct, a gold trading company based in Madrid.
There were no counter offers in an auction room packed with more journalists than potential buyers. It sold for the catalog sum, the coin's pure gold value based on Friday's market price. This was four times its face value.
The auction was ordered by the administrator of Austrian investment group AvW Invest, which filed for insolvency in May after its owner and chief executive was arrested on suspicion of fraud, breach of trust and other charges.
Reuters
