S. Africa Stops Its Production of Krugerrands
from a Times Staff Writer
JOHANNESBURG, South Africa —
Faced with bans on the import of its Krugerrand gold coins into the United States, Britain and other countries, the South African Mint said Wednesday that it has stopped producing the coin.
But Don Mackay-Coghill, chief executive of International Gold Corp., known as Intergold, which markets Krugerrands worldwide, said sales are continuing from reserves and that production could be resumed if the demand by investors picked up.
“It is wrong to say that we have suspended production indefinitely,” Mackay-Coghill said, “or that there is no longer any demand for Krugerrands. Our production has always been geared to meet demand, and at the moment the market is sticky . . . . “
