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Gold bullion sales make a mint

March 12, 2012 - Updated 1253 GMT (2053 HKT)

STORY HIGHLIGHTS

The Royal Canadian Mint�s plan to sell gold in $20 lots has been a resounding success.

Mint executive Steve Higgins expected to raise roughly $250 million. So far, according to a report, the Mint has already raised $600 million.

The Mint unveiled plans earlier this month to sell gold bullion, $20 worth at a time, using a new �exchange traded receipt,�

Your $20 will fetch you a piece of bullion about the size of a grain of sand.

It seems Canadians like buying gold, even when it�s a piece the size of a grain of sand.

The Royal Canadian Mint�s plan to sell gold in $20 lots has been a resounding success. When it was first announced three weeks ago, Mint executive Steve Higgins expected to raise roughly $250 million. So far, according to a report, the Mint has already raised $600 million.

Mint spokesperson Alex Reeves refused to confirm the whopping total. �We�re not commenting until the offering has closed,� said Reeves.

The Mint unveiled plans earlier this month to sell gold bullion, $20 worth at a time, using a new �exchange traded receipt,� dubbed the Canadian Gold Reserve program.

Your $20 will fetch you a piece of bullion about the size of a grain of sand. Once the ETRs are sold in an initial public offering by an underwriting syndicate including several Canadian banks, plans are for them to trade on the Toronto Stock Exchange.

Holders of the ETRs would be able to cash them in for either their market price or an actual piece of gold.