The Austrian Philharmonic gold coin is the bets-selling bullion in mainland Europe and is backed by the Austrian Government as legal tender. Although the face value is marked at €100, its actual value is governed by the market spot price currently €956 per troy ounce for gold.
Given Austria’s penchant for classical music which includes the greats like Mozart, Schubert and Hayden, it should not come as a surprise that the country wished to dedicate its premium coins to historic traditions.
Thus we find music references featured in the design of the Austrian Philharmonic gold and silver coins. On the obverse side are images of instruments commonly associated with Philharmonic orchestras, whilst on the reverse is the Great Organ which sits in Vienna’s famous Golden Concert Hall.
A brief history of the Philharmonic coin
The Austrian Philharmonic gold and silver coins are the only bullion coins available in the Euro currency system. First minted in 1989, the coins became a firm favourite with investors for its 24 karat rating and its availability in 1 troy ounce and ½ troy ounce weights.
The coin was made to celebrate 800 years of coin making in central Europe, dating back to the 11th Century not long after the conclusion of the Crusades in the Middle East. The Austrian Philharmonic has been the world’s best-selling coin on three occasions, in 1992, 1995 and 1996.
But it is the coins value that most appeals to traders and collectors, and now the Euro currency is firming, the price of gold Philharmonic coins will drop to low levels and very attractive prices. 2014 is forecast to be an excellent year to add precious metals to your investment portfolio.
Good time to buy precious metals
Gold prices are forecast to fall as low as $1064 this year, averaging out around $1220. Despite holding firm at the turn of the year following a very disappointing 2013, precious metals have started their predicted decline. But this is great news for buyers!
Gold always loses its value when national economies are performing well and with the global economy waking from a six year slumber, traders are putting their faith in equities rather than gold. The slack in demand will drive gold prices down.
However, the global economy will not continue to improve forever and given the amount of debt World Banks are in the pressure of the debt ceiling has to collapse – and when it does gold prices will go through the roof.
Keep your eye on gold spot prices over the next few months and when you feel the time is right to buy, protect your financial future by adding the value of Austrian Philharmonic gold and silver coins to you investment portfolio. Gold prices could more than double over the next 10 years.