Law enforcement authorities to launch largest ever gold auction

Taipei, Nov. 4 (CNA) The Administrative Enforcement Agency under the Ministry of Justice has scheduled an auction of 64 kilograms of gold for Nov. 11 in what will be the largest gold auction ever by Taiwan's law enforcement authorities.

In a statement Monday, the New Taipei branch of the administrative enforcement agency said the gold to be auctioned was seized from companies that owed a large amount of tax to the government.

According to the branch, the 64 kilos in gold come from 90 items, including 49 Swiss-branded gold bars weighing about 1 kg each, 22 gold bricks weighing between 137 g and 1,496 kg, another 16 gold bars weighing 187 g each, and two shoe-shaped gold ingots weighing 37.48 g and 37.5 g.

The auction, which will be divided into 22 bids, is expected to bring in a substantial amount of revenue.

Gold is currently quoted on global markets at around US$4,000 per ounce. Given that 1 kilo equals 35.274 ounces, 64 kilos of gold could be worth around US$9 million, though items sold in Administrative Enforcement Agency tend to fetch less than their market prices.

Still, the lots will be worth far more than they would have last year, with gold prices up more than 45 percent from a year earlier.

The branch said the gold to be auctioned previously belonged to 11 precious metal vendors registered in Taipei and New Taipei, which owed about NT$774 million (US$25.13 million) in company income tax to the government.

The branch said the auction will start at 10 a.m. on Nov. 11 in the meeting room of its office located in Xinzhuang District of New Taipei.

Those who want to participate in the auction need to sign up with the agency and put up a NT$1 million (US$32,468) deposit in the form of a bank check between 8:30 a.m. and 9:40 a.m. that day.