Scotgold Resources said it held a successful auction in Edinburgh of Scottish gold mined and processed at its Cononish Gold and Silver Mine near Tyndrum — the first gold ever mined commercially in Scotland.

Scotgold said the average price accepted was £4,557.9 per ounce, a premium of 378% over the current spot price of £953.

The gold was sold in the form of “rounds” — each stamped with the Scottish Gold Mark of a stag’s head and bearing a serial number “corresponding to a chain of custody system certified by the Edinburgh Assay Office.”

Scotgold said the gold rounds have been minted by Baird & Co Bullion Merchants and the sealed bid auction was supervised by accountancy and business advisory firm Scott-Moncrieff, with consultancy firm The Dragonfly Initiative managing the marketing of the gold pieces. 

Scotgold CEO Richard Gray said: “This unique and historic event is the first demonstration of our ability to attract a premium for Scottish Gold.

“The next opportunity to show the continued support for this precious metal from the Highlands will be the conclusion of agreements with members of the Scottish jewelry trade, who appreciate the value that can be added to their products by the proven provenance of the stag’s head Scottish Gold Mark.

“We expect to release news of these sales in the New Year.”