Humraz sparks online gold rush


An online gold rush was sparked today when a bar of gold bullion was put up for auction on Humraz (

Humraz is a lowest unique bid auction, which means the gold will sell for less than 5% of its value: anything between £0.01 and £88.

The original Humraz property auction will continue whilst the concept is extended to other assets.

’We established Humraz to help a few people get onto the property ladder,’ says Humraz founder Asmat Monaghan. ‘The gold auction is just an extension of this. Gold has been the global currency for thousands of years and is an excellent way of adding to a nest egg.’

Asmat’s contention was recently confirmed by Money Week, which reported that ‘Gold bullion is the ultimate safe haven asset.’

‘One of the challenges we face with the property auction is peoples’ “too good to be true” reaction,’ says Asmat. ‘The gold is worth significantly less than the property, so we expect the countdown for this auction to kick-in quickly and help us prove how well Humraz auctions work.’

To add to the excitement of the ‘gold rush’ Humraz have limited the number of bids that will be accepted for the gold auction, so it could end before its close date. As there is no reserve value someone, very soon, will pocket a bargain.

For further information, images and interviews, please contact:

Sami McCabe
m: +44 (0) 7789 777 440
t: +44 (0) 20 8849 8180
f: +44 (0) 20 8899 6001
e: [email protected]

Editors’ Notes:

• Purchase of gold for investment purposes is stamp duty free and VAT exempt in the UK and EU (EU Gold Directive 2000)
• ‘Humraz’ is an anagram of Asmat Monaghan’s daughters’ initials
• The Gold Bar auction will close at midnight (BST) on Sunday, April 22nd, 2007 or when the maximum number of bids have been received (whichever comes first).

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