Asahi Lunar Gold

Asahi Lunar Gold: Zodiac-Themed Bars from an LBMA Refiner

The Asahi Lunar series is a Chinese zodiac-themed bullion programme launched in 2023 by Asahi Refining. Gold bars became available from the 2025 Year of the Snake release, expanding what started as a silver-only line. The gold range includes 1g, 2.5g, and 1 oz bars in .9999 fine gold, each featuring a new zodiac animal design annually as the series tracks the 12-year Chinese zodiac cycle.

Asahi Refining brings substantial institutional backing to the series. The company acquired Johnson Matthey's North American and Asian refining operations in 2015 and Republic Metals Corporation in 2019, inheriting nearly 200 years of combined precious metals expertise. Asahi is an LBMA Good Delivery refiner and COMEX-approved, with facilities in Salt Lake City (Utah), Brampton (Canada), and Miami (Florida). These credentials matter for gold bars, where the refiner's accreditation directly affects resale value and IRA eligibility.

The series competes in the same thematic space as the Perth Mint Lunar, Royal Canadian Mint zodiac offerings, and PAMP Suisse Lunar bars, but at a generally lower premium tier. For buyers who want zodiac-themed gold without paying the Perth Mint or PAMP premium, Asahi's LBMA status provides comparable institutional credibility at more competitive pricing.

Two zodiac animals have been released so far: the Dragon (2024, silver only) and the Snake (2025, gold and silver). If the series continues through the full 12-year cycle as Asahi has indicated, it will run through 2035, giving collectors and stackers a long-term annual programme to follow.

Asahi Lunar Gold Bar Specifications

A 1 oz gold round is also produced, sharing the same zodiac design in circular format. The round and bar variants use the same reverse imagery for each year's animal but differ in shape and obverse layout. Gold bars were introduced for the 2025 Year of the Snake release, expanding the series from its silver-only origins.

All Asahi Lunar products share a common obverse: the debossed Asahi Refining logo on a reverse-proof finished background, with inscriptions reading "1 OUNCE TROY," "LUNAR CALENDAR SERIES," and the purity specification. The reverse changes annually with each zodiac animal, creating a collectible sequence.

Annual Designs

• 2024 Dragon: A dragon gracefully entwined around a Cypress Tree, symbolising growth, prosperity, and strength. The Cypress Tree references the "Wood" element of the 2024 Wood Dragon year in the Chinese zodiac cycle.
• 2025 Snake: A wise snake hanging from a tree branch, accented with plum blossoms and lanterns representing good fortune. The design incorporates traditional Chinese artistic motifs.

Bars are available in tamper-evident packaging with a certificate of assay, or in bulk (tube) format without individual packaging for buyers purchasing in quantity. The Asahi Refining logo and weight/purity markings are struck directly onto each piece, ensuring authenticity can be verified even if the outer packaging is removed.

Tax Treatment of Asahi Lunar Gold Bars

As gold bars from an LBMA-accredited refiner at .9999 purity, the Asahi Lunar range qualifies for investment gold treatment in all major markets. These are bars, not legal tender coins, which affects capital gains tax treatment in certain jurisdictions but has no impact on sales tax or VAT exemptions.

United Kingdom

VAT-exempt as investment gold (bars of 995+ fineness qualify under retained EU rules). Subject to CGT on disposal, as gold bars are not UK legal tender and therefore cannot benefit from the CGT exemption available to Britannias and Sovereigns. Capital gains are taxed at the individual's rate (18% or 24%) with the £3,000 annual allowance available.

United States

IRA-eligible. Asahi's LBMA Good Delivery and COMEX-approved status qualifies these bars for inclusion in precious metals IRAs under IRS Section 408(m). The .9999 purity exceeds the 99.5% minimum for gold. State sales tax varies; approximately 35 states fully exempt investment bullion. Threshold states include California (exempt above $2,000), Florida (above $500), and New York (above $1,000).

Canada

GST/HST-exempt as gold bars exceeding 99.5% purity. Asahi operates a refinery in Brampton, Ontario, providing direct Canadian market presence.

European Union

VAT-exempt under the Investment Gold Directive (Directive 98/80/EC) as gold bars of 995+ fineness from an LBMA-accredited refiner.

Australia

GST-free as investment-grade gold meeting the 99.5% purity threshold.

Singapore

Qualifies for the IPM GST exemption as gold bars at 99.5%+ purity from an approved refiner.

Hong Kong

No sales tax, import duty, or capital gains tax on gold of any form.

Asahi Lunar vs Perth Mint Lunar, PAMP Lunar, and RCM Zodiac

The Chinese zodiac theme is well-served in the bullion market, with several major mints and refiners producing annual programmes. The Asahi Lunar series positions itself as the LBMA-credentialed, lower-premium option in this field.

• Perth Mint Lunar: The dominant name in zodiac-themed bullion, running since 1996 (Series I) with government backing, Australian legal tender status, and a 25+ year collector following. Perth Mint Lunar products command higher premiums reflecting this heritage and carry sovereign coin benefits (potential CGT advantages, legal tender status). Asahi Lunar is positioned as a budget alternative that sacrifices brand history and legal tender status for lower cost per ounce.
• PAMP Suisse Lunar: Swiss-produced zodiac bars with strong brand recognition and the Veriscan authentication system. PAMP premiums sit above Asahi's, reflecting the Swiss luxury positioning. Both are LBMA-accredited refiners producing .9999 gold bars.
• Royal Canadian Mint zodiac: The RCM produces Chinese zodiac coins and bars with Canadian legal tender status and government-mint backing. Premium levels are similar to Perth Mint products.

The Asahi Lunar series is essentially the value proposition in zodiac-themed gold: LBMA credentials, .9999 purity, IRA eligibility, and attractive annual designs at premiums below the government-mint competitors. Buyers looking for non-zodiac themed 1oz gold bars from Asahi may also consider the Diwali series, which features cultural theming at a similar premium tier. Buyers who prioritise the lowest cost per ounce of gold content, while still wanting zodiac thematic appeal and institutional credibility, find the best fit here. Buyers who value legal tender status, sovereign government backing, or long-running collector continuity will prefer the Perth Mint or RCM alternatives.

The series is young (launched 2023) and has not yet built the secondary-market track record of its competitors. Liquidity will depend on whether Asahi continues annual releases and the products gain broader dealer adoption over time.