Perth Mint sees gold coin sales pick up

The Australian Perth Mint sold many more gold coins and gold bars in the month of September than in previous months, according to the sales figures recently released by the mint. Last month, the mint produced a total of 68,781 troy ounces of gold bars and coins, the Largest volume in 11 months. Sales in September were 89% higher than in August, but compared to the same month last year, sales remained almost the same.

Traditionally, the month of September is a Good month to buy gold, but this year that was not the case. In dollar terms, the price of gold fell by 6.2% in the past month, the biggest monthly decline since June last year. Apparently, that hasn't deterred investors worldwide from buy gold at the Perth Mint, given the strong increase in sales compared to the month of August.

Silver

Silver sales remained stable, but were certainly not spectacular. In the month of September, the Perth Mint sold 756,839 troy ounces of silver coins and silver bars, down 7.5% from a month earlier and down 21.3% from the same month last year.

Because the monthly sales figures of the mints fluctuate greatly, it is better to look at the cumulative and average monthly volumes. The following charts show the total sales of gold and silver over the past few years. We see that gold sales this year are clearly lagging behind last year. Silver sales continue to perform remarkably well, almost at the level of record year 2013. These figures are comparable to those of the US Mint, the American mint that produces the gold and silver Eagle coins.

Note that the sales figures for 2012 are lower, because the Perth Mint only started publishing these sales figures in the third month of that year.

The average monthly sales of gold this year are much lower at 41,250 troy ounces per month than last year, when the Perth Mint sold almost 62,500 troy ounces of gold per month. The average monthly sales of silver this year at more than 620,000 troy ounces are also lower than last year's almost 720,000 troy ounces per month.

Production Perth Mint

Source Suchecki, analyst of the Perth Mint, notes Twitter The sale of gold destined for private individuals is only a small part of the total amount of gold and silver processed by the mint. Compared to the approximately two tonnes of gold that has been processed into the well-known investment coins and bars, 25 tonnes of gold bars were produced last month for sale to other smelters and bullion banks.

Sell gold at the Perth Mint

Sell silver Perth Mint