Perth Mint Gold and Silver Bullion Sales Tumble in February

Australian sales of bullion coins and bars tumbled in February, according to the latest round of Perth Mint figures.

The Mint’s gold sales fell to their lowest level in six months and their silver sales more than halved from January.

"In line with the worldwide trend, demand for Australian bullion coins and bars was significantly quieter in February," the Perth Mint said. "Growing confidence in the prospect of improving economic conditions has seen increased demand for alternative assets at the expense of precious metals."

February sales of Perth Mint gold coins and gold bars at 25,257 ounces registered declines of 65.3% from January and 31.9% from February 2016.

However, for the year to date, gold sales total 98,002 ounces for a 15.5% increase over the 84,822 ounces delivered in the first two months of last year.

The Perth Mint sold 502,353 ounces in silver bullion last month, marking declines of 59.2% from the previous month and 52.1% from a year earlier.

Their silver sales tally to 1,733,220 ounces for the year, down 31.3% from last year’s opening two-month total of 2,522,470 ounces.

Perth Mint Gold and Silver Sales by Month

Below is a monthly summary of Perth Mint bullion sales from February 2016 to February 2017. The figures show monthly ounces of gold and silver shipped by the Minted Products division of The Perth Mint to wholesale and retail customers worldwide. It excludes sales of cast bars and other Group activities including sales of allocated/unallocated precious metal for storage by the Depository.

Perth Mint Bullion Sales (in troy ounces) Silver Gold February 2017 502,353 25,257 January 2017 1,230,867 72,745 December 2016 430,009 63,420 November 2016 984,622 54,747 October 2016 1,084,231 79,048 September 2016 1,031,858 58,811 August 2016 376,461 14,684 July 2016 693,447 16,870 June 2016 1,220,817 31,368 May 2016 974,865 21,035 April 2016 1,161,766 47,542 March 2016 1,756,238 47,948 February 2016 1,049,062 37,063