In November, the Perth Mint in Australia reported a remarkable surge in the sales of bullion products, with both gold and silver reaching their highest monthly levels in over a year. This positive trend marked a significant turnaround for the Mint, with gold sales achieving their best performance since June 2023 and silver sales hitting their highest level since October 2023.
Despite the impressive month-over-month and year-over-year growth in sales, the year-to-date totals for both metals still fell short of the figures recorded in 2023. Neil Vance, the General Manager of Minted Products at the Perth Mint, attributed the spike in sales to the popularity of the 2025 Australian Kangaroo bullion series, a collection highly coveted by investors and collectors alike.
Moreover, Vance highlighted the robust demand for 1 oz gold bars throughout the month, indicating a strong interest in gold investment products amidst the market fluctuations. The Mint’s sales performance in November was also influenced by significant declines in precious metal prices, with gold and silver prices dropping by 3% and 8.6%, respectively, based on LBMA price indices denominated in USD.
Gold coin and bar sales at the Perth Mint soared to 58,136 ounces in November, representing a substantial 94.2% increase from the previous month and an 8.6% rise compared to the same period in 2023. Despite these gains, year-to-date gold sales stood at 359,879 ounces, reflecting a 42.8% decline from the levels recorded in 2023.
On the silver front, the Mint reported November sales of minted silver coins and bars totaling 1,055,657 ounces, marking a significant 95.5% surge from October and a 57% increase compared to November 2023. However, year-to-date silver sales amounted to 8,756,073 ounces, down by 38.4% from the corresponding period in 2023.
Providing a historical context, the Mint detailed a monthly summary of bullion sales from January 2022 to November 2024, showcasing the fluctuating demand for gold and silver products over the past few years. The data highlighted the dynamic nature of the bullion market and the impact of various economic factors on consumer preferences and investment decisions.
Furthermore, the Mint released a variety of bullion coins in November, including the Australian Kangaroo 2025 series in gold and silver denominations, along with other commemorative coins catering to different collector interests. These new releases added diversity to the Mint’s product offerings and contributed to the overall positive sales performance in November.
As the bullion market continues to evolve and respond to changing economic conditions, the Perth Mint’s latest sales report underscores the resilience of precious metal investments and the enduring appeal of bullion products among global investors. The Mint’s success in November serves as a testament to the ongoing interest in gold and silver as safe-haven assets and highlights the Mint’s commitment to meeting the diverse needs of its clientele.
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