Perth Mint gold sales increased 120% in November

The Australian Perth Mint has seen an increase in sales of its gold products last November. They were almost 120% higher than the previous month. On the other hand, the sales of silver bullion and coins remained slightly below the previous month.

The Perth Mint, the Mint of Western Australia that mints bullions such as the Kangaroo or the Koala, has registered a significant increase in its gold products’ sales during November. Meanwhile, those of silver have remained in figures slightly lower than the previous month.

In terms of gold coins and bars, the Perth Mint sold 84,158 ounces in November, 119.4% more than in October and 55.1% more than in November 2019.

According to the Perth Mint, they have seen an increase in international customers’ demand over the past month. The rise in gold coins sales was also influenced by the launch of Kangaroo bullion’s new issue.

Neil Vance, Managing Director of the Perth Mint, stated that the launch of the Kangaroo coincided with the drop in the price of gold in the second half of November. It offered their wholesale and retail clients an excellent opportunity to gain access to the new coins at a fair price.

This year, the Perth Mint has sold 701,991 ounces of gold. The number is 126.1% higher than the 310,551 ounces sold between January and November 2019.

In terms of gold bullion and coin sales, the best month of the year was April, in the middle of the pandemic, with 120,504 ounces. Meanwhile, the worst was February, with 22,921 ounces.

Over the past month, gold prices on the London Bullion Market Association, LBMA, fell 6.3%.

The company saw a 51.9% increase in the sales of silver this year

In terms of silver, the Australian Mint sold 1,119,296 ounces in November. It’s 8.9% less than the previous month and 8.9% more than in the same month last year. 

For the second month in a row, Perth Mint sales of silver products do not reflect actual demand. The Mint’s manufacturing capacity was reduced due to the unavoidable need for specific repair and maintenance work on machinery.

Between January and November 2020, the Perth Mint sold 15,510,723 ounces of silver, 51.9% more than the 10,211,879 ounces sold in the same period of 2019.

The month with the highest sales of the year was April, with 2,123,121 ounces of silver sold. The worst was February, with just 605,634 ounces.

The price of silver fell 6.2% in November, according to LBMA data.