MINING REFINING

The Perth Mint’s Bullion Sales Contract Sharply in July

Mon Aug 21 2023

The demand for Australian bullion products waned sharply last month and was much weaker than a year ago, according to figures from The Perth Mint of Australia.

The Perth Mint’s bullion sales were set against rising precious metals in July, with LBMA prices (USD) advancing 3.1% for gold and soaring 8.4% for silver.

Perth Mint Gold Bullion Sales in July 2023

In July, the combined sales of the Mint’s gold coins and gold bars reached 44,009 ounces, marking the lowest monthly total since October 2020 and reflecting drops of 39.8% from June and 44.5% from July 2022.

"Our distributors reported softening demand in June and this trend continued into July,” he said, “but they are reluctant to pin the reason on any particular factor at present," said Neil Vance, General Manager Minted Products. Furthermore, year-to-date gold sales at 462,365 ounces are 21% lower than the 585,399 ounces sold during the same period last year.

Perth Mint Silver Bullion Sales in July 2023

In the month, the Mint recorded sales of 863,485 ounces for minted silver coins and bars, representing the first sub-million level since December 2020 and the lowest monthly amount since February 2020. This shows declines of 34.9% from June and 65% from July 2022.

Year to date, the cumulative sales of silver from The Perth Mint amount to 10,559,616 ounces, indicating a 24.6% decrease compared to the 13,995,473 ounces sold in the corresponding period last year.

Monthly Perth Mint Gold and Silver Bullion Sales Since July 2022

Below is a monthly summary of Perth Mint bullion sales from July 2022 to July 2023. The figures show monthly ounces of gold and silver shipped as minted products by 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.

Source: https://www.coinnews.net/