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.