Perth Mint Silver Bullion Sales Surge in First Half of 2021

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Two 2021 Australian Kookaburra 1oz Silver Bullion Coins - Obverse and Reverse
A CoinNews photo of two 2021 Australian Kookaburra 1oz Silver Bullion Coins (obverse and reverse)

Australian bullion sales in June and through the first half of this year registered from strong for gold products to exceptional for silver products, the latest figures from The Perth Mint of Australia show.

Perth Mint silver sales in June were the third highest for a month according to CoinNews tracking data which dates back to February 2013. The gains happened, the Mint noted, even as metal prices declined.

"Despite the correction [in gold and silver prices], investors are still turning to precious metals, with many looking to take advantage of the recent weakness to build their holdings. This can be seen in the demand for gold and silver seen across The Perth Mint product range, especially minted product sales, which recorded another strong month in June," said Jordan Eliseo, Perth Mint Manager, Listed Products and Investment Research.

LBMA prices in June declined 7.2% for gold and fell 6.7% for silver.

Bullion Sales in June and First Half of 2021

Perth Mint June sales of silver coins and silver bars combined to 1,823,029 ounces, for increases of 7.2% from May and 15.8% from June 2020. The monthly total was the third highest on record, lagging behind March 2021 at 1,830,707 ounces and September 2015 at 3,349,557 ounces. 

We have ended "with another stellar month for our silver products. The market momentum meant that we sold all the silver coins that we could make in June," said Neil Vance, Perth Mint General Manager Minted Products.

Silver sales through the first half of 2021 at 9,915,637 ounces are 16.8% higher than the 8,486,395 ounces sold during the first half of last year.

Perth Mint June sales of gold coins and gold bars combined to 72,910 ounces, falling 20% from May but jumping 64.3% from June 2020.

"Gold sales came off the levels seen in the boom months of February to May, due mainly to a drop off in European sales. Nevertheless, it’s been no less an impressive year overall for our gold coins and minted bars," Vance noted.

Gold sales through the first half of 2021 at 595,642 ounces are 51.5% higher than the 393,263 ounces sold during the first half of last year.

Perth Mint Gold and Silver Sales by Month

Below is a monthly summary of Perth Mint bullion sales from June 2020 to June 2021. 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.

Perth Mint Bullion Sales (in troy ounces)
  Silver Gold
June 2021 1,823,029 72,910
May 2021 1,700,807 91,146
April 2021 1,798,210 101,379
March 2021* 1,600,000 130,000
February 2021 1,830,707 124,104
January 2021 1,162,884 76,103
December 2020 941,767 76,806
November 2020 1,119,296 84,158
October 2020 1,228,713 38,367
September 2020 1,677,383 62,637
August 2020 1,431,036 67,462
July 2020 1,567,900 56,104
June 2020 1,573,752 44,371

*Perth Mint published approximated sales data for March. Specifically, the Mint stated that during March it shipped "more than 130,000 troy ounces of gold and almost 1.6 million troy ounces of silver."

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Kaiser Wilhelm

I keep seeing notices on the websites of the various foreign mints advising that there will be longer delivery times due to covid-related circumstances. I suppose this is, at least for the moment, all part of the “new normal”. And anyway, patience is a virtue, right?