The Perth Mint’s June Bullion Sales Mixed; First Half Sees Slowdown

2023 Australian Kookaburra 1oz Silver Bullion Coins - Obverse and Reverse
A CoinNews photo showing both sides of 2023 Australian Kookaburra 1oz Silver Bullion Coins

Demand for Australian gold and silver bullion was mixed in June, according to figures from The Perth Mint of Australia, with stronger sales for gold products and weaker sales for silver products. Looking at the longer term, the Mint’s sales were lower in the first half of 2023 compared to the same period last year.

The Perth Mint’s bullion sales were set against falling precious metals in June, with LBMA prices (USD) sliding 2.7% for gold and dropping 3.4% for silver. Their performances in the first half of the year diverged, with gold up 5.5% and silver down 6.2%.

Perth Mint Gold Bullion Sales in June and First Half 2023

In June, the combined sales of the Mint’s gold coins and gold bars reached 73,124 ounces, reflecting a 0.3% increase from May and a 12% rise compared to June 2022.

"Gold’s steady price slide over the month of June presented a buying opportunity for our clients, resulting in a 0.3% increase in sales over the previous month. The current strength of interest was reflected in the fact that ounces sold were 12% ahead of June 2022," said Neil Vance, General Manager Minted Products.

However, gold sales through the first half of 2023, at 418,356 ounces, are 17.3% lower than the 506,094 ounces sold during the first half of 2022.

Perth Mint Silver Bullion Sales in June and First Half 2023

In the month, the Mint recorded sales of 1,326,011 ounces for minted silver coins and bars, showing declines of 29.5% from May and 13% from June 2022.

"The picture was different in silver where Australian coin sales dropped 30% from May, primarily the result of significantly quieter US market conditions facing all major suppliers," Vance said.

For the first half of 2023, the cumulative sales of silver from The Perth Mint amount to 9,696,131 ounces, indicating a 15.9% decrease compared to the 11,529,960 ounces sold in the corresponding period last year.

Monthly Perth Mint Gold and Silver Bullion Sales Since June 2022

Below is a monthly summary of Perth Mint bullion sales from June 2022 to June 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.

Perth Mint Bullion Sales (in troy ounces)
  Silver Gold
June 2023 1,326,011 73,124
May 2023 1,881,001 72,889
April 2023 1,947,743 75,166
March 2023 1,823,096 80,541
February 2023 1,484,936 52,241
January 2023 1,233,344 64,395
December 2022 1,634,751 60,634
November 2022 1,315,293 114,304
October 2022 1,995,350 183,102
September 2022 2,579,941 88,554
August 2022 1,655,334 84,976
July 2022 2,465,513 79,305
June 2022 1,523,765 65,281
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