In March, demand for Australian bullion slowed down, data from The Perth Mint of Australia shows. Sales of silver products experienced a double-digit percentage downturn, while sales of gold products approached a five-year low.
The Mint’s bullion gains compare against soaring precious metals prices for March, with LBMA prices (in USD) jumping 8.1% for gold and surging 9.8% for silver.
Perth Mint Gold Bullion Sales in March and First Quarter 2024
The Mint’s overall March sales of gold coins and gold bars slowed to 16,442 ounces, marking drops of 65.1% from February and 79.6% from March 2023. This monthly tally represents the weakest performance since May 2019 when the Mint sold only 10,790 ounces.
"We anticipated a fall in sales in March after the bump in interest in February associated with the release of our 2024 Australian Kangaroo series which featured the effigy of King Charles III for the first time," said Neil Vance, General Manager of Minted Products.
The Mint’s gold sales for the quarter, totaling 88,179 ounces, reflect a decline of 55.3% compared to the 197,177 ounces sold during the same period last year.
Perth Mint Silver Bullion Sales in March and First Quarter 2024
The Perth Mint revealed that sales of minted silver coins and bars reached 860,672 ounces, indicating decreases of 14.5% from February and 52.8% compared to March 2023.
"Our silver minted products sales have held up more strongly but the softening in demand for silver also mirrors a global trend," Vance noted. "This is typical of our industry where we, like all Mints around the world, are subject to the ebbs and flows in market demand for precious metal investment products."
The Mint’s gold sales for the quarter totaled 2,636,850 ounces, representing a 41.9% decrease from the 4,541,376 ounces sold during the same period last year.
Perth Mint Gold and Silver Sales by Month through March 2024
Below is a monthly summary of Perth Mint bullion sales from January 2022 to March 2024. 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 | |
| March 2024 | 860,672 | 16,442 |
| February 2024 | 1,006,852 | 47,086 |
| January 2024 | 769,326 | 24,651 |
| December 2023 | 681,490 | 36,297 |
| November 2023 | 672,623 | 53,520 |
| October 2023 | 1,073,553 | 42,302 |
| September 2023 | 1,116,779 | 36,530 |
| August 2023 | 792,503 | 34,875 |
| July 2023 | 863,485 | 44,009 |
| 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 |
| May 2022 | 2,217,582 | 98,515 |
| April 2022 | 2,119,491 | 80,941 |
| March 2022 | 1,649,634 | 121,997 |
| February 2022 | 1,632,323 | 72,651 |
| January 2022 | 2,387,165 | 66,709 |
Bullion Coins Released in February 2024
In March, as reported by The Perth Mint, the following bullion coins were released:
- Australian Kookaburra 2024 1 Kilo Silver Bullion Coin
- Australian Wedge-tailed Eagle 10th Anniversary 2024 1oz Silver Bullion Coin
In February, the Mint reported, the following bullion coins were released:
- Australian Kangaroo 2024 1 Kilo, 1oz, 1/2oz, 1/4oz, 1/10oz Gold Bullion Coins
- Australian Kangaroo 2024 1oz Silver Bullion Coin
- Australian Kangaroo 2024 1oz Platinum Bullion Coin
In January, the Mint reported the following bullion coins were released:
- Australian Lunar 2024 Year of the Dragon 1 Kilo, 5oz Silver Bullion Coins
- Australian Lunar 2024 Year of the Dragon 1/20oz Gold Bullion Coin
- Australian Kookaburra 2024 1oz Silver Bullion Coin
Bullion Coins That Sold Out
The Mint also reported that the following bullion coins "recently sold out:"
- Swan 2024 1oz Silver Bullion Coin
