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Australia’s Perth Mint Silver Bullion Sales Surge In 2020

Australia’s Perth Mint Silver Bullion Sales Surge In 2020

With the newest update just released, Perth Mint silver bullion sales surged in the first three quarters of 2020.  And, for the first time in many years, the Perth Mint sold more than two million oz of silver bullion in a single month this year.  The official silver coins produced by the Perth Mint are the Silver Kangaroo, Koala, and Kookaburras.

Not only are the Perth Mint’s silver bullion sales up significantly this year, but gold bullion sales are also up a stunning 160% higher than the same period last year (info from CoinNews.net).  The Perth Mint sold 579,644 oz of gold bullion Jan-Sep this year versus 223,821 oz in 2019.

According to the data published on CoinNews.netPerth Mint silver bullion sales for Jan-Sep increased to 13.1 million oz compared to 7.8 million oz during the same period last year.  That’s a 68% increase year-over-year.

Furthermore, U.S. Mint Silver Eagle sales of 24.5 million oz are up 66% compared to the 14.8 million sold for Full-Year 2019.  So, with two more months remaining in the year, there is a good chance that Silver Eagle sales will reach 28-29 million, nearly double what they were in 2019.

I will update the Royal Canadian Mint’s Silver Maple and billion sales in an upcoming article.

With demand for physical silver bullion up significantly this year, along with the global Silver ETFs, if we see another year like this in 2021, watch out for much higher prices.

How Much Silver Bullion Was Sold By The Top Three Official Mints So Far This Year?

How Much Silver Bullion Was Sold By The Top Three Official Mints So Far This Year?

The top three official mints sold a great deal of retail silver bullion products in the first half of 2020.  However, the sales figure could have been a great deal higher if the various government mints weren’t forced to shut down production.  The top three official mints in retail silver bullion sales are the U.S. Mint, Royal Canadian Mint, and the Perth Mint.

According to the data from the 2020 World Silver Survey, for last year’s figures, the Royal Canadian Mint sold 25.8 million oz (Moz) of silver bullion products, followed by the U.S. Mint at 19.5 Moz and the Perth Mint with 12.7 Moz.  The majority of the 19.5 Moz of U.S. Mint silver bullion products sold last year were from the 14.9 Moz of Silver Eagles and 1.5 Moz of the Five-ounce American The Beautiful Silver Coins with the remainder in Silver Eagle Proofs, collectibles, and various numismatic coins.

However, both the Royal Canadian Mint and the Perth Mint also sell silver bars.  The Royal Canadian Mint sells 10 oz, 100 oz, and kilo silver bars besides its Silver Maples and various other official silver coins and numismatics.  Unfortunately, since 2015, the Royal Canadian Mint no longer provides the sales figures for its Silver Maples.  I will contact the Royal Canadian Mint to see if they will provide this data.

Regardless, if we look at the first half of 2020, here is the increase in silver bullion products from these top three official mints.

In the first six months of 2020, these top three official mints sold 34.9 Moz of silver bullion products versus 24.1 Moz during the same period last year.  That turns out to be 10.8 Moz more silver bullion products sold 1h 2020, or 45% higher than during 1H 2019.

…click on the above link to read the rest of the article…

Comex On The Edge? Paper Gold “Dilution” Hits A Record 124 For Every Ounce Of Physical

Comex On The Edge? Paper Gold “Dilution” Hits A Record 124 For Every Ounce Of Physical

Over the weekend, we got what was merely the latest confirmation that when it comes to sliding gold prices, consumer of physical gold just can’t get enough. As the Times of India reported over the weekend, India’s gold imports shot up by about 61 per cent to 155 tonnes in the first two months of the current fiscal “due to weak prices globally and the easing of restrictions by the Reserve Bank. In April-May of the last fiscal, gold imports had aggregated about 96 tonnes, an official said.”

This follows confirmations previously that with the price of gold sliding, physical demand has been through the roof, case in point: “US Mint Sells Most Physical Gold In Two Years On Same Day Gold Price Hits Five Year Low“, “Gold Bullion Demand Surges – Perth Mint and U.S. Mint Cannot Meet Demand“, “Gold Tumbles Despite UK Mint Seeing Europeans Rush To Buy Bullion” and so on. Indicatively, as of Friday, the US Mint had sold 170,000 ounces of gold bullion in July: the fifth highest on record, and we expect today’s month-end update to push that number even higher.

But while the dislocation between demand for physical and the price of paper gold has been extensively discussed here over the years, most recently in “Gold And The Silver Stand-Off: Is The Selling Of Paper Gold And Silver Finally Ending?”, something unexpected happened at the CME on Friday afternoon which may be the most important observation yet.

Recall that in the middle of 2013, in an extensive series of articles, we covered what was then a complete collapse in Comex vaulted holding of registered (i.e., deliverable) gold.  At the time the culprit was JPM, where for some still unexplained reason, the gold held in the newest Comex’ vault plunged by nearly 2 million ounces in just six short months.

 

…click on the above link to read the rest of the article…

Perth Mint and U.S. Mint Cannot Meet Demand as Gold Bullion Demand Surges

Perth Mint and U.S. Mint Cannot Meet Demand as Gold Bullion Demand Surges

– Perth Mint sees surge in demand and cannot keep up with demand
– “Our biggest restriction is the amount of unrefined gold we’re getting in from producers”
– Very high demand for Perth Mint coins, bars coming from Asia, U.S. and Europe
– U.S. Mint sees highest sales of gold coins in over 2 years
– U.S. Mint restrictions on silver coins due to very high demand
– Gold sentiment has moved from despondency to depression (see chart)
– Current negative sentiment despite strong demand is good contrarian indicator

31-07-2015_1
Perth Mint Gold Bar (1 kilo)

Depressed prices have led to the usual market response, a surge in physical demand for coins and bars globally.

This is confirmed in conversations we have had with our refiner and mint partners in recent days. There are growing shortages of supply of small coins and bars. This is resulting in delays in receiving bullion and indeed to rising premiums.

Asian gold demand picked up this week keeping premiums robust and slightly higher in the world’s top gold buying regions.

Treasurer for the Perth Mint, Nigel Moffatt has said that the mint has seen a surge in demand for physical gold since the price dropped below $1,100 per ounce.

In an interview on Bloomberg’s “First Up” show he said “Our biggest restriction is the amount of unrefined gold we’re getting in from producers”, adding, “everything we get in is going straight out the door as soon as we refine it.”

Moffatt says that the Perth Mint is seeing strong demand for kilo bars which go to Asia – particularly India, China and now Thailand – adding that traditional buyers in Asia tend to “stock up” on gold when the price falls.

There is also a huge demand for coins from individual buyers in the U.S. and Europe:

Gold “is going straight out the door as soon as we can find it.”

…click on the above link to read the rest of the article…

 

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