Austrian Mint Silver Sales Rise 7.2 million ounces in 2015
The Austrian Mint sold 7.3 million ounces of silver in 2015. This was up 57% from 2014 when the Austrian Mint sold 4.6 million ounces of silver. Austrian Mint silver sales were lower than the 47 million one ounce American Silver Eagle coins and the 11.775 million ounces of gold that the Perth Mint sold in 2015.
After languishing in price in 2015, silver was one of the top performing assets in the first quarter of 2016. The low silver price helped boost silver sales around the world in 2015 as the U.S. and Perth Mints set silver sales records. Higher silver prices in 2016 have not slowed the sale of silver evidenced by the record first quarter U.S. and Perth Mint silver sales. The Austrian Mint does not provide quarterly figures but if their experience is similar to the U.S. and Perth Mints, their sales should be higher too.
The Austrian Weiner Philharminker
The bulk of the Austrian Mint’s silver sales were in the form of one ounce Vienna Philharmonic silver coins. The Vienna Philharmonic silver coin features a depiction of the Musikverein Pipe Organ on the front and an array of symphonic instruments on the back. Unlike its gold counterpart that has an identical design, the silver Philharmonic coin has a smooth edge, while the gold Philharmonic coin has a reeded edge.
The Vienna Philharmonic silver coin was introduced in 2008 and was the first European silver bullion coin that was 99.99 per cent pure silver. The Britsh Royal Mint had produced a .958 silver bullion coin prior to the introduction of the silver Philharmonic. In response to the introduction of the .9999 silver Philharmonic coin, in 2012, the British Royal Mint began producing their flagship silver coin, the silver Britannia in .999 silver.
The Austrian silver Philharmonic coin has been a hit since its introduction, selling over 80 million since 2008. Its sales have been hampered, however by the introduction of value added tax (VAT) on silver coins in some European countries. As a result of VAT Europeans tend to favor gold coins to silver in greater proportion to residents of other regions because VAT is not imposed on the sale of gold.
Austrian Mint Sold 5.5 Times More Silver Than Gold In 2015
Indeed, the Austrian Mint sold a record 1.32 million ounces of gold in 2015 reflecting a mere 5.5 to 1 silver to gold sales ratio. In contrast, the Perth Mint sold 11,775,927 ounces of silver and 457,132 ounces of gold in 2015 for a silver to gold sales ratio of 25.76 to 1. In 2015, the U.S. Mint sold 47,000,000 one ounce American Silver Eagle coins and 626,500 one ounce American Gold Eagle coins for a silver to gold sales ratio of 75.02 to 1. The Canadian Mint has yet to report its final gold and silver figures.
About the Austrian Mint:
The Austrian Mint traces its history back to the 10th century. Prior to 1989, the Austrian Mint was called the Vienna Principal Mint despite its status as the nation’s only mint. In 1989, the mint’s name was changed to the Austrian Mint and it became a subsidiary of the Austrian National Bank. The Austrian Mint produced legal tender coins for Austria in the form of schillings until 2002 when the Euro became the national currency of Austrian. The Austrian Mint now produces Euros.
This article by BGASC is not, and should not be regarded as, investment advice or as a recommendation regarding any particular course of action.