January 2016 Sales of Gold at the Perth Mint Rise 106% Year Over Year.
The Perth Mint sold 47,759 ounces of gold in January 2016. This was up 106% from January 2015 when the Perth Mint sold 23,174 ounces of gold.
The Perth Mint is historically known for its gold sales. Australia is a major gold producing nation with ten percent of the world’s known gold reserves. Many of Australia’s gold mines are located in Western Australia where the Perth Mint has been situated since 1899.
As a full service government mint, the Perth Mint produces legal tender gold and silver coins that are not intended, however, for general circulation. Australia’s general circulation coins are produced by the Royal Australian Mint.
While Perth Mint gold sales were up year over year, they have stagnated in recent years as have gold sales at the Canadian, U.S. and Austrian Mints, as retail investors have flocked to silver coins. The total gold sales reported by the Perth Mint include the wide variety of gold products it sells, the majority of which are in the form of its popular Gold Kangaroo coins.
The Price of Gold In January
According to Kitco, the average spot price of gold in January 2016 was $1097.37 an ounce vs. $1251.88 an ounce in January 2015, or 12.3% lower.
2016 Perth Mint Gold Sales Projection
If gold sales at the Perth Mint in 2016 continue at a pace of 106% over 2015’s sales the Perth Mint will sell about 950,000 ounces of gold.
Did you know? The Perth Mint was founded in 1899 and is the only governnment mint that is also a gold refinery.
Perth Mint gold sales data: The Perth Mint Blog
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