January 2016 Sales of Silver at the Perth Mint Rise 151% Year Over Year.
The Perth Mint sold 1,473,408 ounces of silver in January 2016. This was up 151% from January 2015 when the Perth Mint sold 585,953 ounces of silver.
The dramatic increase in silver sales at the Perth Mint is attributable to the introduction of the one ounce silver Australian Kangaroo coin in September 2015. This coin was released at a time when the major sovereign mints like the Canadian and United States Mints were having difficulty meeting demand. The Australian Silver Kangaroo was produced with the intention that it would not have a limited mintage like other Perth Mint silver coins like the Koala and Kookaburra.
In the first month of mintage of the Australian Silver Kangaroo coin in September of 2015, Perth Mint silver sales topped 3.5 million, up from about 750,000 in September 2014, an increase of over 366%. The Perth Mint has sold well over a million ounces of silver each month since September 2015 through January 2016.
The Price of Silver in January 2016
According to Kitco, the average spot price of silver in January 2016 was $14.02 an ounce vs. $17.10 an ounce in January 2015, or 18% lower.
2016 Perth Mint Silver Sales Projection
If silver sales at the Perth Mint in 2016 continue at a pace of 151% over 2015’s sales the Perth Mint will sell about twenty seven million ounces of silver. Although it is unlikely that 150% increases will occur in the months of September – December 2016 as they reflect an already dramatic increase in sales due to the introduction of the silver kangaroo in September 2015.
Did you know? A Gold Corporation established by an Act in 1987 manages The Perth Mint’s assets and is responsible for gold exports and is one of the ten largest gold exporters in Western Australia.
Perth Mint silver sales data: The Perth Mint Blog
All Blog Articles are provided by a third party and do not necessarily reflect the explicit views of BGASC, nor should they be construed as financial advice.