March 2016 Sales of Silver at the Perth Mint Rise 175% Year Over Year.
The Perth Mint sold 1,756,238 ounces of silver in March 2016. This was up 175% from March 2015 when the Perth Mint sold 638,537 ounces of silver. March 2016 silver sales at the Perth Mint were up 67% from February 2016 sales of 1,049,062 ounces.
Perth Mint Silver Sales March 2015 – March 2016 – Over One Million Ounces Seven Months In A Row
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 Canadian and United States Mints were having difficulty meeting demand due to shortages in silver blanks needed to produce Canadian Silver Maple Leaf and American Silver Eagle coins.
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 silver Koala and silver Kookaburra.
Although the Perth Mint does not provide a break-down of monthly sales of each silver coin it mints, the bulk of silver sales at the Perth Mint now come from the silver Kangaroo.
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 now sold well over a million ounces of silver for the past seven months since September 2015 through March 2016. The Perth Mint sold 11,789,305 ounces of silver from September 2015 – March 2016, up 170% from the comparable period of September 2014 – March 2015 when 4,358,891 ounces of silver were sold.
The Price of Silver in March 2016
While the price of silver rose about 10% in the first quarter of 2016, it is still down from March 2015, when it averaged about $16.25 an ounce, and well off its high of $50 an ounce in 2011. Silver has traded recently between $15 and $16 an ounce. The low price of silver helped drive record U.S. Mint demand in 2015 and record silver demand at the Perth Mint the past seven months.
2016 Perth Mint Silver Sales Projection
If silver sales at the Perth Mint in 2016 continue at a pace of an average of 1,426,236 ounces a month (January- March combined sales of 4,278,708 ounces divided by three) the Perth Mint will sell about seventeen million ounces of silver in 2016. The United States Mint sold over 48 million ounces of silver in 2015 including sales of 47 million American Silver Eagle one ounce coins and sales of 212,000 five ounce America The Beautiful Coins.
About the Perth Mint: The Perth Mint is Australia’s only precious metals refinery and the only major government mint to also operate a refinery. The Perth Mint also sells gold coins.
Perth Mint silver sales data: The Perth Mint Blog
This article by BGASC is not, and should not be regarded as, investment advice or as a recommendation regarding any particular course of action.