February 2016 Sales of Gold at the Perth Mint Rise 15.9% Year Over Year.
The Perth Mint sold 37,063 ounces of gold in February 2016. This was up 16% from February 2015 when the Perth Mint sold 31,981 ounces of gold. The Perth Mint sold 47,759 ounces of gold in January 2016.
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 February
According to Kitco, the average spot price of gold in February 2016 was $1199.91 an ounce vs. $1227.19 an ounce in February 2015, or 2.2% lower.
2016 Perth Mint Gold Sales Projection
If gold sales at the Perth Mint in 2016 continue at a pace of an average of 42,411 ounces a month (January’s 47,759 ounces and February’s 37,063 ounces) the Perth Mint will sell about 500,000 ounces of gold in 2016.
Did you know? The Perth Mint has been refinining about 300 and 400 tonnes of gold and silver each year and also supplies gold and silver blanks to other government mints.
Perth Mint gold sales data: The Perth Mint Blog
This article does not necessarily reflect the explicit views of BGASC, nor should it be construed as financial advice.