October 2017 Sales of Silver at the Perth Mint Were Nearly One Million Ounces.
While the U.S. Mint silver sales have been lagging most of 2017, Perth Mint silver sales have been fairly robust.
The Perth Mint sold 999,425 ounces, up 43% from September 2017 sales of 697,849 ounces. October 2017 silver sales at the Perth Mint were down, however 7.8% from October 2016 sales of 1,084,213 ounces.
Sales of silver at the Perth Mint were boosted to elevated levels in September 2015 when the Australian Silver Kangaroo was first introduced, during a shortage of American Silver Eagle and Canadian Silver Maple Leaf coins. In September 2015, the Australian Silver Kangaroo, the Perth Mint sold 3,500,000 ounces of silver.
October was the fourth biggest silver sales month of 2017 at the Perth Mint. The months of January and June saw sales over 1.2 million ounces and July silver sales were over 1.1 million ounce. (see chart below).
Perth Mint Silver Sales October 2016 – October 2017
The chart below shows the lasting positive impact on the silver sales due to the introduction of the Australian Silver Kangaroo coin in September 2015. Australia’s Perth Mint, unlike the United States Mint, produces its own silver blanks, so the Perth Mint was not reliant upon the ability of third parties to provide them with blanks and was able to ramp up production of its Australian Silver Kangaroo coins relatively quickly.
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.
Perth Mint Silver Sales January 2014 – October 2017
U.S. Mint sales of one ounce American Silver Eagles were 16,893,500 through October, down 48% from 30,575,500 sold through October 2016. In contrast, Perth Mint silver sales through October were 8,217,535 ounces, down 24% from 10,822,141 sold through October 2016.
The decline is silver sales in 2017 at the Perth Mint through October is half of what it has been at the U.S. Mint.
Perth Mint vs US Mint Silver Sales 2017
2017 Perth Mint Silver Sales Projection
If silver sales at the Perth Mint in 2017 continue at a pace of an average of 821,753 ounces a month (January- October combined sales of 8,217,535 ounces divided by ten) the Perth Mint will sell about 10 million ounces of silver in 2017. The Perth Mint sold 12,236,772 ounces of silver in 2016, 11,775,927 ounces of silver in 2015 and 7,567,467 ounces in 2014.
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.