March 2016 Sales of Gold at the Perth Mint Rise 40% Year Over Year.
The Perth Mint sold 47,948 ounces of gold in March 2016. This was up 40% from March 2015 when the Perth Mint sold 34,260 ounces of gold. March 2016 gold sales at the Perth Mint were up about 30% month over month from February 2016 when 37,063 ounces of gold were sold.
The Perth Mint, located in Western Australia, is historically known for its gold sales. Australia ranks third in global gold production and has about ten percent of the world’s known gold reserves. Many of Australia’s gold mines are located in Western Australia where the Perth Mint was founded in 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. The Perth Mint focuses on minting precious metal bullion and collector coins and bars.
While Perth Mint gold sales were up year over year, they have stagnated in recent years as have gold sales at the major sovereign mints – the Canadian, U.S. and Austrian Mints. 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.
Perth Mint March Gold Sales 2015 – 2016
2016 Perth Mint Gold Sales Projection
If gold sales at the Perth Mint in 2016 continue at a pace of an average of 44,257 ounces a month, (January – March’s sales divided by three) the Perth Mint will sell about 530,000 ounces of gold in 2016.
Perth Mint Sold 36 Times More Silver Than Gold In March
The Perth Mint sold 1,756,238 ounces of silver vs 47,948 ounces of gold in March for a silver to gold sales ratio of 36.62 to 1. In comparison the U.S. Mint sold 4,106,500 on ounce American Silver Eagle coins vs. 29,000 one ounce American Gold Eagle coins for a silver to gold ratio of 141.59 to 1.
In a rare occurrence, Perth Mint’s March gold sales of 47,948 ounces were higher than the U.S. Mint’s total gold sales of 46,500 ounces in March that included all denominations of American Gold Eagles and American Gold Buffalo coins.
In 2015, the Perth Mint sold 11,775,927 ounces of silver and 457,132 ounces of gold for a silver to gold sales ratio of 25.76 to 1. In 2015, the U.S. Mint sold 47,000,000 one ounce American Silver Eagle coins and 626,500 one ounce American Gold Eagle coins for a silver to gold sales ratio of 75.02 to 1.
About the Perth Mint: The Perth Mint has been refining about 300 and 400 tonnes of gold and silver each year and also supplies gold and silver blanks to other government mints. As a major producer of silver blanks, the Perth Mint has not experienced any production halts during the past year.
Perth Mint gold 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.