The Perth Mint sold 29,883 ounces of gold in March, up 34.1% from 22,232 ounces sold in March 2017. The Perth Mint outsold the United States Mint in each of the first three months of 2018. During the first three months of 2018, the Perth Mint sold 93,530 ounces of gold or 115% more than the 43,500 ounces attributable to sales of one ounce American Gold Eagles coins during the same time period.
Gold reported sold by the Perth Mint excludes sales of cast bars and sales of allocated/unallocated precious metal for storage held for clients at the Perth Mint.
Perth Mint Gold Sales Continue at a Solid Pace in 2018, While American Gold Eagle Sales Falter
Global gold demand has been elevated during the first three months of 2018. The World Gold Council projects that gold demand will increase about 1% in 2018 over 2017. The U.S. Mint gold sales, however, remain an extreme outlier with gold sales since early 2017 down 50-90% each month. The much smaller Perth Mint has outsold the U.S. Mint thirteen of the last fourteen months.
Though the end of March 2018, one ounce American Gold Eagle sales were 43,500 vs 123,500 during the first three months of 2017 or down 65%. Sales of American Gold Buffalo coins during the first three months of 2018 were 28,500, down 49% from the 55,500 sold during first three months of 2017.
The chart below shows Perth Mint gold sales the past five years. It is evident that there are peaks and troughs in monthly sales, but nothing like the complete collapse of gold sales at the U.S. Mint in certain months the past year and a half.
Perth Mint Gold Sales 2014 – 2018
Perth Mint Gold Sales vs. U.S. Mint Gold Sales
Gold Sales in 2017
The Perth Mint’s gold sales were greater than United States Mint American Gold Eagle sales for the first time in 2017. In addition to the undisclosed amount of cast gold bars shipped to China, the Perth Mint reported selling 368,410 ounces of gold in 2017. The U.S. Mint reported selling a total of 302,000 of American Gold Eagle coins of all denominations in 2017, including 228,500 one ounce American Gold Eagles. When the 99,500 one ounce American Gold Buffalo coins are added to the American Gold Eagle sales totals, the U.S. Mint sold 402,000 ounces of gold in 2017.
The United Mint sold more than one million ounces of gold in each of 2008-2011, 2013, 2015 and 2016. Gold sales at the U.S. Mint in 2017 were the lowest since 2007.
Perth Mint gold sales in 2017 were more in line with other physical gold demand metrics in 2017 including, the Russian Central Bank adding a record amount of gold to reserves, Indian gold imports and Shanghai Gold Exchange withdrawals and Gold ETF inflows all rising in 2017.
Perth Mint Gold Sales in 2017
Perth Mint gold sales in 2017 were relatively steady.
U.S. Mint Gold Sales in 2017
Aside from strong January and December sales, American Gold Eagle sales were uncharacteristically weak all during 2017.
Perth Mint Gold For Sale
The bulk of the Perth Mint retail gold sales are in the form of Australian Gold Kangaroo coins. The Gold Australian Kangaroo is available in 1/10 ounce ($15 face value), 1/4 ounce ($25),1/2 ounce ($50) and one ounce ($100) sizes from BGASC.com.
All Australian Gold Kangaroo coins are IRA eligible.
About the Perth Mint:
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.
The Perth Mint has been refining about 300 and 400 tons 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
US Mint American Gold Eagle sales – USmint.gov
This article by BGASC is not, and should not be regarded as, investment advice or as a recommendation regarding any particular course of action.