In August 2024, The Perth Mint reported mixed results in Australian bullion sales. While gold sales held steady, silver sales dropped significantly compared to previous months. This change comes as precious metal prices rise. Let’s dive into the details of these sales and what they mean for collectors and investors.
Overview of Sales
Gold Sales Performance
In August, sales of gold coins and bars increased by 25,884 ounces, showing a small gain of 1.7% from July. However, this was a decline of 25.8% compared to August last year. Year-to-date, the Mint sold 218,665 ounces of gold, which is a 56% drop from 497,240 ounces sold during the same period last year.
Silver Sales Performance
Silver sales took a significant hit in August, totaling 647,382 ounces. This represents a 31.1% decrease from July and an 18.3% decline from August 2023. So far this year, silver sales have reached 6,197,320 ounces, a 45.4% drop from last year’s 11,352,119 ounces.
Monthly Sales Summary
Here’s a table showing the monthly sales for gold and silver from January 2022 to August 2024:
| Month/Year | Silver Sales (oz) | Gold Sales (oz) |
|---|---|---|
| August 2024 | 647,382 | 25,884 |
| July 2024 | 939,473 | 25,457 |
| June 2024 | 491,946 | 22,520 |
| May 2024 | 796,934 | 23,238 |
| April 2024 | 684,735 | 33,387 |
| March 2024 | 860,672 | 16,442 |
| February 2024 | 1,006,852 | 47,086 |
| January 2024 | 769,326 | 24,651 |
| August 2023 | 792,503 | 34,875 |
Factors Influencing Sales
The changes in sales are influenced by market demand for precious metals. Neil Vance, General Manager of Minted Products at The Perth Mint, mentioned that the sales volumes are returning to pre-pandemic levels. This fluctuation is common in the bullion market.
Bullion Coins Released in August 2024
In August, The Perth Mint released the Australian Brumby 2024 1oz Silver Bullion Coin. Previous months saw several new coin releases, including silver and gold coins featuring designs like the Dragon and Australian Emu.
Conclusion
The sales data from The Perth Mint reveals important trends in the bullion market. While gold sales have shown some resilience, silver has faced a notable decline. This shift reflects broader market dynamics and changing consumer preferences. As collectors and investors watch these trends, it’s essential to stay informed about the evolving landscape of precious metals. For anyone interested in bullion, these insights can help guide future purchases.
FAQ’s
What were the gold sales figures for The Perth Mint in August 2024?
In August 2024, The Perth Mint sold 25,884 ounces of gold coins and bars, marking a 1.7% increase from July but a 25.8% decline from August last year.
How did silver sales compare to previous months?
Silver sales in August 2024 totaled 647,382 ounces, which is a 31.1% decrease from July and an 18.3% drop compared to August 2023.
What does the decline in silver sales indicate?
The decline in silver sales reflects a return to pre-pandemic market levels and changing demand dynamics for precious metals, as noted by industry experts at The Perth Mint.