Australian bullion demand showed mixed results in August, based on data from The Perth Mint. While sales of gold products remained steady compared to July, silver sales saw a significant decline.
The Mint’s bullion gains are measured against surging precious metals prices in August, with LBMA prices (in USD) rising 3.6% for gold and climbing 3.2% for silver.
Perth Mint Silver Bullion Sales in August 2024
The Perth Mint reported that August sales of its minted silver coins and bars increased by 647,382 ounces, marking declines of 31.1% from July and 18.3% from August 2023.
"Conversations with colleagues overseas in the industry reflect what we’re seeing here at The Perth Mint which is a return to the sales volumes we experienced pre-pandemic," said Neil Vance, The Perth Mint’s General Manager of Minted Products.
"Mints have always been subject to the ebbs and flows of market demand for precious metals. It was unusual to experience the volume of sales we did for the length of time we did but it does appear we are returning to the market normal we’ve seen in previous years."
Year to date, the Mint’s silver sales total 6,197,320 ounces, a 45.4% drop from the 11,352,119 ounces sold during the same period last year.
Perth Mint Gold Bullion Sales in August 2024
In August, the Mint’s sales of gold coins and bars increased by 25,884 ounces, showing a gain of 1.7% from July but a decline of 25.8% from the same month last year.
The Perth Mint’s gold sales so far for the year total 218,665 ounces, a 56% decrease compared to the 497,240 ounces sold during the same period last year.
Perth Mint Gold and Silver Sales by Month through August 2024
Below is a monthly summary of Perth Mint bullion sales from January 2022 to August 2024. The figures show monthly ounces of gold and silver shipped as minted products by The Perth Mint to wholesale and retail customers worldwide. It excludes sales of cast bars and other Group activities including sales of allocated/unallocated precious metal for storage by the Depository.
| Perth Mint Bullion Sales (in troy ounces) | ||
|---|---|---|
| Silver | Gold | |
| 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 |
| December 2023 | 681,490 | 36,297 |
| November 2023 | 672,623 | 53,520 |
| October 2023 | 1,073,553 | 42,302 |
| September 2023 | 1,116,779 | 36,530 |
| August 2023 | 792,503 | 34,875 |
| July 2023 | 863,485 | 44,009 |
| June 2023 | 1,326,011 | 73,124 |
| May 2023 | 1,881,001 | 72,889 |
| April 2023 | 1,947,743 | 75,166 |
| March 2023 | 1,823,096 | 80,541 |
| February 2023 | 1,484,936 | 52,241 |
| January 2023 | 1,233,344 | 64,395 |
| December 2022 | 1,634,751 | 60,634 | November 2022 | 1,315,293 | 114,304 |
| October 2022 | 1,995,350 | 183,102 |
| September 2022 | 2,579,941 | 88,554 |
| August 2022 | 1,655,334 | 84,976 |
| July 2022 | 2,465,513 | 79,305 |
| June 2022 | 1,523,765 | 65,281 |
| May 2022 | 2,217,582 | 98,515 |
| April 2022 | 2,119,491 | 80,941 |
| March 2022 | 1,649,634 | 121,997 |
| February 2022 | 1,632,323 | 72,651 |
| January 2022 | 2,387,165 | 66,709 |
Bullion Coins Released in August 2024
In August, as reported by The Perth Mint, the following bullion coin was released:
-
Australian Brumby 2024 1oz Silver Bullion Coin
In July, as reported by the Mint, the following bullion coins were released:
- Dragon 2024 1oz Silver Rectangular Bullion Coin (individual and in tube)
- Dragon 2024 1oz Gold Rectangular Bullion Coin
- Next Generation Australian Emu 2024 10oz Silver Piedfort Bullion Coin (previously mother and baby)
- Next Generation Australian Emu 2024 2oz Silver Piedfort Bullion Coin (individual and in tube)
In June, as reported by the Mint, the following bullion coins were released:
- Australian Quokka 2024 1oz Silver Bullion Coin
- Australian Koala 2024 1 Kilo Silver Bullion Coin
In May, as reported by the Mint, the following bullion coins were released:
- Chinese Myths and Legends Dragon & Koi 2024 1oz Gold Bullion Coin
- Australian Koala 2024 1oz Silver Bullion Coin
In April, as reported by the Mint, the following bullion coins were released:
- Australian Kookaburra 2024 1/10oz Gold Bullion Coin
- Australian Kookaburra 2024 1/10oz Platinum Bullion Coin
- Australian Swan 2024 1oz Silver Bullion Coin
- Australian Swan 2024 1oz Gold Bullion Coin
- The Perth Mint’s 125th Anniversary 2024 1oz Gold Bullion Coin
- The Perth Mint’s 125th Anniversary 2024 1oz Silver Bullion Coin
- The Perth Mint’s 125th Anniversary 2024 1oz Platinum Bullion Coin
- Australian Kookaburra 2024 10oz Silver Bullion Coin
In March, as reported by the Mint, the following bullion coins were released:
- Australian Kookaburra 2024 1 Kilo Silver Bullion Coin
- Australian Wedge-tailed Eagle 10th Anniversary 2024 1oz Silver Bullion Coin
In February, the Mint reported, the following bullion coins were released:
- Australian Kangaroo 2024 1 Kilo, 1oz, 1/2oz, 1/4oz, 1/10oz Gold Bullion Coins
- Australian Kangaroo 2024 1oz Silver Bullion Coin
- Australian Kangaroo 2024 1oz Platinum Bullion Coin
In January, the Mint reported the following bullion coins were released:
- Australian Lunar 2024 Year of the Dragon 1 Kilo, 5oz Silver Bullion Coins
- Australian Lunar 2024 Year of the Dragon 1/20oz Gold Bullion Coin
- Australian Kookaburra 2024 1oz Silver Bullion Coin
Bullion Coins That Sold Out
The Mint also reported that the following bullion coins "recently sold out:"
- 2023 Australian Brumby 1oz Silver Bullion Coin
- 2024 Wedge-Tailed Eagle 1oz Silver Bullion Coin
The month over month sales figures of each of the two precious metals as outlined in this article make perfectly good sense. Gold is obviously much more expensive than silver but the long-term payoff for the former far exceeds that of the latter.
Incidentally, the Koala “Bear” on the reverse of the coin is a marsupial, not a bear. That resides in the category of things that don’t make a difference but are fun to know.