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Gold Sales Hit February Record For Australian Perth Mint

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EDITOR NOTE: If you look at the history of markets and investments, you’ll see a familiar pattern: when fear and selling plunges a valuable asset, “smart money” swoops in and buys it all up. The average investor typically comes in near the top, often missing the entire move. In light of this, the Perth Mint saw record gold sales of physical gold and silver in February as gold prices dropped 6.5% and silver prices slid 2.7%. Year over year, the Perth Mint’s sales are up year-over-year by 181%. As we’ve said many times in the course of the recent precious metals pullback, now is the time to swoop in and buy non-CUSIP gold and silver. On the other hand, we understand that many investors seek safety in numbers, investing in assets only when they rise. The thing is, when it comes to successful investing, there is no safety in numbers. There’s more to lose in waiting than in accumulating assets in small chunks at a time.

Australian bullion sales rallied to milestone levels in February, the latest figures from The Perth Mint of Australia show.

Their gold sales scored a monthly record, the Mint confirmed, and their silver sales ranked second highest for a month according to CoinNews tracking data which dates back to February 2013.

The Mint’s bullion sales gains happened against a backdrop of plunging precious metals with LBMA prices in February sinking 6.5% for gold and dropping 2.7% for silver.

Bullion Sales in February 2021

Perth Mint sales of gold coins and gold bars tallied to 124,104 ounces last month, posting gains of 63.1% from January and a whopping 441.4% from February 2020.

"To meet demand we streamlined manufacturing to focus on products that are hot in the US right now, including our Kangaroo Minted Gold Bars made in 1oz and 10oz formats," said Neil Vance, General Manager Minted Products. "It was also a strong month for our signature Australian Kangaroo 1oz Gold Coin and the latest Dragon 1oz Gold Rectangle Coin which sold through its lucky 8,888 mintage in record time."

Their year to date gold sales at 200,207 ounces are 181.1% higher than the 71,220 ounces sold during the first two months of last year.

February sales of the Mint’s silver coins and silver bars reached 1,830,707 ounces, logging gains of 57.4% from January and a massive 202.3% from February 2020. The only better month for their silver sales was September 2015 at 3,349,557 ounces. 

Perth Mint silver sales for the year so far at 2,993,591 ounces are 45.6% stronger than the 2,055,951 ounces sold through the same period last year.

Perth Mint Gold and Silver Sales by Month

Below is a monthly summary of Perth Mint bullion sales from February 2020 to February 2021. 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.

GOLD SALES

Originally posted on CoinNews.net

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All articles are provided as a third party analysis and do not necessarily reflect the explicit views of GSI Exchange and should not be construed as financial advice.

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