Perth Mint Reports Surge in Silver Sales Amid Decline in Gold Demand

On February 5, Perth Mint announced a significant shift in precious metal sales for January, with gold product sales dropping by 19% compared to the previous month, while silver sales soared by 188%, reaching a nearly three-year high. According to Jin10, Perth Mint, a wholly-owned entity of the Western Australian government and a leading global producer of newly mined gold, processes approximately 75% of Australia's newly mined gold. Data revealed that gold coin and minted bar sales decreased from 35,885 ounces in December to 29,103 ounces in January, although this still represents a year-on-year increase of about 57%. In contrast, silver product sales skyrocketed from 597,873 ounces in December to 1.72 million ounces in January, marking a year-on-year growth of approximately 315%. Neil Vance, General Manager of Minted Products at Perth Mint, noted the exceptionally high demand for silver, which has attracted significant interest from markets in the United States, Europe, Asia, and Australia.