In January, demand for Australian bullion took divergent paths, as indicated by data from The Perth Mint of Australia, with sales of silver products reaching a three-month high, while sales of gold products approached a four-year low.
The Perth Mint’s bullion gains compare against declining precious metal for January, with LBMA prices (USD) slipping 0.4% for gold and falling 2.9% for silver.
Perth Mint Bullion Sales in January 2024
The Mint disclosed that sales of minted silver coins and bars totaled 769,326 ounces, representing a notable uptick of 12.9% from December but also showcasing a significant decline of 37.6% compared to January 2023.
“The market was quick to take up the 1oz denomination [of 2024 Australian kookaburra silver bullion coins] with 250,000 pieces sold within two weeks of release,”said Neil Vance, General Manager Minted Products.
In January, the Mint’s overall sales of gold coins and gold bars reached 24,651 ounces, marking the lowest monthly total since February 2020. This signifies a decrease of 32.1% from December and a substantial 61.7% decline compared to January 2023.
“Demand for physical gold continued to ease off in our key markets as customers await the February release of our 2024 Australian Kangaroo series featuring the effigy of the new monarch King Charles III,” Vance added.
Perth Mint Gold and Silver Sales by Month through January 2024
Below is a monthly summary of Perth Mint bullion sales from January 2022 to January 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 | |
| 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 January 2024
In January, as reported by The Perth Mint, 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:”
- Australian Lunar Series 2024 Year of the Dragon 1oz Silver Bullion Coin
- Australian Lunar Series 2024 Year of the Dragon 1oz Gold Bullion Coin
- Australian Lunar Series 2024 Year of the Dragon 1oz Platinum Bullion Coin
- Wombat 2023 1oz Silver Bullion Coin
- Quokka 2023 1oz Silver Bullion Coin