Precious metal sales solid as silver outperforms

The Perth Mint sold 66,710 troy ounces (oz) of gold and 875,487 oz of silver in minted product form during November 2025.

Opening the month around USD 4,000, gold edged higher in a narrow range. In the early part of the month the US Government shutdown persisted so very little market data was released.

Gold breached USD 4,200 mid-month on renewed expectations of further US Fed rate cuts however this was short-lived as markets and investors grew pessimistic about the interest rate outlook. This impacted all asset classes and pushed gold down to near USD 4,000 before rebounding again by month end on a changing outlook on interest rates, to be trading near USD 4,165. For the month gold was up nearly 4%.

In Australian dollar terms, gold traded up around AUD 6,450 mid-month but went through a small correction before recovering by month end to be trading near AUD 6,375.

The AUD-USD exchange rate was impacted by changing expectations after the release of the inaugural monthly CPI report where inflation was higher than forecast. This pushed the AUD higher, recovering some of the losses from early in the month.

For November gold was up just under 4% in AUD terms.

Silver has attracted significant attention recently based on growing global investment and industrial demand.

The USD silver price tracked higher in early November based on expectations of rate cuts, hitting a record of near USD 54 mid-month before dropping sharply to trade around USD 49 and then recovering by month end. For the month silver gained over 10%.

The silver price in AUD terms was higher by month end trading near a record at AUD 82.50 for a gain of 10.50% for the month.

The Gold Silver Ratio was near 75 at the end of month as silver materially outperformed gold in the period. In less than six months the ratio has contracted from a high of over 100.

Minted products

The Perth Mint sold 66,710 oz of gold and 875,487 oz of silver in minted product form during November.

The table below highlights how these numbers compare to sales seen one month, three months and one year ago.

November 2025 SALES OF GOLD AND SILVER SOLD AS COINS AND MINTED BARS (TROY OUNCES) AND CHANGE (%) RELATIVE TO PRIOR PERIODS.

The Perth Mint’s General Manager Minted Products, Neil Vance, said the market for both gold and silver minted products had held up well in November as the Mint came off a period of unusually high demand in October.

“This is a very pleasing result, considering we had no new releases in November,” Mr Vance said.

The Perth Mint manufactures and markets the Australian Precious Metal Coin and Minted Bar Program. Trusted worldwide for their purity and weight, the coins include annual releases of the renowned Australian kangaroo, kookaburra, koala and lunar series. In addition, periodic releases and series offer investors a choice of alternative design themes.

Bullion coins recently 'sold out' at The Perth Mint

• The Perth Mint's 125th Anniversary 2024 1oz Silver Bullion Coin
• Australian Wombat 2024 1oz Silver Bullion Coin 
• Australian Lunar Series III 2026 Year of the Horse 1oz Platinum Coin 

Please note: The figures in this article are for total monthly ounces of gold and silver shipped as minted products by The Perth Mint to wholesale and retail customers worldwide during November 2025. They exclude sales of cast bars and other activities including sales of allocated/unallocated precious metals for storage by The Perth Mint Depository.

Perth Mint Gold Structured Product (ASX:PMGOLD)

Perth Mint Gold Structured Product is a low cost exchange traded product (ETP) that allows investors to trade in gold via a stockbroking account as they would shares on the ASX. To learn more, visit the PMGOLD web page.  

Total holdings in Perth Mint Gold Structured Product (ASX:PMGOLD) increased during November with holdings up by 2,750oz (0.77%). This brings total holdings in PMGOLD to 358,936 ounces (11.16 tonnes).

MONTHLY CHANGE IN TROY OUNCES HELD BY CLIENTS IN PERTH MINT GOLD STRUCTURED PRODUCT (ASX:PMGOLD) NOVEMBER 2022 TO NOVEMBER 2025