The Perth Mint sees strength in December silver sales

Jan 6, 2023

Kookaburra Silver Coins

  • The Perth Mint sold 60,634 troy ounces (oz) of gold and 1,634,751 oz of silver in minted product form during December.
  • The Perth Mint depository’s total gold holdings decreased by 1.34%. Silver holdings dropped by 0.39% during the month.
  • Holdings in The Perth Mint listed ETP, ASX : PMGOLD, also decreased for the month, down 1.30%.

Although gold struggled to attract investor attention through much of 2022, the precious metal rebounded strongly towards the end of the year. Weighing heavily on investment demand, The Federal Reserve's aggressive monetary policy saw price declines firmly in place by May. In early November, the price of gold marked a two-year low of USD 1,618 before the more positive trend emerged. December action saw the price end 2022 above USD 1,800 and its 200-day moving average, establishing gold as one of the better-performing assets of the year. According to commentators, inflation, worries about a global recession, and ongoing war in Ukraine are among threats likely favourable to gold in 2023.

Gold in Australian dollars ended December in positive territory up a little over 2% on November’s close, having briefly spiked above AUD 2,700.

Silver ended the year strongly, outperforming gold. Silver continued its recent increases to reach just under USD 24, up near USD 6 from its 2022 low. Locally, an ounce of silver was worth around AUD 35.00 at month’s end (+ 9.75%).

The gold silver ratio ended December at 76 after touching a year low of 75 early month.

Minted products

The Perth Mint sold 60,634 oz of gold and 1,634,751 oz of silver in minted product form during December.

The table below highlights how these numbers compare to sales seen one month, three months and one year ago, and against monthly average sales dating back to mid-2012.

Precious metal

Current month

One month %

Three months %

12 months %

Long-term average

Precious metal

Gold

Current month

60,634

One month %

-47%

Three months %

-32%

12 months %

10%

Long-term average

15%

Precious metal

Silver

Current month

1,634,751

One month %

24%

Three months %

-37%

12 months %

-7%

Long-term average

56%

 

CURRENT MONTH SALES OF GOLD AND SILVER SOLD AS COINS AND MINTED BARS (TROY OUNCES) AND CHANGE (%) RELATIVE TO PRIOR PERIODS TROY OUNCES OF GOLD AND SILVER SOLD AS COINS AND MINTED BARS DECember 2019 TO DECember 2022.

Picture1

General Manager Minted Products, Neil Vance said that after an extremely strong year, sales of gold bullion products took a breather during December, impacted by less trading days due to Christmas public holidays. “With less going on in gold, we managed to ship more than expected silver following the release of our internationally popular Australian Kookaburra 2023 Silver Coin Series in late November,” he 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. For more product information visit the bullion web page.

The Perth Mint Depository

Total gold holdings in The Perth Mint Depository decreased by 1.34%, while silver holdings were down 0.39% in December. Compared to 12 months ago, gold holdings were down 4.37%, while silver holdings were down by just 0.38%.

Looking back to December 2019, holdings of gold have increased by approximately 19% and silver by 15%, maintaining strong performances evident since mid-2020.

TOTAL TROY OUNCES OF GOLD AND SILVER HELD BY CLIENTS IN THE PERTH MINT DEPOSITORY DECember 2019 TO DECember 2022

Picture2

The Perth Mint Depository enables clients to invest in gold, silver, and platinum, with The Perth Mint storing this metal in its central bank grade vaults. Operated via a secure online portal, a Depository Online Account allows investors to buy, store and sell their metal 24/7. For further information visit the depository web page.

Perth Mint Gold (ASX:PMGOLD)

Total holdings in Perth Mint Gold (ASX:PMGOLD) fell during December, with holdings down by 3,237 oz (-1.30%). This brings total holdings in PMGOLD to 245,353 ounces (7.63 tonnes).

MONTHLY CHANGE IN TROY OUNCES HELD BY CLIENTS IN PERTH MINT GOLD (ASX:PMGOLD) DECember 2019 TO DECember 2022

Picture3

The total value of PMGOLD holdings ended December was AUD 659 million, with the gold price trading just above AUD 2,670 oz.

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

DISCLAIMER

Past performance does not guarantee future results. The information in this article and the links provided are for general information only and should not be taken as constituting professional advice from The Perth Mint. The Perth Mint is not a financial adviser. You should consider seeking independent financial advice to check how the information in this article relates to your unique circumstances. All data, including prices, quotes, valuations and statistics included have been obtained from sources The Perth Mint deems to be reliable, but we do not guarantee their accuracy or completeness. The Perth Mint is not liable for any loss caused, whether due to negligence or otherwise, arising from the use of, or reliance on, the information provided directly or indirectly, by use of this article.