Young investors turn to Perth Mint gold in record numbers
Young Australians are using digital platforms to buy Perth Mint gold in record numbers, having been drawn to the ease of investing in the world’s most trusted commodity.
Perth Mint Manager Listed Products and Investment Research Jordan Eliseo said new figures showed an extraordinary 115 percent increase in the number of young people investing in gold through its online channels.
“During the past 12 months we have seen a distinct trend emerge as new and younger investors turn their attention to gold, particularly when it is offered via digital products,” Mr Eliseo said.
“Technology is certainly changing the way people invest and manage their wealth, with younger Australians leading the way in buying gold.”
“In the past three quarters, young investors have accounted for more than 20 percent of all our online bullion sales. In April, which was our highest sales month on record, almost half these sales in one particular week were to people aged between 25 and 34 years. To date, this age group remain as the highest revenue generators in online bullion sales.
“In addition to buying bullion via our website and online depository platforms, younger investors are also turning to our gold investment app, GoldPass. This enables them to securely buy, sell and transfer Perth Mint gold at the touch of a screen, at any time and from anywhere, making it particularly appealing to this demographic.
“Security and peace of mind still underpin investment decisions. However immediacy, convenience and accessibility have become equally important, and GoldPass offers all of these benefits.”
“GoldPass already has more than 17,000 registered users and we expect to see this number grow in the months ahead given ongoing demand,” Mr Eliseo said.
The Perth Mint is also seeing strong inflows into its exchange traded products such as Perth Mint Gold (ASX: PMGOLD). PMGOLD holdings have grown by more than 50 percent in 2020. The fund now secures more than six tonnes of gold which equates to more than half a billion Australian dollars in assets under management (AUM).
This exceptional growth has placed PMGOLD in the top 10 ASX listed products of AUD 100 million or more, as measured by growth in AUM in the year to end April. The product is also one of the best performing exchange traded products over the same time period.
“The demand for gold seen in the first six months of this year has been unprecedented,” Mr Eliseo said.
“We have achieved record sales across our investment products and now safeguard more than AUD 5.7 billion for clients across all our storage solutions. That represents the highest amount of client precious metals ever held by The Perth Mint.
“This is testament to gold’s enduring performance as a robust investment in any balanced portfolio.”
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About The Perth Mint
One of the world’s leading precious metals enterprises, The Perth Mint:
- Processes more than 10% of annual global gold production and the vast majority of gold mined in Australia, with Australia being the world’s second largest producer of gold after China.
- Operates one of the largest and most efficient precious metals refineries in the world, with capacity to process 800 tonnes of gold and 1,000 tonnes of silver per annum.
- Provides the world’s safest and only government guaranteed precious metals storage program and an expanding range of other innovative investment solutions.
- Safeguards wealth worth more than AUD 5.8 billion for more than 40,000 clients, ranging from central banks and sovereign wealth funds to individuals, in its network of central bank grade vaults.
- Manufactures and delivers a wide range of precious metal bars and coins worth some AUD 20 billion to more than 130 countries annually.
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