Australian bullion products divided in February with gold sales reaching a three-month high while silver sales slowed from a scorching pace in January, the latest figures from The Perth Mint of Australia show.

2022 Australian Kangaroo 1oz Silver Bullion Coins - Obverse and Reverse
A CoinNews photo showing both sides of 2022 Australian Kangaroo 1oz Silver Bullion Coins

The Mint’s bullion gains were set against soaring precious metals with LBMA prices in February up 6.4% for gold and up 8.2% for silver.

Silver Bullion Sales in February 2022

February Perth Mint sales of minted silver coins and silver bars totaled 1,632,323, logging declines of 31.6% from January (when they hit their second highest level on record) and 10.8% from February 2021.

“Demand for Australian silver coins remains extremely high worldwide and our authorized resellers would gladly take more product than we can currently supply,” said General Manager Minted Products, Neil Vance.

Their year-to-date gold sales at 4,019,488 ounces are 34.3% higher than the 2,993,591 sold during the first two months of last year.

Gold Bullion Sales in February 2022

Perth Mint sales of minted gold coins and gold bars reached 72,651 ounces in February, rising 8.9% from January but falling 41.5% from February 2021 when they posted their second highest monthly total on record.

“As many people would expect in the current crisis situation, interest in physical gold is also strengthening and this is reflected in rebounding sales of The Perth Mint’s leading gold coins and minted bars,” Vance added.

Perth Mint gold sales for the year so far at 139,360 ounces are 30.4% lower than the 200,207 ounces sold through the same period last year.

Perth Mint Gold and Silver Sales by Month

Below is a monthly summary of Perth Mint bullion sales from February 2021 to February 2022. 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)
February 20221,632,32372,651
January 20222,387,16566,709
December 20211,733,29354,861
November 20211,530,598115,872
October 20211,352,27559,750
September 20211,789,92698,753
August 20211,467,22953,976
July 20211,302,72370,658
June 20211,823,02972,910
May 20211,700,80791,146
April 20211,798,210101,379
March 2021*1,600,000130,730
February 20211,830,707124,104

*Perth Mint published approximated sales data for March. Specifically, the Mint stated that during March it shipped “more than 130,000 troy ounces of gold and almost 1.6 million troy ounces of silver.” Later data placed March 2021 gold sales at 130,730 ounces.

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