Sales of gold products reached their highest level in three years in October, while silver sales skyrocketed 83% from September to hit a two-year high, according to the Perth Mint.
The latest data published on Wednesday show the Perth Mint’s sales of gold coins and minted bars rose to 85,603 ounces in October, up from 36,595 ounces in September. Year-over-year, sales were up approximately 186%.
Meanwhile, silver product sales rose 83% month-over-month to 1.061 million ounces in October, their highest level since September 2023.
“The rising gold price drove strong interest across the board, while silver demand surged following the launch of our 2026 Silver Kangaroo coin,” said Neil Vance, Perth Mint’s general manager of minted products.
Vance noted that global retail demand was robust in October, with the United States showing a strong appetite for gold minted bars and Europe seeing solid sales of gold coins.
Australia’s Perth Mint is the world’s leading producer of newly mined gold, and it’s also the largest refiner in the country by volume. Each year, the Mint processes nearly 75% of Australia’s newly mined gold, making it a major player in one of the world’s top gold-producing countries.
Gold’s spot price hit an all-time high of $4,381.21 on October 20, while silver also reached a record high of $54.47 per ounce last month.
Phil Baker, the former Chairman of The Silver Institute and retired CEO of Hecla Mining, told Kitco News in a September interview about his visit to the Perth Mint, where he saw the level of physical demand firsthand.
“What they said was they’ve had more demand over the course of the last five years than they have ever experienced in the history of the mint,” Baker said.
The tightness of the global market was underscored by his discovery that concentrate from mines in the Americas is now required to satisfy coin demand on the other side of the world.
When presented with data showing the Perth Mint’s own silver sales fell to an eight-month low in August, Baker was unfazed. “Month by month, things change and it’s not necessarily really meaningful for the long term,” he countered, pointing to the facility’s recent expansion as proof of the sustained trend.
Kitco News
