Silver sales continue to shine bright at The Perth Mint

The Perth Mint sold 31,727 troy ounces (oz) of gold and 1,057,311 oz of silver in minted product form during December 2024.  

Opening the month around USD 2,650, the gold price was supported by the announcement that the Chinese central bank was buying gold after a six-month hiatus and the demand to settle COMEX contracts with physically delivered metal.  

This pushed the price above USD 2,710 before the December meeting of the US Federal Reserve’s FOMC reduced the funds rate by 25 basis points to 4.25% - 4.50%. This was expected but it signalled greater caution around the future path of policy into 2025 and triggered a fall in the gold price to just above USD 2,600 by month’s end. This was a decline for the month, however for calendar year 2024 gold gained almost 26%.   

In Australian dollar terms, the gold price moved higher in December, with the lower USD price offset by a weaker AUD, which fell to its lowest level in nearly two years. Ongoing strength in the US dollar and concerns around the impact of tariffs on Australia’s main importers have impacted the currency. Gold ended the month around AUD 4,200 for a monthly gain of 3% and a record annual gain of more than 38%.  

Silver started the month trading around USD 30.75 and gained briefly to near USD 32.00 before dropping to end the month below USD 29.00. With the silver price linked to the global economic outlook and increasing uncertainty in some markets, this led to the decline in silver. Over 2024 silver recorded a gain of nearly 22%.  

The silver price in AUD terms was also lower for December. The weaker AUD helped offset some of the impact but silver dropped more than 1% to end the month trading around AUD 46.50. For the year silver returned a gain of more than 33%.  

The Gold Silver Ratio was at 91.00 at the end of month, the highest level in six months reflecting gold’s continued overperformance compared to silver. 

Minted products 

The Perth Mint sold 31,727 oz of gold and 1,057,311 oz of silver in minted product form during December. 

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

December 2024 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 interest remained strong in the 2025 Australian Kangaroo bullion series released in November with silver sales in particular driving December’s results.

“The Perth Mint’s kangaroo coins and bullion are famous around the world. It’s always a pleasure to see how warmly they are received by collectors and investors,” 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.

Please note: The figures stated 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 December 2024. 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 (ASX:PMGOLD)

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. PMGOLD webpage.

Total holdings in Perth Mint Gold (ASX:PMGOLD) decreased slightly during December, with holdings down by 355 oz (-0.13%). This brings total holdings in PMGOLD to 275,872 ounces (8.58 tonnes).

MONTHLY CHANGE IN TROY OUNCES HELD BY CLIENTS IN PERTH MINT GOLD (ASX:PMGOLD) December 2021 to December 2024