New Australian Kangaroo coins drive gold and silver bullion sales higher
The Perth Mint sold 47,086 troy ounces (oz) of gold and 1,006,852 oz of silver in minted product form during February 2024.
Opening near USD 2,035, the price of gold peaked in early February, trading at more than USD 2,050 as US government bond yields dropped to their lowest levels in 2024, and the US dollar weakened. The move preceded the release of stronger than expected January Consumer Price Index (CPI) data which triggered a mid-month reversal for gold. With headline CPI up 0.3% removing the chance of an early rate cut, gold experienced a sharp selloff, dropping below USD 2,000 as yields jumped and the US dollar rallied. A series of reports released late in the month giving credence to a weakening US economy then pushed gold back over the USD 2,000 level. Gold ended February around USD 2,035, literally flat for the month with all eyes turning towards the next release of inflation data.
In Australian dollar terms, the gold price moved slightly higher in February, supported by the continued weakening of the Australian dollar.
Like gold, the silver price peaked at the beginning of the month, trading more than USD 23, subsequently moving in a narrow range with little guidance from the market to support any upside. Silver ended the month lower, trading around USD 22.50.
The silver price in Australian dollar terms was relatively flat. Silver’s drop in US dollar terms was offset by the weakening Australian dollar, resulting in only a minor move for February.
The Gold Silver Ratio dropped down to near 86 mid-month before rising to 90 by the end of February.
Minted products
The Perth Mint sold 47,086 oz of gold and 1,006,852 oz of silver in minted product form during February.
The table below highlights how these numbers compare to sales seen one month, three months and one year ago.
Precious metal
Current month
One month %
Three months %
12 months %
Gold
47,086
91%
-12%
-10%
Silver
1,006,852
31%
50%
-32%
FEBRUARY 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 that while the overall wholesale market remained muted, sales of Perth Mint bullion had been encouraging. “With retail investors taking advantage of the high gold price, our dealers are buying back plenty of stock,” he explained. “Even in these conditions, the February release of our signature Australian Kangaroo coin series with a great design for 2024 helped physical sales move higher during the month.”
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.
Bullion coins released in February 2024
- Australian Kangaroo 2024 1 Kilo, 1oz, 1/2oz, 1/4oz, 1/10oz Gold Bullion Coins
- Australian Kangaroo 2024 1oz Silver Bullion Coin
- Australian Kangaroo 2024 1oz Platinum Bullion Coin
For more new product information visit the bullion web page.
Bullion coins recently ‘sold out’ at The Perth Mint
- Dragon 2023 1oz Gold Bullion Rectangular Coin
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 webpage.
Total holdings in Perth Mint Gold (ASX:PMGOLD) decreased during February, with holdings down by 409 oz (-0.16%). This brings total holdings in PMGOLD to 247,906 ounces (7.71 tonnes).
MONTHLY CHANGE IN TROY OUNCES HELD BY CLIENTS IN PERTH MINT GOLD (ASX:PMGOLD) FEBRUARY 2021 TO FEBRUARY 2024
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.
