Perth Mint gold bullion sales hold firm as prices slide
- The Perth Mint sold 73,124 troy ounces (oz) of gold and 1,326,011 oz of silver in minted product form during June 2023.
- The Perth Mint Depository saw total gold holdings increase by 0.06%. Silver holdings gained by 0.21% during the month.
- Holdings in The Perth Mint listed ETP, ASX:PMGOLD, decreased for the month, down slightly at 0.08%.
Early June gold traded in a narrow range until the Bank of Canada surprised the market with a 25bps rate hike, which saw the metal sell off sharply to trade below USD 1,950. Meanwhile, at the mid-month FOMC meeting, a decision was made to pause rate hikes after 10 straight rises, but by also flagging the possibility of at least two more increases this year, the US dollar strengthened and gold fell further to around USD 1,940. Subsequently, gold moved sideways and downwards before finishing the month just above USD 1,900, an approximately 2.5% drop.
The local gold price dropped steeply to end the month slightly above AUD 2,870, with a sliding US dollar gold price and a strengthening AUDUSD FX rate contributing to the fall. During the month of June the price of gold fell by more than AUD 100.
Silver experienced a brief bounce early month to more than USD 24, but dropped over the remainder of June to close out at around USD 22.50. In US dollar terms silver was down nearly 3.50%, with a decrease of more than 5.50% in Australian dollar terms.
With little movement, the Gold Silver Ratio ended June on 84.30, reflecting the drop in the price of both gold and silver.
Minted products
The Perth Mint sold 73,124 oz of gold and 1,326,011 oz of silver in minted product form during June.
The table below highlights how these numbers compare to sales seen one month, three months and one year ago, and against monthly average sales dating back to mid-2012.
Precious metal
Current month
One month %
Three months %
12 months %
Long-term average
Gold
73,124
0.32%
-9%
12%
37%
Silver
1,326,011
-30%
-27%
-13%
24%
JUNE 2023 SALES OF GOLD AND SILVER SOLD AS COINS AND MINTED BARS (TROY OUNCES) AND CHANGE (%) RELATIVE TO PRIOR PERIODS
General Manager Minted Products, Neil Vance said: “Gold’s steady price slide over the month of June presented a buying opportunity for our clients, resulting in a 0.3% increase in sales over the previous month. The current strength of interest was reflected in the fact that ounces sold were 12% ahead of June 2022. The picture was different in silver where Australian coin sales dropped 30% from May, primarily the result of significantly quieter US market conditions facing all major suppliers.”
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. For more product information visit the bullion web page.
The Perth Mint Depository
Total gold holdings in The Perth Mint Depository increased slightly by 0.06%, while silver holdings were up 0.21% in June. Compared to 12 months ago, gold holdings were down 6.24%, while silver holdings were down by 3.39%.
TOTAL TROY OUNCES OF GOLD AND SILVER HELD BY CLIENTS IN THE PERTH MINT DEPOSITORY JUNE 2020 TO JUNE 2023
The Perth Mint Depository enables clients to invest in gold, silver, and platinum, with The Perth Mint storing this metal in its central bank grade vaults. Operated via a secure online portal, a Depository Online Account allows investors to buy, store and sell their metal 24/7. For further information visit the depository web page.
Perth Mint Gold (ASX:PMGOLD)
Total holdings in Perth Mint Gold (ASX:PMGOLD) dropped during June, with holdings decreasing by 181 oz (0.08%). This brings total holdings in PMGOLD to 240,720 ounces (7.49 tonnes).
MONTHLY CHANGE IN TROY OUNCES HELD BY CLIENTS IN PERTH MINT GOLD (ASX:PMGOLD) JUNE 2020 TO JUNE 2023
The total value of PMGOLD holdings at the end of June was AUD 693 million with the drop in value attributed to a falling gold price which was trading around AUD 2,874 oz at month end.
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.
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.
