Perth Mint sales running at double long-term averages
Summary
- The Perth Mint saw sales of gold and silver minted products hit 101,379 and 1,798,210 troy ounces respectively in April.
- The Perth Mint’s ASX listed ETF, ASX:PMGOLD, saw holdings rise modestly, increasing by 1% over the month.
- Holdings in The Perth Mint Depository were largely flat, but still 7% (gold) and 8% (silver) higher than they were one year ago.
Commentary
Manager, Listed Products and Investment Research, Jordan Eliseo said: “Demand for precious metals across our product range was robust again in April 2021, with a modest rally in precious metal prices encouraging investors that the pullback in the sector since August 2020 may be coming to an end.
“Sales of gold and silver minted products during the month were approximately twice their long-run averages, while we also saw minor inflows into our ASX listed ETF, PMGOLD.”
Minted Products
The Perth Mint sold 101,379 troy ounces of gold and 1,798,210 troy ounces of silver in minted product form during April, continuing a strong run of demand for the precious metals.
These sales figures represent an increase of 119% (gold) and 99% (silver) relative to long-run average monthly sales of minted products from The Perth Mint, and are testament to solid retail demand across developed markets.
Troy ounces of gold and silver sold as coins and minted bars December 2018 to April 2021
General Manager Minted Products, Neil Vance, reported that there was no sign of a slow down in the market for minted products during April. “Demand for Australian Kangaroo 1oz silver bullion coins continued to outpace manufacturing capacity and as a result the product was again allocated to wholesale clients worldwide,” he said. “We also sold every Australian Kangaroo 1oz gold bullion coin we could make - the dip in output compared to March explained by the fact that some coin presses were required to fulfil orders for the pure platinum version of our popular Kangaroo coin series.”
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.
The Perth Mint Depository
Total holdings in The Perth Mint Depository were flat in April 2021. Over the last 12 months, total holdings of gold and silver have increased by 7% and 8% respectively, with the majority of the inflows taking place in the lead up to the all-time highs seen in the USD gold price in August 2020.
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.
Total troy ounces of gold and silver held by clients in The Perth Mint Depository June 2018 to April 2021
Perth Mint Gold (ASX:PMGOLD)
Total holdings in Perth Mint Gold (ASX:PMGOLD) increased by 1% in April 2021, with these inflows seeing investors end the month with 232,251 troy ounces (7.22 tonnes) of gold backing their holdings.
This is close to an all-time high, with the minor inflows occurring despite broader weakness in the global gold ETF sector, which saw continued outflows in the first three weeks of April 2021.
Monthly change in troy ounces held by clients in Perth Mint Gold (ASX:PMGOLD) January 2015 to April 2021
Source: The Perth Mint, ASX, LBMA
The value of PMGOLD holdings increased in April, ending the month just above AUD 530 million. The value of gold holdings backing PMGOLD has risen by 8% in the last 12 months.
To learn more about investing in PMGOLD, download our PMGOLD Factsheet.
