The Perth Mint announced a notable drop in gold and silver sales for October, marking a four-month low for silver, according to a statement released on Wednesday by the government-owned refinery in Western Australia.
Importance of the Perth Mint
The Perth Mint is the largest producer of newly mined gold in the world and the biggest refiner in Australasia by volume. It processes about 75% of the newly mined gold in Australia, highlighting its important role in the global gold market.
Sales Figures
- Gold Sales: Decreased by around 44% from September to 29,935 ounces, which is a 29% drop compared to last year.
- Silver Sales: Fell by 44% from September to 539,898 ounces, reaching the lowest level since June and nearly 50% less than last year’s figures.
Market Trends
“Challenging market conditions and high gold prices have continued to affect sales of minted products,” stated Neil Vance, the general manager of minted products at the Perth Mint.
Gold prices rose approximately 4.2% in October, reaching a peak of $2,790.15 per ounce on October 31. This increase was influenced by factors such as possible U.S. Federal Reserve rate cuts, uncertainty surrounding the upcoming U.S. election, and geopolitical tensions in the Middle East. Silver prices also increased, reaching $34.87 per ounce, the highest since October 2012.
Sales Overview
| Period | Gold (oz) | Silver (oz) |
|---|---|---|
| 2024-Oct | 29,935 | 539,898 |
| 2024-Sept | 53,143 | 963,198 |
| 2024-Aug | 25,884 | 647,382 |
