from Perth Mint:
- The Perth Mint sold a record 183,102 troy ounces (oz) of gold in minted product form in October, and 1,995,350oz of silver in minted product form during the month.
- The Perth Mint depository’s total gold holdings decreased by 0.69%. Silver holdings shrank by 0.98% during the month.
- Holdings in The Perth Mint listed ETP, ASX:PMGOLD also decreased for the month, down 0.55%.
Gold began October at slightly under USD 1,660 per ounce. Price action was in positive territory as a result of weak data from the US Institute of Supply Management, with small consolidations in the US dollar and Bond yield. As a result, gold hit a three-week high at USD 1,726 per ounce early in the month.
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However, the rally was short lived with the prospect of aggressive rate hikes by the Federal Reserve continuing to worry the market. With the relative strength of the US dollar and rising yields, the precious metal fell into a trading pattern between USD 1,675 and USD 1,620, closing for the month at USD 1,633 (-1.59%).
Local investors saw a similar trading pattern with gold in Australian dollars ending the month just above AUD 2,569 (-1.15%).
From USD 19.00 per ounce at the start of the month, silver ended October marginally ahead at USD 19.14 (+0.7%). Locally, an ounce of silver was worth around AUD 29.67 at month’s end (+0.8%).
The gold silver ratio ended October at 85.
Minted products
The Perth Mint sold 183,102oz of gold and 1,995,350oz of silver in minted product form during October.
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
183,102
107%
131%
206%
252%
Silver
1,995,350
-23%
-19%
48%
92%
CURRENT MONTH SALES OF GOLD AND SILVER SOLD AS COINS AND MINTED BARS (TROY OUNCES) AND CHANGE (%) RELATIVE TO PRIOR PERIODS TROY OUNCES OF GOLD AND SILVER SOLD AS COINS AND MINTED BARS OCT 2019 TO OCT 2022.
General Manager Minted Products, Neil Vance identified late September as the start of significantly elevated demand for Australian gold bullion products.
“The spike continued throughout October, resulting in our best month on record for the number of ounces sold in coin and minted bar format,” he said.
“Demand from clients in the USA and Germany was incredibly strong.”
For maximum efficiency, the Mint’s production facility is currently focused on three of its most popular product lines – Australian Kangaroo 1oz and 1/4oz gold coins, and 1oz minted bars.
Meanwhile, silver bullion products chalked up another extremely strong month with Neil Vance reporting that wholesale demand again accounted for the month’s total output of silver coins.
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 decreased by 0.69%, while silver holdings were down 0.98% in October. Compared to 12 months ago, gold holdings were down by 2.05%, while silver holdings were up 0.3%.
Looking back to October 2019, holdings of gold have increased by approximately 24% and silver by 16%, with the strong growth evident in the chart below.
TOTAL TROY OUNCES OF GOLD AND SILVER HELD BY CLIENTS IN THE PERTH MINT DEPOSITORY OCT 2019 TO OCT 2022
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) fell during October, with holdings down by 1,396oz (-0.55%). This brings total holdings in PMGOLD to 250,847oz (7.80 tonnes).
MONTHLY CHANGE IN TROY OUNCES HELD BY CLIENTS IN PERTH MINT GOLD (ASX:PMGOLD) OCT 2019 TO OCT 2022
Source: The Perth Mint, ASX, World Gold Council
The total value of PMGOLD holdings ended October was AUD 644 million, with the gold price trading just above AUD 2,569 per ounce.
