Reuters: Perth Mint's July gold, silver sales slump to lowest since 2020

Reuters
 
Perth Mint's July gold, silver sales slump to lowest since 2020
Aug 3, 202311:42 GMT+3
GOLD+0.15%XAGUSD1!−0.71%

 

Perth Mint's July gold product sales slumped to their lowest level since October 2020, while silver sales were at a more than three-year low, the refiner said on Thursday, citing a slowdown in demand as prices surged.

Monthly sales of gold coins and minted bars touched 44,009 ounces last month from 73,124 ounces in June, and were down about 45% on a year-on-year basis.

Sales of silver products stood at their lowest since February 2020 at 863,485 ounces in July, down nearly 35% on a monthly basis and 65% on a yearly basis.

As the prices for the products rose, "our distributors reported softening demand in June and this trend continued into July, as well" said Neil Vance, general manager for minted products.

Benchmark spot gold prices GOLD rose 2.3% in July, in its best month in four on investor expectations that an end to the rate-hiking cycle by global central banks was nearing.

Lower rates boost demand for zero-yield bullion. Spot silver XAGUSD1! prices surged about 8.9% last month.

The Perth Mint, owned by the government of Western Australia, is the world's largest producer of newly-mined gold. It is also the biggest refiner by volume in Australasia, according to the company website.

The intake each year equates to almost 75% of newly mined gold in Australia, one of the world's biggest gold producers.

The following table details Perth Mint's monthly sales including coins and minted bars:

Period (year-month)	Gold (oz)	Silver (oz)
2023-July	44,009	863,485
2023-June	73,124	1,326,011
2023-May	72,889	1,881,001
2023-April	75,166	1,947,743
2023-March	80,541	1,823,096
2023-Feb	52,241	1,484,936
2023-Jan	64,395	1,233,344
2022-Dec	60,634	1,634,751
2022-Nov	114,304	1,315,293
2022-Oct	183,102	1,995,350
2022-Sept	88,554	2,579,941
2022-Aug	84,976	1,655,334
2022-July	79,305	2,465,513
2022-June	65,281	1,523,765
2022-May	98,515	2,217,582
2022-April	80,941	2,119,491
2022-March	121,997	1,649,634
2022-Feb	72,651	1,632,323
2022-Jan	66,709	2,387,165
2021-Dec	54,861	1,733,293
2021-Nov	115,872	1,530,598
2021-Oct	59,750	1,352,275
2021-Sept	98,753	1,789,926
2021-August	53,976	1,467,229
2021-July	70,658	1,302,723
2021-June	72,910	1,823,029
2021-May	91,146	1,700,807
2021-April	101,379	1,798,210
2021-March	130,000	1,600,000
2021-Feb	124,104	1,830,707
2021-Jan	76,103	1,162,884
2020-Dec	76,806	941,767
2020-Nov	84,158	1,119,269
2020-Oct	38,367	1,228,713
2020-Sept	62,637	1,677,383
2020-Aug	67,462	1,431,036
2020-July	56,104	1,567,900
2020-June	44,371	1,573,752
2020-May	63,393	997,171
2020-April	120,504	2,123,121
2020-March	93,775	1,736,409
2020-Feb	22,921	605,634
2020-Jan	48,299	1,450,317
2019-Dec	78,912	1,361,723
2019-Nov	54,261	1,027,695
2019-Oct	32,469	1,394,615
2019-Sept	46,837	1,350,038
2019-Aug	21,766	1,171,233
2019-July	21,518	987,040
2019-June	19,449	344,474
2019-May	10,790	681,582
2019-April	19,991	906,219
2019-March	32,757	935,819
2019-Feb	19,524	584,310
2019-Jan	31,189	828,854
2018-Dec	29,186	692,971
2018-Nov	64,308	876,446
2018-Oct	36,840	1,079,684
2018-Sept	62,552	1,305,600
2018-Aug	38,904	520,245
2018-July	29,921	486,821
2018-June	16,847	229,280
2018-May	14,800	557,120
2018-April	15,161	458,655
2018-March	29,883	975,921
2018-Feb	26,473	992,954
2018-Jan	37,174	1,067,361
2017-Dec	27,009	874,437
2017-Nov	23,901	544,436
2017-Oct	44,618	999,425
2017-Sept	46,415	697,849
2017-Aug	23,130	392,091
2017-July	23,675	1,167,963
2017-June	19,259	1,215,071
2017-May	29,679	826,656
2017-April	10,490	468,977
2017-March	22,232	716,283
2017-Feb	25,257	502,353
2017-Jan	72,745	1,230,867