The Perth Mint, a key player in the global precious metals market, experienced a notable decline in gold and silver bullion sales in 2024. Reflecting broader trends in the precious metals industry, this drop offers insights into shifting investor sentiment and market dynamics. This article examines the data, the contributing factors behind the decline, and the implications for the gold and silver bullion market.
Gold Bullion Sales: A Significant Decline
Gold bullion sales at the Perth Mint saw a sharp reduction in 2024, marking a continuing downward trend from previous years. The Mint recorded total annual gold sales of 391,606 ounces, representing a:
- 41.2% decline compared to 665,889 ounces sold in 2023,
- 64.9% drop from 1,116,969 ounces in 2022,
- 62.7% reduction compared to 1,050,242 ounces in 2021.
Monthly Trends
Gold sales in December 2024 were particularly weak, with 31,727 ounces sold—a 45.4% decline from November 2024 and 12.6% lower than December 2023. These figures highlight continued challenges for the Mint in sustaining demand for its gold bullion products.
Possible Causes of Decline
- Market Volatility: Despite a significant rise in gold prices over the year (up 26.5%), fluctuations in precious metal prices may have deterred retail and institutional buyers.
- Investor Behavior: With gold prices near record highs, some investors likely opted to sell rather than buy, reducing demand for newly minted bullion.
- Competition: Increased competition from other mints and a growing secondary market likely impacted sales at the Perth Mint.
Silver Bullion Sales: A Moderate Decline
Silver bullion sales at the Perth Mint also decreased in 2024, although the drop was less pronounced than in gold. The Mint sold 9,813,384 ounces of silver over the year, representing a:
- 34.1% decrease compared to 14,896,564 ounces in 2023,
- 57.7% decline from the 23,176,142 ounces sold in 2022,
- 48.6% reduction compared to 19,091,681 ounces in 2021.
Monthly Trends
In contrast to gold, silver sales showed some resilience toward the end of the year. December 2024 sales reached 1,057,311 ounces, a modest 0.2% increase from November 2024 and a 55.2% jump compared to December 2023. This performance was bolstered by the release of the 2025 Australian Kangaroo bullion series, which saw strong interest from collectors and investors.
Factors Influencing Silver Sales
- Affordability: Silver’s lower price point makes it more accessible to a broader range of investors, potentially mitigating the impact of economic uncertainty.
- New Product Releases: The introduction of the 2025 Australian Kangaroo silver coin in November helped drive sales in the final months of the year.
- Industrial Demand: While industrial uses for silver remained stable, they were insufficient to offset declining investment demand.
Global Trends in Precious Metals
The decline in bullion sales at the Perth Mint aligns with broader global trends in the precious metals market. While the price of gold rose by 26.5% and silver by 23.8% over the year, higher prices may have deterred buyers, especially in retail markets. Other key trends include:
- Increased Secondary Market Activity: Investors turned to the secondary market to acquire bullion at lower premiums, reducing demand for newly minted products.
- Economic Conditions: Concerns over inflation and geopolitical uncertainty drove some demand, but rising interest rates in key markets like the U.S. impacted disposable income and investment flows.
Perth Mint Monthly Sales Data: 2024
The table below summarizes monthly sales figures for gold and silver bullion at the Perth Mint in 2024.
| Month | Gold (ounces) | Silver (ounces) |
|---|---|---|
| January | 24,651 | 769,326 |
| February | 47,086 | 1,006,852 |
| March | 16,442 | 860,672 |
| April | 33,387 | 684,735 |
| May | 23,238 | 796,934 |
| June | 22,520 | 491,946 |
| July | 25,457 | 939,473 |
| August | 25,884 | 647,382 |
| September | 53,143 | 963,198 |
| October | 29,935 | 539,898 |
| November | 58,136 | 1,055,657 |
| December | 31,727 | 1,057,311 |
New Bullion Products and Their Impact
The Perth Mint released several new bullion products in 2024, including:
- 2025 Australian Kangaroo Series: This series saw strong reception, particularly the 1 oz silver and gold coins.
- Lunar Series III: The 2025 Year of the Snake coins attracted attention from collectors worldwide.
- Unique Designs: Coins like the Australian Brumby and Super Pit added variety to the Mint’s portfolio.
Despite these offerings, the overall decline in annual sales suggests that new product releases were insufficient to offset broader market challenges.
Implications for Investors
Opportunities in the Secondary Market
The decline in bullion sales at the Perth Mint highlights potential opportunities in the secondary market. Investors may find lower premiums on older Perth Mint products, such as Kangaroo or Koala coins, which remain highly recognized and liquid assets.
Diversification Strategies
For those looking to diversify their portfolios, both gold and silver continue to offer benefits as tangible assets. However, the mixed performance of the Perth Mint in 2024 underscores the importance of timing purchases and exploring alternative options, such as generic bullion or pre-owned coins.
Conclusion
The Perth Mint’s decline in gold and silver bullion sales in 2024 reflects broader trends in the precious metals market, including the impact of rising prices, competition from secondary markets, and changing investor behavior. While challenges remain, the Mint’s diverse product offerings and global reputation ensure its continued relevance in the industry.
Investors should consider these market dynamics when building their precious metals portfolios, balancing modern bullion purchases with opportunities in the secondary market. By staying informed and strategic, collectors and investors can navigate these shifts effectively.
