Pert Mint Gold Bullion Sales Hit 5-Month High in November, but Silver Sales Sluggish

According to information provided by The Perth Mint of Australia, the demand for Australian gold bullion hit a five-month high in November, while sales of Australian silver bullion fell to a 45-month low. Both of these prices are considered to be historically low.

Gold prices at the London Bullion Market Association (LBMA) increased by 1.9% during the month, while silver prices increased by 7.8%. This upward trend in precious metals had an effect on the bullion sales of the Mint.

The Mint sold 53,520 ounces of gold coins and bars in November, the most since June. This is a 26.5% rise from October and a 53.2% reduction from November last year.

There have been 629,592 ounces of gold sold so far this year, which is a 40.4% decrease from the 1,056,335 ounces that were sold during the same time period in the previous year.

It was the lowest level since February 2020, when sales were 605,634 ounces, when the Mint recorded sales of 672,623 ounces for struck silver coins and bars. The Mint reported sales of these items in November. In comparison to October, this is a drop of 37.4%, and it represents a fall of 48.9% from November 2022.

When compared to the 21,541,391 ounces of silver that were sold during the same time period in the previous year, The Perth Mint has sold 14,215,074 ounces of silver so far this year. This is a significant increase by a significant margin. This is a 37 percent decrease.

From November 2022 to November 2023, the following is a monthly overview of the bullion sales that occurred at the Perth Mint. The data illustrate the amount of ounces of gold and silver that are supplied as minted goods by The Perth Mint to distributors and retailers all around the world on a monthly basis.

Cast bar sales and other activities carried out by the Group, such as sales of allocated and unallocated precious metal for storage by the Depository, are not included in this provision as they are not considered to be part of the Group's operations.

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