Silver Sales Soar in June/July, Fall Back in August
The Perth Mint sold 1,167,963 ounce of silver in July 2017 down 3.9% from 1,215,071 ounces of silver sold in June 2017 and up 68.4% from 693,477 ounces sold in July 2017. August sales of silver at the Perth Mint were down from July’s sales but up year over year from August 2016 sales.
From September 2015 through April 2016 the Perth Mint sold over a million ounces of silver for eight months in a row. The Perth Mint also sold over one million ounces of silver in June, September and October 2016. January 2017 silver sales over one million marked the first time since September and October 2016 that the Perth Mint sold over one million ounces in a month.
Silver sales at the Perth Mint fell dramatically in July and August (see chart below) of 2016. The Perth Mint attributed the lower sales in July and August to the “trend for lower volumes reported by precious metal businesses worldwide.” Sales of American Silver Eagle coins also fell sharply in July and August.
In February 2017, the Perth Mint added this note regarding lower sales – “Growing confidence in the prospect of improving economic conditions has seen increased demand for alternative assets at the expense of precious metals.”
Sales continued to come in below 2016 levels in March and April and May. June 2017 sales were strong and essentially equal to June 2016’s equally strong sales.
Sales of silver were not impacted positively by sales of silver rooster coins the last two months of 2016 as the Perth Mint announced that the maximum worldwide mintage of 300,000 had sold out during November. January and February 2017 sales were most likely driven by 2017 Australian Silver Kangaroo coins. The Silver Kanagaroo continues to account for the bulk of the Perth Mint’s silver sales.
In September 2015, the Perth Mint reacted to the silver shortages at the U.S. and Canadian Mints by introducing a new silver bullion coin that would be not be of limited mintage, but rather would be minted in such quantities to meet demand – the Silver Australian Kangaroo one ounce coin.
The new coin was an immediate hit. In ten months (September 2015- June 2016) the Perth Mint sold 15,146,753 ounces of silver, up 173.4% from the period of September 2014 – June 2015 when 5,553,261 ounces of silver were sold.
The Australian Silver Kangaroo
The Perth Mint noted after lower sales in July 2016: “Slower summer sales in North America where distributors reported they were well stocked with product impacted Australian gold and silver minted products during July.” In August, 2016 the Perth Mint noted “A decline in sales of Australian precious metal minted products for physical delivery in August reflected the trend for lower volumes reported by precious metal businesses worldwide.”
July 2016 silver sales did not reflect a boost from the the Silver Australian Kangaroo as silver sales were lower 7% than July 2015. August 2016 silver sales reflected a significant decline of 47% from August 2015 sales. While September silver sales at the Perth Mint increased, the mint noted that boost in sales was due in part to the release of the Australian Silver Rooster coins. October and November sales probably reflected continued strong sales of the silver rooster and kangaroo coins. Since the Australian Silver Rooster coin sold out in November, silver sales at the Perth Mint in reflect largely sales of the Australian Silver Kangaroo coins as well as sales of silver Koala and Kookaburra silver coins.
Lower silver sales at the Perth Mint year over year from the summer of 2016 to early 2017 and surging gold sales reflected a trend away from silver and towards gold. That trend seems to have reversed with dismal gold sales and improving silver sales the past three months
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