November Perth Mint silver sales of 984,622 ounces were down 9.2% from 1,084,213 ounces sold in October.
Silver sales at the Perth Mint in November were down 14% year over year from November 2015 sales of 1,145,239 ounces.
Gold Sales At the Perth Mint in November Were Up 73% from November 2015
Perth Mint Silver Sales Through November 11,806,763 ounces vs 11,775,927 in 2015 are a new record.
Silver Sales at the Perth Mint in November 2016.
The Perth Mint sold 984,622 ounces of silver in November 2016 down 14% from 1,145,239 ounces sold in November 2015. Silver sales in November 2016 were down 9.2% from October 2016 sales of 1,084,213 ounces.
November sales of silver were only the fourth month over the past twelve months during which the Perth Mint did not sell over a million ounces of silver. 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.
Silver sales at the Perth Mint fell dramatically in July and August (see chart below). 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 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.
Is the Australian Silver Kangaroo Sales Bounce Back?
The Perth Mint noted after lower sales in July: “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 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 last July. 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.
Perth Mint Silver Sales November 2015 -November 2016
The Perth Mint sold 984,622 ounces of silver in November 2016.
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