The Perth Mint reported a significant decline in gold and silver sales for October, marking a four-month low for silver, according to a Wednesday statement from the government-owned refiner in Western Australia.
Significance
The Perth Mint is the world’s largest producer of newly mined gold and Australasia’s largest refiner by volume. It processes about 75% of newly mined Australian gold, underscoring its pivotal role in the global gold market.
Key Figures
- Gold Sales: Dropped approximately 44% month-on-month to 29,935 ounces, a 29% decrease year-on-year.
- Silver Sales: Fell by 44% from September, down to 539,898 ounces—the lowest level since June and nearly 50% below last year's figures.
Market Dynamics
"Challenging market conditions and high gold prices continued to impact sales of minted products," said Neil Vance, general manager of minted products at the Perth Mint.
Gold prices rose about 4.2% in October, reaching an all-time high of $2,790.15 per ounce on Oct. 31, driven by factors like potential U.S. Federal Reserve rate cuts, uncertainty over the U.S. election, and geopolitical tensions in the Middle East. Silver prices also surged, hitting $34.87 per ounce, the highest level since October 2012.
Sales Summary
| Period | Gold (oz) | Silver (oz) |
|---|---|---|
| 2024-Oct | 29,935 | 539,898 |
| 2024-Sept | 53,143 | 963,198 |
| 2024-Aug | 25,884 | 647,382 |