Perth Mint's September gold and silver sales rocket higher

Perth (Oct 6)  Australia's Perth Mint saw gold product sales rise 83% in September. Silver sales also rose but a modest 23% in comparison to the yellow metal.

In weight terms, sales of gold coins and minted bars in September rose to 98,753 ounces from 53,976 ounces in August, up 57.6% from a year earlier.
Silver products increased to 1,789,926 ounces from 1,467,229 ounces in August, its highest since June. They were up 6.7% from the same month in 2020.

It has been said that higher demand for Australian bullion coins was caused by the price dips in both gold and silver during September, the mint's general manager of minted products, Neil Vance, said in a blog post.

Vance said "After all, the price of gold fell a little more than 3 percent from $ 1,818 to $ 1,757 last month. And at the end of September, the silver price was 20.04 US dollars (based on US futures), even 8 percent lower than four weeks earlier"

The Silver price followed suit with its fourth consecutive monthly dip, shedding more than 7%.

The Perth Mint is owned by the government of Western Australia and refines more than 90% of the newly mined gold in Australia, one of the world's biggest gold producers.

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