The large gold demand in Germany contributed to the fact that sales of gold coins and other gold investment products by the Perth Mint exploded in December.
Gold coins in huge demand
The Australian mint Perth Mint reported a strong increase in sales of gold coins and gold bars in-house for December. Accordingly, 78,912 ounces of gold were sold last month. This corresponds to an increase of 170 percent compared to the previous year. Gold sales were exceeded by 45 percent compared to the previous month. It was also the strongest sales month for the Perth Mint since October 2016 in the area of gold investment products.
German gold demand
In a message, the manufacturer explicitly refers to the large German gold demand. Large quantities of the gold coins kangaroo and the Lunar series were shipped to Germany. Also due to the change in the law on January 1, 2020 (lowering the limit for registration-free cash purchases of precious metals to 2,000 euros), German precious metal traders were literally overrun by gold buyers in November and December. The premium of the most popular gold coins for investment is skyrocketing. Many varieties were sold out.
Silver is also in high demand
Silver sales of the Perth Mint also rose significantly last December. At 1,361,723 ounces, this is almost double the figure for the same month last year (+96 percent). Compared to the previous month, 32 percent more silver was sold in physical form.
Full year 2019
Throughout 2019, the renowned Australian mint delivered 389,463 ounces of gold. The result is 3 percent below the 2018 figure. In contrast, silver sales rose by 25 percent last year to 11,573,602 ounces. The Perth Mint is a manufacturer of many well-known investment products made of precious metals, including the silver and gold coins kangaroo, koala and kookaburra as well as other varieties with motifs from the Australian animal kingdom.