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This blog discusses The Perth Mint's bullion coins and bars, providing information about our latest designs, mintages, sales volumes and sell outs. On a broader front, we share relevant research and opinions for anyone interested in gold and silver bullion investing.

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Precious metal units of measure explained

The precious metals industry uses the troy ounce as its basic unit of measure, even in countries who have adopted the metric system. A troy ounce is heavier than the more common avoirdupois ounce.

While there is a difference between a troy ounce and an ounce, the precious metals industry often uses “ounce” and the abbreviation “oz” rather than “troy ounce” and “ozt”. As a result, when you see “ounce” and “oz” used in the context of precious metals, assume the reference is to troy ounces.

When referring to large quantities (such as annual mine production), the industry often uses metric tonnes as the unit of measure as it produces smaller and more manageable numbers. For example: 80,376,867 troy ounces equals 2,500 tonnes. Some prefer to use “millions of ounces” (abbreviated to “moz”) to avoid confusion as to whether the “ton” referred to is a metric ton, Imperial (long) ton or US (short) ton. For silver, traders can use the Indian unit of measure Lakh (or Lac) which refers to 100,000. For example, a trade for 1,000,000oz would be referred to as 10 Lakh.

Precious metal weights are usually only recorded to three decimal places of accuracy, or to one thousandths of an ounce. An exception to this is a gold London Good Delivery Bar, which is rounded down to the nearest 0.025 of a troy ounce (silver London Good Delivery Bars are rounded down to the nearest 0.100 of a troy ounce).


The tables below list conversion rates between a troy ounce and other common units of mass, with abbreviations in brackets.


1 troy ounce (ozt) = 480 grains 1 grain (gr) = 0.00208333 troy ounces
1 troy ounce (ozt) = 1.097142794 ounces 1 ounce (oz) = 0.91145839 troy ounces
1 troy ounce (ozt) = 20 pennyweights 1 pennyweight (dwt) = 0.05 troy ounces
1 troy ounce (ozt) = 0.0685714246 pounds 1 pound (lb) = 14.58333418 troy ounces
1 troy ounce (ozt) = 0.00003061224 tons (Imperial) 1 ton Imperial (t) = 32666.67189333 troy ounces
1 troy ounce (ozt) = 0.0000342857123 tons (US) 1 ton US (t) = 29166.66835590 troy ounces


1 troy ounce (ozt) = 31.1034768 grams 1 gram (g) = 0.032150746568628 troy ounces
1 troy ounce (ozt) = 0.0311034768 kilograms 1 kilogram (kg) = 32.150746568628 troy ounces
1 troy ounce (ozt) = 0.0000311034768 tons 1 ton (t) = 32150.746568628 troy ounces


1 troy ounce (ozt) = 0.375 tola 1 tola = 2.66666667 troy ounces
1 troy ounce (ozt) = 0.83099941 tael 1 tael = 1.20337029 troy ounces
1 troy ounce (ozt) = 0.08333333 troy pounds 1 troy pound = 12 troy ounces

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2018 1oz Australian Lunar bullion coins sold out

Topics [ Year of the Dog Australian Lunar ]

The Year of the Dog 1oz gold bullion coin and the 1oz silver bullion coin are both officially sold out at The Perth Mint.

In response to strong demand since their launch in September, all 30,000 gold coins and 300,000 silver coins in the 2018 mintage have been dispatched from the Mint’s premises.

The result underscores their reputation as the most sought-after Lunar coins in the world. Every 1oz coin issued since the beginning of the current lunar cycle in 2008 has sold its maximum mintage.

Year of the Dog bullion coins remain available in a range of alternative sizes starting from 1/20oz in 99.99% pure gold and 1/2oz in 99.99% pure silver. Featuring appealing designs of a labrador retriever and German shepherds, each coin displays The Perth Mint’s superior bullion finish.

Registered clients may order online at perthmintbullion.com. All buyers are welcome to visit our Bullion Trading Desk at 310 Hay Street in East Perth (open 7 days), or call the BullionLine on 1300 201 112 (Australia) / +61 8 9421 7218 (International).

Alternatively, please contact one of our authorised distributors.

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Physical gold demand a bright spot in Q3

Topics [ gold bullion gold ]

Global gold demand disappointed in Q3 2017 according to the World Gold Council’s latest Gold Demand Trends, but physical buyers bucked the trend with a solid increase in investment coin and bar purchases.

At 915 tonnes, total demand fell 9% compared the same period last year, with particular weakness seen in Indian jewellery volumes.

Stalling inflows into gold-backed exchange-traded funds (ETFs) also negatively impacted Q3 figures, the report’s authors said. Reasons cited for slowing ETF deposits included investors’ reluctance to bet against soaring stock markets.

Physical gold demand a bright spot in Q3

However, many used their strategic ETF holdings to complement their equity positions as a hedge against any possible downturn, they said.

On a further positive note, gold bar and coin demand increased by 17%, albeit from relatively weak year-earlier levels.

The report noted that China drove much of the growth in physical gold products, with investors buying on the dips to help the world’s largest gold consumer clock up its fourth consecutive quarter of growth.

“It was a tough quarter for gold demand,” according to Alistair Hewitt, Head of Market Intelligence at the World Gold Council. “India was coming to terms with GST and anti-money laundering regulations and, although we saw ETF inflows at 19 tonnes, they were significantly lower than last year.

“But there were some real bright spots: retail investment demand in China grew for the fourth consecutive quarter; the Turkish and Russian central banks added to gold reserves; and, after years of declines, we also saw increased use of gold in technology, supported by the demand for high-end smartphones.”

The Perth Mint finished the quarter on an upbeat note with a rebound in sales of gold bullion coins and minted bars driven by the launch of the Australian Lunar coin series for 2018 and healthy exports to China.

The Gold Demand Trends Q3 2017 is compiled with data provided by independent precious metals consultancy Metals Focus.

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Hot bullion coin offers new opportunity to enjoy Dragon and Phoenix design

Topics [ bullion coins gold gold bullion coins gold coin ]

Admirers of The Perth Mint’s China-inspired Dragon and Phoenix design have a limited opportunity to acquire a new gold bullion coin featuring both auspicious mythical creatures.

Their intricate depictions surrounding the representation of a flaming pearl appeared in 2017 on a highly sought-after 1oz silver bullion coin, and two outstanding high reliefs for collectors.


Bearing a 2018 year-date, the new coin is struck from 1oz of 99.99% pure gold and features The Perth Mint’s trademark bullion finish with polished design elements on a frosted table.

Perfect for those who require bullion in the trusted form of Australian legal tender, the coin also offers buyers guaranteed rarity with a strict limited mintage of just 5,000.

To take advantage of the Dragon and Phoenix 2018 1oz Gold Bullion Coin, registered customers are invited to place orders on www.perthmintbullion.com while stocks last. Purchasers in Australia may also call customer services on 1300 201 112.

International buyers should contact our Hong Kong distributor LPM as soon as possible.

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Perth Mint issues panda privy mark coin in Beijing

Topics [ silver bullion coins Australian Kookaburra ]

The Perth Mint has symbolised China’s iconic giant panda in a special privy mark version of the 2017 Australian Kookaburra 1oz Silver Bullion Coin.

The release marks our participation in this year’s Beijing International Coin Exposition (BICE), which takes place at the China National Convention Centre between 10 and 12 November.


China is a key destination for Australian bullion, with coins and bars valued at billions of dollars heading to the world’s largest consumer of gold annually.

According to Neil Vance, Group Manager – Minted Products, BICE offers the Mint a chance to meet face-to-face with large numbers of Chinese retail customers who appreciate the quality of its wide range of bullion and numismatic issues.

“This year we’re delighted to be able to offer Chinese buyers a pure silver coin show special featuring a privy mark representation of their national animal,” he said. “Combined with its very limited mintage of just 8,000, the coin is expected to become extremely popular.”

A small number of coins has been allocated for sale in Australia direct from The Perth Mint. Buyers are invited to order online at www.perthmintbullion.com or by phone on 1300 201 112.

Overseas customers keen to secure the special coin should contact our Hong Kong distributor LPM as soon as possible.

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Monthly Sales – October 2017

Topics [ Monthly sales figures ]

Total ounces of gold and silver sold by The Perth Mint in October 2017 as coins and minted bars:

  - Gold (Au): 44,618 oz

  - Silver (Ag): 999,425 oz

This chart shows total monthly ounces of gold and silver shipped as minted products by The Perth Mint to wholesale and retail customers worldwide. It excludes sales of cast bars and other Group activities including sales of allocated/unallocated precious metal for storage by the Depository.

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