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Gold demand eases in October 2020 ahead of US election

The Perth Mint shipped 1,228,713 ounces of silver coins and minted bars in October 2020, down 26.7% on the previous month and 11.8% lower than October 2019.

The decrease in volume shipped did not reflect actual demand for Perth Mint silver, which remained robust. Instead, a temporary production bottleneck affected the manufacture of finished product, including kilo coins which were halted during the month.

“We sold every ounce of silver product we were able to fabricate in October 2020,” explained Neil Vance, General Manager – Minted Products. “Technical issues in our factory will shortly be resolved, allowing us to resume full production and meet more of the demand from our clients.”

In gold, 38,367oz of coins and minted bars were shipped during the month, a 38.7% decline on the previous month but 18.1% higher than October 2019. Demand for Perth Mint product eased in line with the market, particularly in the US, which our wholesale distributors attributed to uncertainty surrounding November’s presidential election.

Ounces of gold and silver sold in October 2020 as coins and minted bars
Gold (Au): 38,367 oz   |   Silver (Ag): 1,228,713 oz

NB The above 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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