Gold sales bounce back in April as price hits new record
The Perth Mint sold 33,387 troy ounces (oz) of gold and 684,735 oz of silver in minted product form during April 2024.
Opening the month above USD 2,200, the gold price in US dollar terms raced higher, breaching the key USD 2,300 resistance level and then hitting a record high above USD 2,400 on 12 April.
The price gain was buoyed by several factors: data showing ongoing central bank demand, large scale buying of future positions by commodity trades/hedge funds and then escalating geopolitical concerns. The slight easing of geopolitical concerns in the second half of the month contributed to gold falling back as the demand for safe assets was not as pronounced.
Additionally, US Q1 2024 GDP data released late in April was softer than expected, and as a result gold slipped back. By the end of the month, it was trading below USD 2,300 as the market waited for the next FOMC meeting for guidance on inflation targets and interest rates.
In Australian dollar terms, the gold price also moved higher in April, in line with the increase in USD terms but weighted by a slight strengthening of the Australian dollar.
Silver started the month trading under USD 25 and rose on most trading days until hitting a recent high above USD 29. This gain mirrored the rise in the gold price. Silver tracked lower for the rest of the month and finished around USD 26.50.
The silver price in Australian dollar terms was also higher in April, trading above AUD 45 at one stage before ending the month trading over AUD 40.50.
The Gold Silver Ratio was 87 at the end of April.
Minted products
The Perth Mint sold 33,387 oz of gold and 684,735 oz of silver in minted product form during April.
The table below highlights how these numbers compare to sales seen one month, three months and one year ago.
TABLE
APRIL 2024 SALES OF GOLD AND SILVER SOLD AS COINS AND MINTED BARS (TROY OUNCES) AND CHANGE (%) RELATIVE TO PRIOR PERIODS.
The Perth Mint’s General Manager Minted Products, Neil Vance, welcomed the stronger gold sales in April after a sharp fall in March.
“The launch of our 2024 125th Anniversary coin collection helped drive demand in April, but the gold picture generally was more positive through the month, especially the Australian market,” Mr Vance said.
“The global market for precious metals is still very volatile but we are working hard to design and produce high quality coins and minted products that have strong appeal for our loyal collectors around the world.”
The Perth Mint manufactures and markets the Australian Precious Metal Coin and Minted Bar Program. Trusted worldwide for their purity and weight, the coins include annual releases of the renowned Australian kangaroo, kookaburra, koala and lunar series. In addition, periodic releases and series offer investors a choice of alternative design themes.
Bullion coins released in April 2024
- Australian Kookaburra 2024 1/10oz Gold Bullion Coin
- Australian Kookaburra 2024 1/10oz Platinum Bullion Coin
- Australian Swan 2024 1oz Silver Bullion Coin
- Australian Swan 2024 1oz Gold Bullion Coin
- The Perth Mint's 125th Anniversary 2024 1oz Gold Bullion Coin
- The Perth Mint's 125th Anniversary 2024 1oz Silver Bullion Coin
- The Perth Mint's 125th Anniversary 2024 1oz Platinum Bullion Coin
- Australian Kookaburra 2024 10oz Silver Bullion Coin
For more new product information visit the bullion web page.
Bullion coins recently ‘sold out’ at The Perth Mint
- Australian Lunar Series III 2024 Year of the Dragon 1oz Silver Bullion Coin with Dragon Privy
Please note: The figures stated in this article are for total monthly ounces of gold and silver shipped as minted products by The Perth Mint to wholesale and retail customers worldwide during April 2024. They exclude sales of cast bars and other activities including sales of allocated/unallocated precious metals for storage by The Perth Mint Depository.
Perth Mint Gold (ASX:PMGOLD)
Perth Mint Gold is an exchange traded product (ETP) that allows investors to trade in gold via a stock broking account as they would shares on the ASX. To learn more, visit the PMGOLD web page. PMGOLD webpage.
Total holdings in Perth Mint Gold (ASX:PMGOLD) decreased during April, with holdings decreasing by 622 oz (-0.25%). This brings total holdings in PMGOLD to 245,821 ounces (7.65 tonnes).
MONTHLY CHANGE IN TROY OUNCES HELD BY CLIENTS IN PERTH MINT GOLD (ASX:PMGOLD) APRIL 2021 TO APRIL 2024
