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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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Diversify or let your winners run? How to encourage your portfolio to bloom

There is no shortage of investment information and tips for investors looking to grow their portfolio. The challenge is how to turn them into actionable insights that work for the individual, something that is made even harder by the fact that while many of these tips make sense as standalone concepts, they can conflict with each other.

Consider the fact that many investment advisers talk of the need to have a diversified portfolio, which is another way of saying don’t put all your eggs in one basket. Those who embrace diversification fully expect that at any point in time they’ll have some exposure to asset classes that are rising in value, and some that are falling.

There is nothing wrong with this approach, and indeed investment legend, Nobel Prize laureate and founder of Modern Portfolio Theory, Harry Markowitz, once described diversification as “the only free lunch in finance”.

Meanwhile, other famous investors talk of the need to give outperformers room to grow while cutting losses in underperforming assets. Indeed, none other than Warren Buffett was fond of saying selling your winners and holding your losers is like cutting the flowers and watering the weeds, though it’s not his quote originally.

In practice, disciples of this school of thought believe in concentrated portfolios as the best way to build wealth.

These two arguments – diversification versus letting your winners run, are to some degree in conflict with each other.

As to which one is ‘right’, Buffett’s view makes a lot of sense in the context of owning a particular stock, but from an asset allocation perspective, which is the primary driver of diversified portfolio returns, one could argue it doesn’t.

After all, history is very clear that markets move in cycles, and asset classes that see years of outperformance (the flowers) eventually run out of steam and turn into losers (the weeds).

What is an investor to do?

Below we look at three hypothetical portfolios comprised of just two asset classes, equities (using the S&P 500 to proxy returns) and gold, highlighting the returns and risks over a 50-year time period from 1971 to 2020.

Note that we’ve used a starting balance of $10,000 evenly split between the two asset classes, with the three portfolio simulations as follows:

• Never rebalancing the portfolio.
• Rebalancing back to 50% allocations each year.
• Rebalancing back to 50% allocations each decade.

The table below highlights the results, from both a return and risk perspective for the three portfolios.

Equity and gold portfolio statistics – 1971 to 2020


Source: The Perth Mint, LBMA, NYU Stern

The table makes it clear that the pure buy and hold approach is the lowest returning strategy of the lot, generating returns of just under 10% per annum over the past five decades.

The portfolio that embraces annual rebalancing is the second-best performer, generating returns of just over 10.5% per annum, and also exhibits much lower volatility than the other two portfolios.

This is because the annual rebalancing back to a 50% weight to each asset (in practice selling a bit of last year’s flowers and buying a bit of last year’s weeds) means the maximum allocation it ever has to either asset class is much lower than the other two portfolios.

This can be seen in the chart below, which looks at the allocation to gold for each portfolio over time. Note how the portfolio that rebalances once a decade, and the portfolio that never rebalances, had maximum gold allocations of almost 90% by the end of the 1970s, and just over 10% towards the end of the 1990s. The portfolio that rebalances every year never gets to those extremes.

Gold weights as a percentage of total portfolio assets – 1971 to 2020

Source: The Perth Mint, LBMA, NYU Stern

So while the portfolio that never rebalances, and the portfolio that rebalances every year, both had their worst calendar year in 1981 (primarily driven by a 32% fall in gold), the latter portfolio fell by only 18.6%, versus an almost 30% dip for the portfolio that never rebalances.

The portfolio that rebalances every decade is by far the best performer of the three, with annual returns of almost 13% per annum. In many ways this makes sense, as it allows market cycles time to play out, giving the flowers 10 years to grow, and the weeds 10 years to shrivel, before rebalancing the portfolio.

The difference in terms of total dollar value gained from this portfolio relative to the others is staggering when compounded over five decades.

Interestingly, the portfolio that rebalances every decade is not only able to achieve returns that are 3% per annum higher than the portfolio that never rebalances, but also displays lower overall portfolio volatility, and had a worst year that is essentially in line with the portfolio that rebalances annually. 

These findings suggest there is value in adopting a hybrid approach between letting your winners run and aiming for a diversified portfolio.

After all, if you never rebalance, you’ll end up with a portfolio too heavily weighted to last year’s, or last decade’s winning asset. You will then suffer when the tide turns against that asset.

Conversely, if you always rebalance, you aren’t giving your flowers any real time to grow, with investment cycles needing years to fully play out. That can clearly cost you substantial returns over the long run.

Limitations of the study

Backwards looking exercises in portfolio modelling are by definition limited. There are four primary factors which the above model doesn’t account for, all of which would impact the total return from each of three portfolio simulations. They are as follows:

• Inflation: In the past 50 years, inflation has averaged just below 4% per annum. This would obviously negatively impact the real return generated by all portfolios.

• Taxes: Tax on the income stream generated from dividends, plus any capital gains from sales of gold and equities, will also diminish total returns.

• Transaction costs: The more you trade, the more you pay in brokerage fees and/or buy sell spreads.

• Management or storage fees: There is typically some kind of fee paid for holding any kind of investment, which will also impact total returns.

Last but not least, these portfolios exist only on a spreadsheet. They don’t take the risk profile, or psychology of an investor into account.

For example, in the portfolio that rebalances every decade, the allocation to gold by the end of the year 2000 was just 12%. That’s because the 1990s was one of the best decades on record for equities, with average annual returns of more than 20%, while gold languished. The headlines at the time were proclaiming the precious metal was dead and that the stock market was certain to head ever higher.

Hindsight proved it was a wise choice, but how many people in the year 2000 would have felt comfortable selling almost half of their equity portfolio and using the proceeds to buy gold.

What to do now?

The example above of an investor selling down the equity component of their portfolio and using the proceeds to buy gold is arguably just as relevant today as it was 20 years ago.

This is because the last 12 months, and indeed the last 10 years, have seeing equities strongly outperform gold, evidenced in the below chart, which highlights the rolling 10-year performance differential between the S&P 500 and the precious metal.

From an asset allocation perspective, this means the gold portion of the portfolio that aims to rebalance every decade was just 27% by the end of last year, which can be seen in the table below.

That’s not quite as low as it was at the end of 1990 or 2000, but it is clearly a lot closer to those levels compared to the more than 80% allocations to gold this portfolio held by 1980 and 2010, which were at or near the top of long bull markets in the precious metal. 

On a relative basis at least, this suggests that gold is cheap today.


Disclaimer:
Any opinions expressed in this article are subject to change without notice. The information in this article and the links provided are for general information only and do not contain all information that may be material to you making an investment decision. The Perth Mint is not a financial adviser and nothing in this article constitutes financial, investment, legal, tax or other advice.  Before making an investment decision you should consider whether it is suitable for you in light of your investment profile, objectives, financial circumstances and the merits and risks involved.  You should consider seeking independent financial advice to check how the information in this article relates to your unique circumstances. All data, including prices, quotes, valuations and statistics included have been obtained from sources The Perth Mint deems to be reliable, but have not been independently verified by The Perth Mint and we do not guarantee their accuracy or completeness. The Perth Mint does not accept any liability, including without limitation any liability due to any fault, negligence, default or lack of care on the part of The Perth Mint., for any loss arising from the use of, reliance on, or otherwise in connection with the information contained in this article.



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Gold sales ease during volatile markets

A Perth Mint employee packing monster boxes

Summary

The Perth Mint sold 53,976 troy ounces of gold and 1,467,229 troy ounces of silver in minted product form during August.

The Perth Mint’s ASX listed ETF, ASX:PMGOLD, saw holdings decline modestly, falling by 1% for the month.

The Perth Mint Depository’s holdings of gold and silver were flat during August, with their value sitting just above AUD 6 billion.

Manager, Listed Products and Investment Research, Jordan Eliseo said: “Precious metal prices were volatile during August, with gold and silver falling by 8% and 9% respectively in US dollar terms early in the month. Both metals rebounded, with gold finishing the month trading back above USD 1,800 per troy ounce, down just 1%, while silver finished the month above USD 24 per troy ounce. Continued concerns over the spread of the Delta strain of COVID-19, a dovish US Federal Reserve, and heightened geopolitical tensions contributed to the rally off the intra-month lows.

Despite the tailwinds, the pace of investment into precious metals was far more subdued relative to the levels seen during 2020, with a continued surge in equity markets driving investors into risk assets.”

Minted Products

The Perth Mint sold 53,976 troy ounces of gold and 1,467,229 troy ounces of silver in minted product form during August.

The table below highlights how these numbers compare to sales seen one month, three months and one year ago, and against monthly average sales dating back to mid-2012.

Current month sales of gold and silver sold as coins and minted bars
Change relative to prior periods

table of the current month sales of gold and silver voins and minted bars

While sales for gold in particular fell relative to the very high volumes seen in the first few months of 2021, they remained comfortably above long-term averages, demonstrating the ongoing investment demand for precious metals.

Troy ounces of gold and silver sold as coins and minted bars
December 2018 to August 2021

graph depicting Troy ounces of gold and silver sold as coins and minted bars between December 2018 to August 2021

General Manager Minted Products, Neil Vance said sales of Perth Mint physical gold bullion in August reflected an easing of demand among its key distributors worldwide. However, he noted, “demand for our gold coin and minted bar products remained comfortably above pre-COVID levels, which averaged 33,690 troy ounces per month between August and October 2019. Meanwhile, Perth Mint silver coins remained a key focus for investors. Higher output was achieved in August 2021 as coin presses were brought back online after a period of maintenance.”  

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. For more product information visit perthmintbullion.com

The Perth Mint Depository

Total gold holdings in The Perth Mint Depository were static during August, with the value of these holdings coming to more than AUD 6 billion.

Over the 12 months to end August, total holdings of gold and silver increased by 8% and 2% respectively.

Total troy ounces of gold and silver held by clients in The Perth Mint Depository
June 2018 to August 2021

Troy ounces of gold and silver sold as coins and minted bars December 2018 to August 2021

The Perth Mint Depository enables clients to invest in gold, silver and platinum, with The Perth Mint storing this metal in its central bank grade vaults. Operated via a secure online portal, a Depository Online Account allows investors to buy, store and sell their metal 24/7. For further information visit perthmint.com/storage.


Perth Mint Gold (ASX:PMGOLD)

Total holdings in Perth Mint Gold (ASX:PMGOLD) fell by almost 3,000 troy ounces in August, with this decline representing one of the largest monthly outflows in the past five years. These outflows saw investors end the month with 232,653 troy ounces (7.24 tonnes) of gold backing their holdings.

Monthly change in troy ounces held by clients in Perth Mint Gold (ASX:PMGOLD)
January 2015 to August 2021

Total troy ounces of gold and silver held by clients in The Perth Mint Depository  June 2018 to August 2021

Source: The Perth Mint, ASX, LBMA

With gold prices largely flat in Australian dollar terms during August, these outflows saw the total value of PMGOLD decline to just above AUD 575 million. 

To learn more about investing in PMGOLD, download our PMGOLD Factsheet.



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Volatile month for precious metals as gold turns 50

a gold bear with blue arrows

Gold prices displayed heightened volatility during August, with a large sell off seen early in the month before the precious metal staged a recovery to close back above USD 1,800 per troy ounce. Silver was also impacted, at one point falling by almost 10% intra-month, though it too finished on a stronger footing. Despite the volatility, a range of factors look set to support precious metal markets going forward. 

Summary of market moves:

• Precious metal prices were particularly volatile during August, with gold ending the month falling by almost 1%, while silver fell by almost 6%. 

Equity markets continued to rally, with the S&P 500 closing above 4,500 points at the end of August, up almost 3% for the month. The ASX200 was up 2% during August.

Cryptocurrency prices continued their recent recovery, with Bitcoin ending the month trading just below USD 47,000, up almost 10%.

The Australian dollar continued to weaken, falling almost 1% versus the US dollar, driven by falling iron ore prices and continued uncertainty caused by lockdowns along the Eastern seaboard. 

The spread of the COVID-19 Delta variant continued to plague the global economy, with central banks, including the US Federal Reserve, which just completed its annual Jackson Hole Symposium, likely to provide significant levels of monetary policy stimulus for the foreseeable future.

August 2021 marked 50 years since the United States ended convertibility of the US dollar into gold, with the precious metal subsequently playing a valuable role in investment portfolios over the past five decades.

Full report - August 2021

Volatility in precious metal markets picked up during August, with gold and silver prices at one point falling 8% and 9% respectively in US dollar terms. The two precious metals then rallied as August came to a close, with gold recovering almost all its losses to trade back above USD 1,800 per troy ounce, down just 1% for the month as a whole.

Silver finished the month trading back above USD 24 per troy ounce, down 6%, with daily movements in prices throughout August seen in the chart below.

a graph depicting the gold and silver price movements

The sell-off that occurred in early August, which can be seen in the above chart, was driven by a rapid liquidation that took place in the gold futures market on the morning of Monday 9 August.

In the space of one hour, more than 35,000 gold contracts (with a notional market value of over USD 6 billion) were traded, with more than half of the turnover happening in one 15-minute time slot. In that window prices fell 4% from USD 1,755 to USD 1,677 per troy ounce.

While much speculation has taken place as to what drove that level of turnover in such a short time frame, the data makes it clear that the market hit an air pocket of sorts, with the drop driven predominantly by a short-term lack of liquidity. The fact that gold recovered a good part of the losses within the day reinforces this view.

Indeed, the sharp sell-off seen on 9 August may end up marking the completion of the corrective cycle in gold, with the metal rallying more than 8% since. Multiple factors have driven the rally, including:

• The threat posed by the COVID-19 Delta strain, with the daily case rate in the United States back above 150,000 and continuing to surge, despite the fact almost 65% of the adult population has been fully vaccinated.

• Heightened geopolitical tension in the wake of the withdrawal of American and other coalition troops from Afghanistan.

• A continued dovish tone from the US Federal Reserve, with Chairman Jerome Powell using the annual Jackson Hole Symposium to reassure markets the Fed is in no rush to begin tapering asset purchases, let alone normalise monetary policy in any meaningful sense. 

The speech from Powell noted that while the US job market was recovering, there was still a long way to go. He also reiterated the Fed’s view that the recent spike in inflation will prove transitory (more on this below, where we discuss whether or not gold remains an inflation hedge).

It was enough to boost stock markets, cause a fall in the US dollar, and ultimately, help boost gold back over USD 1,800 and silver back above USD 24 per troy ounce as August came to a close. 

Is gold still an inflation hedge?

Five decades of market data tells us conclusively that gold tends to perform well during periods of higher consumer price inflation (CPI), with average annual increases in excess of 15% per annum in the years CPI rates are 3% or higher.  

However, given gold has been in a corrective cycle since peaking above USD 2,000 per troy ounce in August last year, and given this time period has coincided with an uptick in CPI,  questions about whether gold is still an inflation hedge continue to be asked in financial blogs, podcasts etc.

We are encouraged by the very fact this question is getting airtime, as it’s the kind of thing you only see when sentiment toward gold has soured and when prices have eased, which is often a good time to be buying.

As we highlighted last month, there are multiple factors that have contributed to gold falling in the last year despite the uptick in inflation - from soaring stock prices to the market’s belief that the current surge in inflation will prove transitory.

This month we want to delve a little deeper, looking at the difference between current annual rates of CPI, and the market’s expectation for average inflation over the next 10 years (called the breakeven rate). As per the table below, there is now a 3% gap between current CPI, which was 5.4% in July, and the 10-year breakeven rate.

table depicting the annual change in CPI

The chart below, which dates back to 2003, shows the difference between these two readings on a monthly basis, as well as the gold price itself over the same time period.

graph depicting annual CPI minus 10 year breakeven inflation rate and us dollar gold price

The standout observation from the chart is that the inflation differential between CPI levels and the 10-year breakeven rate, which is 3% right now, is as pronounced as it was back in Q3 2008, around the time the Global Financial Crisis hit.

History shows that equities fared horribly in the period that followed, falling by 40% over the next six months. Gold, on the other hand, went from strength to strength, rallying by more than 100% in the three years that followed.

The chart, and the fact the market doesn’t think that the current high rates of CPI will last, is encouraging for another reason. Markets don’t react to formal data releases like CPI, GDP, or employment figures - they react based on what a data release is relative to what the market expected the data release to be.

As such, even if inflation rates do ease in the months ahead, it may not negatively impact gold at all, as the market already expects this to happen.

Billionaires are bullish gold 

For those unfamiliar with the name, John Paulson was one of the few investors that not only foresaw the problems in the US housing market that would culminate in the sub-prime crisis and the GFC, but also put his money on the line, making billions of dollars in the process.

He has also long been a fan of gold, with the below extract from a recent interview with Bloomberg (subscription required ), highlighting his current view on the precious metal.

Bloomberg: “After you made your famous trade, you bought a lot of gold, or gold futures, and you were called by some a gold bug. Gold’s now about $1,700 an ounce. Do you think that gold is a good investment at this price?”

Paulson: “Yeah, we do. We believe that gold does very well in times of inflation. The last time gold went parabolic was in the 1970s, when we had two years of double-digit inflation.

The reason why gold goes parabolic is that basically there’s a very limited amount of investable gold. It’s on the order of several trillion dollars, while the total amount of financial assets is closer to $200 trillion. So as inflation picks up, people try and get out of fixed income. They try and get out of cash. And the logical place to go is gold. But because the amount of money trying to move out of cash and fixed income dwarfs the amount of investable gold, the supply and demand imbalance causes gold to rise.”

Bloomberg: “So, you’re a big believer in gold as a good investment now?”

Paulson: “Yes. We thought in 2009 with the Fed doing quantitative easing, which is essentially printing money, it would lead to inflation. But what happened was while the Fed printed money, at the same time they raised the capital and reserve requirements in banks.

So, the money sort of recycled. The Fed bought Treasuries, created money, which wound up in the banks and then was redeposited at the Fed. And the money never really entered the money supply. So, it wasn’t inflationary. However, this time it has entered the money supply. The money supply was up about 25% last year and the best indicator of inflation is money supply. So, I think we have inflation coming well in excess of what the current expectations are.”

Paulson isn’t the only high-profile investor singing gold’s praises, with Mark Mobius, who spent the better part of 30 years managing emerging market portfolios, and once served as the executive chairman of Templeton Emerging Markets Group, recently stating investors should hold up to 10% of their portfolios in gold.

Like Paulson, Mobius sees the value in holding gold given the potential for significant currency devaluation in the years to come. 

Gold turns 50

August 2021 marks the 50-year anniversary of the closing of the “gold window”, with then US President Richard Nixon ending the convertibility of the US dollar into gold. Since then, the price of gold has risen by approximately 8% per annum, outperforming a range of traditional asset classes over this period.

Alongside the strong long-term returns, gold has also offered investors:

• An effective equity market hedge and portfolio diversifier, with gold typically being the best performing asset whenever equity markets suffer their most significant corrections.

• Protection from monetary uncertainty, with gold delivering positive real returns in periods of high inflation, and in periods of low inflation.

• Accessibility, with gold being an asset class that every investor can include in their portfolio, irrespective of their budget.

We discussed some of these themes in significant detail in a separate blog post published to commemorate the 50 years since Nixon’s momentous decision.

While none of these attributes guarantee what will happen to the gold price from one day to the next, in time they can all be expected to support gold demand, and therefore prices, especially given the continued uncertainty plaguing the global economy, the monetary environment we are in, and how expensive financial markets as a whole are.

For this reason, we remain optimistic on the outlook for gold over the medium to long-term and why we think that alongside silver it will continue to play an important role in diversified portfolios.

Jordan Eliseo
Manager – Listed Products and Investment Research
The Perth Mint
September 2021

Disclaimer:
Any opinions expressed in this article are subject to change without notice.The information in this article and the links provided are for general information only and do not contain all information that may be material to you making an investment decision.The Perth Mint is not a financial adviser and nothing in this article constitutes financial, investment, legal, tax or other advice.  Before making an investment decision you should consider whether it is suitable for you in light of your investment profile, objectives, financial circumstances and the merits and risks involved.  You should consider seeking independent financial advice to check how the information in this article relates to your unique circumstances.All data, including prices, quotes, valuations and statistics included have been obtained from sources The Perth Mint deems to be reliable, but have not been independently verified by The Perth Mint and we do not guarantee their accuracy or completeness.The Perth Mint does not accept any liability, including without limitation any liability due to any fault, negligence, default or lack of care on the part of The Perth Mint., for any loss arising from the use of, reliance on, or otherwise in connection with the information contained in this article.



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Australian Bullion Coin Program roars back in 2022


As the authorised manufacturer of the Australian Bullion Coin Program, The Perth Mint is delighted to unveil the 2022 designs and availability dates.

Upholding the very highest standards of minting, the latest annual releases are crafted with meticulous attention to detail from 99.99% pure gold, 99.99% pure silver, and 99.95% pure platinum in the trusted form of official Australian legal tender.


Australian Lunar Series III
Year of the Tiger Gold, Silver & Platinum Bullion Coins


First issued in 1996, the Australian Lunar Coin Series is a longstanding favourite among investors worldwide. In 2022, the coins celebrate the third animal in the ancient Chinese lunar calendar – the tiger.

Determination, courage, confidence and charm are among the powerful characteristics often associated with people born under its influence in 1950, 1962, 1974, 1986, 1998, 2010 and 2022.

Two designs mark the Year of the Tiger. Gold and platinum coins portray a fearless tiger in its rocky homeland – reflecting the awe-inspiring creature’s reputation as the king of the mountains. Silver coins depict a tiger cub following its proud and protective parent across a rocky terrain.

AVAILABILITY DATE: 13 September 2021*

Gold coins: 10oz, 2oz, 1oz, 1/2oz, 1/4oz, 1/10oz, 1/20oz
Mintage: unlimited except for 30,000 1oz coins

Platinum coin: 1oz only
Mintage: 5,000

Silver coins: 10 kilo, 1 kilo, 5oz, 2oz, 1oz, 1/2oz
Mintage: unlimited except for 100 10 kilo and 300,000 1oz coins

* Please note the 1/20oz gold, 5oz silver and 1 kilo silver will not be available for launch and orders won’t be accepted until further notice.


Australian Kookaburra Silver Bullion Coin Series


Now in their fourth decade of production, enduringly popular Australian Kookaburra coins depict annual artistic impressions of one of our most iconic birds. Large, beady-eyed kookaburras are renowned for their raucous laughing calls at dawn and dusk.

In 2022, the design portrays a kookaburra in a backyard setting, reflecting the fact they are easily spotted in suburban landscapes as well as in the bush.

AVAILABILITY DATE: 11 October 2021

Silver coins: 1 kilo, 10oz, 1oz
Mintage: unlimited except for 500,000 1oz coins


Australian Kangaroo Gold, Silver & Platinum Bullion Coin Series


Australia’s signature bullion coin series has portrayed the nation’s most emblematic animal for more than three decades. Famed for the way they hop on elongated hind legs and females rear their young in the pouch, extensive populations of kangaroos abound in Australia’s arid, red desert landscapes and ancient eucalypt woodlands.

The new gold coin design portrays a kangaroo and its joey bounding across a flat, grassy plain with hillocks on the horizon. The series also includes sought-after silver and platinum coins featuring our classic ‘red’ kangaroo artistry.

AVAILABILITY DATE: 15 November 2021

Gold coins: 1 kilo, 1oz, 1/2oz, 1/4oz, 1/10oz
Mintage: unlimited except 100,000 1/2oz, 150,000 1/4oz, 200,000 1/10oz coins

Platinum coin: 1oz only
Mintage: unlimited

Silver coin: 1oz only
Mintage: unlimited

For the convenience of volume buyers, Silver Kangaroos can be purchased in protective acrylic tubes of 25 coins and monster boxes each containing 10 tubes.


Australian Koala Silver Bullion Coin Series


The Australian Koala has gone from strength to strength since it was introduced as an alternative silver coin series in 2007. Offering limitless inspiration to our design team, koalas are docile and sleepy members of the marsupial family that spend long drowsy days in the forest canopy.  More active at night, they consume vast quantities of gum leaves.

In 2022, the fully frosted coins portray a koala asleep on the bough of a tree amid clusters of aromatic eucalyptus leaves.

AVAILABILITY DATE: 10 January 2022

Silver coins: 1 kilo, 1oz
Mintage: 1 kilo unlimited, 300,000 1oz coins


Four ways to buy 2022 Australian Bullion Coins

The following options exist for buyers of the 2022 Australian Bullion Coin Program:

1. Bullion Trading Room

Buy and pick up in-store from the Bullion Trading Room, 310 Hay Street, East Perth, seven days a week 9am and 5pm AWST. [Normal opening hours subject to alteration during COVID-19. Please check for current status.]

2. Bullion sales website

Eligible customers can register at perthmintbullion.com for the convenience of ordering online between 8.30am and 4.45pm AWST.

3. Bullion call centre

Order through a Customer Services Officer on 1300 201 112 or +61 8 9421 7218 between Monday and Friday between 8.30am and 4.45pm AWST.

4. Authorised distributors

Contact your local authorised Perth Mint distributor in Australia/New Zealand, Asia, United States, Canada or Europe.

All availability dates subject to change. The Perth Mint will advise available sizes closer to each product's release date.



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