Perth Mint's silver coin sales hit record high in September

Perth Mint's silver coin sales hit record high in September

Reuters  | Oct 01, 2015 16:18

Perth Mint's silver coin sales hit record high in September

SINGAPORE, Oct 1 (Reuters) - The Perth Mint sold a record amount of silver coins in September, while gold sales rose to a one-year high, as lower metal prices attracted retail buyers globally.

The rush for silver coins has pushed the global market into an unprecedented supply squeeze, forcing some mints to ration sales and step up overtime while sending U.S. buyers racing abroad to fulfill a sudden surge in demand.

The Perth Mint has said that most of the demand last month came from the United States and Europe although buying from Asia, particularly Hong Kong, was also good.

Perth Mint began rationing silver coins last month as it was unable to keep up with the strong demand spurred by low silver prices XAG= , which have dropped for four months starting June and hit a six-year low of $13.93 an ounce in August.

The mint sold more than 3.53 million ounces of silver coins in September, it said in an emailed statement on Thursday, or about five times higher than the mint's August sales.

Demand for gold products also rose in September, with sales climbing to 67,313 ounces, the highest since September 2014. Year-on-year, gold sales were lower by 2 percent.

Spot gold XAU= fell for a third month out of four in September on fears the U.S. Federal Reserve would hike interest rates this year.

Period

Gold

Silver

Sep-15

67,313 3,530,000*

Aug-15

33,390

707,656

Jul-15

51,088

746,700

Jun-15

31,019

384,586

May-15

21,671

337,511

Apr-15

26,545

472,273

Mar-15

34,260

638,557

Feb-15

31,981

392,114

Jan-15

23,174

585,953

Dec-14

40,211

477,731

Nov-14

49,904

851,836

Oct-14

55,350

655,881

Sep-14

68,781

756,839

Aug-14

36,369

818,856

Jul-14

25,103

577,988

Jun-14

39,405

586,358

May-14

36,127

630,349

Apr-14

23,461

361,988

Mar-14

30,177

545,165

Feb-14

47,003

392,088

Jan-14

64,818

912,388 Source: The Perth Mint

* Perth Mint email said sold more than 3.53 million ounces Note: Sales figures in ounces. Gold sales include coins and minted bars. Silver figures include only coins as the mint does not issue silver minted bars.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ FACTBOX-Mints struggle to keep up with silver coin demand

ID:nL1N11Y1F4

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