Gold and silver from Australia: Weak selling in October

The Perth Mint reported that strong US demand for gold and silver continued. Overall, sales in October were significantly lower than a year ago.

Gold heel from the Perth Mint

Australian mint Perth Mint reported 42,302 ounces of gold sold as investment metal in October. The result is 16 percent higher than the previous month, but 77 percent lower than the previous year. For the full year, the Perth Mint’s sales are now 576,072 ounces, down 39 percent from the previous year.

Silver heels

Perth Mint silver sales topped 1 million again last month. At 1,073,553 ounces of investment silver, sales were 4 percent lower than the previous month and 46 percent below October a year earlier. Meanwhile, for the period from January to October, the total of 13,542,451 ounces of silver was 33 percent less than the previous year.

Perth Mint General Manager Neil Vance talks about continued strong demand for silver from the US. Additionally, more gold bars were delivered to North America.