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Gold bullion bars and coin sales ahead in Australia

High sales of gold bullion coins was an international phenomenon in 2016 as investors sought the safety of the precious metal to store their wealth and Australia was no exception.

It’s one of the latest countries to release figures confirming the trend. Figures from the Perth Mint in Australia showed that sales of both gold and silver bullion coins were up last year compared to 2015. Overall, sales of gold coins and bullion bars were 14.2 per cent ahead of 2015, at 520,295 troy ounces, up from the 455,630 ounces sold in 2015.

The strongest month for sales was October 2016, when a total of 79,048 troy ounces were moved, and after a dip in November, the year ended with strong sales of 63,420 troy ounces of coins and bars. The figure was almost 16 per cent up on a monthly basis and showed a 58.2 per cent increase on December 2015. 

The story for silver bullion coins and bars was strong too in 2016. The Perth Mint sold a total of 12,236,766 troy ounces last year, a rise of 5.5 per cent on the previous year and up by 61.7 per cent from the 7,567,467 troy ounces shifted in 2014. The busiest month for silver sales was March 2016, when the mint sold more than 1.7 million troy ounces, Coin News reported. 

Meanwhile, gold itself was down in value last week, marking its first weekly loss of 2017 as the US dollar rose in value by 0.2 per cent. 

ING analyst Hamza Khan told Reuters: "The dollar is being a big influence on gold right now, so that's what's behind the current move.

Article Last Updated: Monday, January 30, 2017