The standout signal is that physical buying picked up as prices fell, suggesting retail investors treat weakness as an entry point rather than a reason to retreat. That pattern can help cushion declines, although retail coin and bar demand is small next to the larger institutional flows that usually set the gold price. The seasonal lift from new Lunar series coins flatters the September numbers, so October will be a better test of whether dip buying persists without a product launch. For silver, the modest annual gain suggests the monthly jump was partly a rebound from a weak August rather than a clear step change in demand.
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Gold and silver had a bruising September, but at the Perth Mint the sell-off looked more like a sale, with buyers nearly doubling their gold purchases.
Summary:
- Perth Mint gold coin and minted bar sales rose to about 47,000 ounces in September, nearly double August’s level and the highest in seven months
- Gold sales were up around 29% from a year earlier
- Silver sales reached about 605,000 ounces, up from about 334,000 in August, the highest since March and up around 4.5% year on year
- The Mint credited strong demand for its first releases of 2027 Year of the Goat coins in its Lunar series
- The gains came as spot gold fell more than 6% in September and silver dropped 9%
Sales of gold products at the Perth Mint nearly doubled in September to their highest level in seven months, the Western Australian refiner said on Wednesday, as buyers stepped up purchases during a sharp monthly fall in precious metals prices.
Sales of gold coins and minted bars totalled about 47,000 ounces last month, the Mint said. That was nearly double the August figure and around 29% higher than a year earlier.
Silver demand also strengthened markedly. Sales rose to about 605,000 ounces from roughly 334,000 ounces in August, a gain of around 81% and the highest monthly total since March. On an annual basis, however, silver sales were up only around 4.5%, suggesting part of the September surge reflected a recovery from a soft August.
The Mint pointed to the launch of new products as a key driver. Neil Vance, the Perth Mint’s general manager of distributors and product development, said the first releases of its 2027 Year of the Goat coins, part of its long-running Lunar series, were a highlight of the month. He said collectors consistently seek out the series for its designs and craftsmanship, and that the response to both the collector and bullion ranges had been pleasing.
The stronger sales came against a difficult price backdrop. Spot gold fell more than 6% over September, while silver dropped 9%. The combination of rising volumes and falling prices points to retail investors using the pullback to add to holdings, a pattern often seen in physical bullion markets when prices retreat from elevated levels. That is an interpretation of the timing rather than a cause identified by the Mint, which attributed the gains mainly to its new coin releases.
The Perth Mint, owned by the Western Australian government, describes itself as the world’s leading producer of newly mined gold and Australia’s largest refiner by volume. Its monthly sales figures are closely watched as a gauge of retail precious metals demand in the region.
October’s figures will show whether the strength persists once the boost from the Lunar launch fades, and whether buyers keep treating price weakness as an opportunity.
This article was written by Eamonn Sheridan at investinglive.com.