News Flash: Silver Demand Unabated; Perth Mint Sales Surge
After record-breaking world-wide silver demand in the third quarter of 2015, the surge continued in September, with Bloomberg reporting sales at the Perth Mint in Australia hit the highest level in at least three years last month.
Sales of silver coins and minted bars jumped to 3.35 million ounces in September from 707,656 ounces the previous month, the mint said on its website on Friday. That’s the highest on record according to mint data compiled by Bloomberg dating back to 2012. Gold sales rose to 63,791 ounces, the highest in a year, from 33,390 ounces in August.”
Brisk sales at the Australian mint reflect tight supplies in other countries. Perth Mint is taking advantage of sales limits and production delays at other mints. Both the US and Canadian mints have placed limits on the number of silver coins sold each month, as have many private mints. Listen to an insider explanation of this phenomenon here.
The US Mint has restricted the number of coins allocated each week since June. A spokesperson for the mint said it is currently operating three shifts and paying overtime in an attempt to keep up with demand. Despite limiting the number of coins, the US Mint still sold 14.26 million ounces of Silver Eagle coins in the third quarter. That represents the highest sales volume on record, dating back to 1986. The mint is on pace to break last year’s record of more than 44 million Silver Eagles.
The UK’s Royal Mint also reports delays due to the extremely high demand. According to Bloomberg, purchases of 1-ounce silver coins increased 340 percent from April to August, compared with a year ago, according to the mint.
The supply issues and high demand show no sign of abating, so shortages and waits will likely continue. SchiffGold may have access to alternatives to nationally minted North American bullion for silver investors that are deliverable sooner. However, these opportunities are limited. Call us today to see how we can work with you to meet your silver investing needs.
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