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In January, demand for Australian bullion took divergent paths, as indicated by data from The Perth Mint of Australia, with sales of silver products reaching a three-month high, while sales of gold products approached a four-year low.

A CoinNews photo showing both sides of 2024 Australian Kookaburra 1oz Silver Bullion Coins
A CoinNews photo showing both sides of 2024 Australian Kookaburra 1oz Silver Bullion Coins

The Perth Mint’s bullion gains compare against declining precious metal for January, with LBMA prices (USD) slipping 0.4% for gold and falling 2.9% for silver.

Perth Mint Bullion Sales in January 2024

The Mint disclosed that sales of minted silver coins and bars totaled 769,326 ounces, representing a notable uptick of 12.9% from December but also showcasing a significant decline of 37.6% compared to January 2023.

“The market was quick to take up the 1oz denomination [of 2024 Australian kookaburra silver bullion coins] with 250,000 pieces sold within two weeks of release,”said Neil Vance, General Manager Minted Products.

In January, the Mint’s overall sales of gold coins and gold bars reached 24,651 ounces, marking the lowest monthly total since February 2020. This signifies a decrease of 32.1% from December and a substantial 61.7% decline compared to January 2023.

“Demand for physical gold continued to ease off in our key markets as customers await the February release of our 2024 Australian Kangaroo series featuring the effigy of the new monarch King Charles III,” Vance added.

Perth Mint Gold and Silver Sales by Month through January 2024

Below is a monthly summary of Perth Mint bullion sales from January 2022 to January 2024. The figures show monthly ounces of gold and silver shipped as minted products by The Perth Mint to wholesale and retail customers worldwide. It excludes sales of cast bars and other Group activities including sales of allocated/unallocated precious metal for storage by the Depository.

Perth Mint Bullion Sales (in troy ounces)
  Silver Gold
January 2024 769,326 24,651
December 2023 681,490 36,297
November 2023 672,623 53,520
October 2023 1,073,553 42,302
September 2023 1,116,779 36,530
August 2023 792,503 34,875
July 2023 863,485 44,009
June 2023 1,326,011 73,124
May 2023 1,881,001 72,889
April 2023 1,947,743 75,166
March 2023 1,823,096 80,541
February 2023 1,484,936 52,241
January 2023 1,233,344 64,395
December 2022 1,634,751 60,634
November 2022 1,315,293 114,304
October 2022 1,995,350 183,102
September 2022 2,579,941 88,554
August 2022 1,655,334 84,976
July 2022 2,465,513 79,305
June 2022 1,523,765 65,281
May 2022 2,217,582 98,515
April 2022 2,119,491 80,941
March 2022 1,649,634 121,997
February 2022 1,632,323 72,651
January 2022 2,387,165 66,709


Bullion Coins Released in January 2024

In January, as reported by The Perth Mint, the following bullion coins were released:

  • Australian Lunar 2024 Year of the Dragon 1 Kilo, 5oz Silver Bullion Coins
  • Australian Lunar 2024 Year of the Dragon 1/20oz Gold Bullion Coin
  • Australian Kookaburra 2024 1oz Silver Bullion Coin

Bullion Coins That Sold Out

The Mint also reported that the following bullion coins “recently sold out:”

  • Australian Lunar Series 2024 Year of the Dragon 1oz Silver Bullion Coin
  • Australian Lunar Series 2024 Year of the Dragon 1oz Gold Bullion Coin
  • Australian Lunar Series 2024 Year of the Dragon 1oz Platinum Bullion Coin
  • Wombat 2023 1oz Silver Bullion Coin
  • Quokka 2023 1oz Silver Bullion Coin


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