Due to high demand, the Perth Mint said on Friday that sales of its gold products increased in February while sales of its silver products increased 16% over the previous month.
WHY IT IS ESSENTIAL
The government of Western Australia owns the Perth Mint, which is the world’s top producer of freshly extracted gold. According to its website, it is also Australia’s biggest refiner by volume.
Being a major player in one of the top gold-producing nations in the world, it processes around 75% of Australia’s newly produced gold annually.
BY THE DATA
February saw a 35% increase in sales of gold coins and produced bars, reaching 25,103 ounces. They saw a 47% decline over the previous year.
In February, sales of silver products reached 482,451 ounces.
ESSENTIAL WORDS
Neil Vance, general manager of minted goods at Perth Mint, stated, “Given that precious metals prices are still at record highs, it is encouraging to see the increase in sales on January levels.”
OVERVIEW
The price of safe-haven gold has risen to 11 new highs this year due to worries over U.S. President Donald Trump’s tariff policies. It peaked on February 24 at $2,956.15, resulting in an 11.2% increase so far this year.
In the meantime, silver has increased by more than 13% this year.