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Perth Mint Sees Record Demand

Hi guys, I have just seen this.

Perth Mint sees record demand first-quarter demand for gold bullion

Neils Christensen

Neils Christensen Wednesday April 07, 2021 10:36

Kitco News

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gold_chart_glasses.jpg(Kitco News)

  • Mints worldwide are seeing unprecedented demand for physical bullion, with the Perth Mint the latest to announce record sales for the first quarter of 2021.

In a blog post published Tuesday, the Perth Mint said 130,000 troy ounces of gold and almost 1.6 million troy ounces of silver shipped to clients worldwide in March.

“These figures are 285% higher (gold) and 178% higher (silver) than average monthly sales dating back to 2012,” the mint said in the commentary.

In the first quarter this year, the Perth Mint sold more than 330,000 ounces of gold and more than 4.5 million ounces of silver, said Jordan Eliseo, manager of listed products and investment research at the mint, in the report.

“These figures represent the highest calendar quarter on record for gold and the fourth-highest calendar quarter on record for silver,” he said.

General Manager Minted Products Neil Vance said that the most popular bullion coins at the Perth Mint are the one-ounce Kangaroo coins.

“The market continues to take everything we can make at present,” he said.

The historic demand for gold and silver comes as both precious metals saw sharp declines since the start of the year. The mint noted that gold prices fell 11% and silver prices dropped 9% in the first three months of 2021.

“There have been multiple factors contributing to the sell-off, which has now seen the U.S. dollar gold price pullback by almost 20% since it hit all-time highs in August 2020,” the mint said.

Resilient strength in the U.S. dollar, rising 10-year bond yields, growing competition from cryptocurrencies and record valuation in equity markets are all competing against the gold market, the Perth Mint said.

The strong demand for bullion comes as the Perth Mint continues to battle it out with social media and Reddit users who are encouraging investors to run on the mint and create a physical short squeezing. Reddit users have accused the mint of not having enough physical silver.

The Perth Mint said that it has plenty of supply, but it takes time to refine the metal into its popular products.

“While we just about satisfied demand for gold this month, interest in silver is outstripping our capacity to convert plentiful supplies into finished goods,” said Vance.

The data from the Perth Mint is also in line with global demand trend. Data from the U.S. Mint shows that it sold 412,000 ounces of gold in the first quarter of 2021, its best start since to the year since 1999.

By Neils Christensen

For Kitco News

Contact nchristensen@kitco.com

www.kitco.com

JW :cowboy_hat_face:

I love my perth mint silvers but dang theyre hard to get at a reasonable price now, perth mint products always had a slighly higher premium then others but now some sellers are just taking the piss due to the shortage but good on them if they make the sale id try the same if i was selling too!!!

Most bullion dealers in nz either cant get perth mint products or its a several month wait once you order.

Perth mint is best buy though Swiss Pampe seems to be more recognized globally and commands a premium over and above Perth Mint.

Looking at Trademe prices I see what I consider blatant rip offs as Perth Mint can be bought today at $1217 per kg, that is todays price plus 6 percent premium and these people on Trademe are selling at around the $1500 mark. Of course Trademe takes their cut but if anyone wants to buy silver then Trademe is the last place to buy it. I assume therefore that people in the know can just pop down and buy a few kgs and then list on trademe but although they are charging up to $350 over spot price the Trademe fee will take a fair bit but the profit is still good.

Right now the cheapest on trademe is an ABC 1kg Silver bar at starting and buy now price of $1400 which is still $183 more than what a Perth Mint bar can be bought for at the present price.

I travel regularly and would consider purchasing silver bars on behalf at 16 percent over spot or $60 less than the cheapest on trademe today or $180 less than the other three on offer on trademe. I would supply up to 5kg at a time. I would be paying 6 percent over spot price…that is $1226 today.

The purest silver bullion coin in the world is the Canadian Maple Leaf. A . 9999 fine one ounce silver coin. The Canadian Silver Maple Leaf is a $5 legal tender coin minted and issued by the Royal Canadian Mint, which has the reputation for producing the finest bullion coins in the precious metals market.

**Best Silver Bars To Buy:

  • Royal Canadian Mint silver bar.
  • 1 kilo RCM silver bar.
  • PAMP Suisse 500 gram silver bar.
  • Sunshine Minting 10 oz silver bar.
  • Sunshine Minting 5 oz silver bars.
  • Mason Mint 10 oz silver bars also come with an antiqued finish option.
  • Trident 10 oz silver bar.
  • Trident silver bars also come in hand-poured varieties.

Not sure why your all buying Perth mint stuff. RCM is the only mint that refines to .9999. Almost all others only go to .999.

Buy the bars. Document melting. Pour 1 or 2 oz ingots. Rip all the dumfucks off on trademe buy selling for $60 an OZ. Seems to be a few others with this idea on TM, looking at the ingots for sale.

Supply of rcm to nz is shithouse hence why piss all for sale here plus once you start buying rounds and maple coins the mark up is horrendous.
Perth mint is just over the ditch so a bit easier to get but huge backlog now so if you want it you gotta get shafted to own it.

Morris and watson have their own line of bars but not very attractive/ sort after and still has a premium, still serve as a wealth store but no collector premium.

Goldstamp, you could smuggle me back a suitcase of maples lol?

$10,000 worth and then I gotta declare and probs pay a big fee. But the RCM maples are going for almost $CA5-10 an OZ over spot. But seems to be in supply.

They are agents for the RCM and trusted sellers.

I was looking at some silver bars and coins in the store in Germany the other day. 40+ bloody euro an oz. Thats around $60+nz. Bend me over and feed me a bratwurst please.

Ya gotta get into the stock market and buy shares in graphite mining companies. Thats the future with all these greenys and there coal fired electric cars. Bought in at 18 cents and it’s now sitting at $1.53. Gold has done fuck all since and I have made 700% profit. Might be time to sell and spend it all on hookers and blow. That’s always a great investment in your future. But you gotta diversify a little. 1 week good blow, shitty hookers. Next week, shitty blow and good hookers. Balances out in the end. Haha

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Buying maples and other silver bullion coins to me is a scam.
If l was going to do that l would be searching out little old ladies with MS65 Us Morgan dollars even though they are only .900 silver and with .77344 oz weight silver or US bullion silver dollars 1986 to present as they have both bullion value and strong collector appeal.

To me Perth mint bars or Swiss Pampe bullion bars are far better buys due to the higher costs of the silver in coin form.

Theres a loophole bro, the $5 face value means you could bring in 2000 maples legally :slight_smile:

Is there definitely a loophole? I was wondering about face value vs actual value when declaring gold coins with customs.

99.9% bullion coins shouldn’t be so much of an issue as there’s no tax, but I wonder about sovereigns as they aren’t 24 carat… that’s where the face value vs actual value may come into play as they may want to tax you on them.

Tbh it probably depends on what customs officer you get to what happens, its a loophole but a grey area that wouldbe interpereted many different ways. Silvers you could probably get away with but gold would be taking the piss a bit much if you were trying to get 10k face value of bullion coins.

Yep. It all depends on the customs occifer you get. I brought a bit of wolly mammoth tusk to NZ with me once. It is the only legal ivory sold in the world, so I declared it. The 1 occifer says " how do I know its not from an elephant?" I said “there has never been elephants in Canada.”
The other officer laughed and said sweet as. You can go.

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Occifer…crack up :joy:

JW :cowboy_hat_face:

Bought back some small nuggets from Aussie two years ago (20 gms).Should I have declared them?

Only to the members here!

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