Perth Mint's ETF holdings rise by more than 2,500 troy ounces
(Kitco News) - In Perth Mint's latest statistics, it has emerged that Perth Mint sold 59,750 troy ounces of gold and 1,352,275 troy ounces of silver in minted product form during October.
The depository holdings of gold fell by 1% during October, while holdings of silver were flat. The Mint’s ASX listed ETF, (ASX:PMGOLD) saw holdings rise by more than 2,500 troy ounces (1.15%) for the month.
Continuing with the numbers, the mint saw a decrease in minted product sales, selling 59,750 troy ounces of gold and 1,352,275 troy ounces of silver in minted product form during October.
General Manager Minted Products, Neil Vance reported that distributor demand for Perth Mint physical gold bullion had quietened somewhat since September when it launched a new design for the popular Australian Lunar Series. “While monthly volumes were high by historical standards, October sales of gold coins reflected more subdued demand in key markets such as Europe and the US,” he said. Meanwhile, silver coin sales continued the strong performance seen since the start of FY 2021/22. “With inventories reserved for the new coin launches exhausted in the previous month, October silver sales reflected our factory’s full monthly output,”
Despite the inflows, a gold price fall of just over 3% in Australian dollar terms during October saw the total value of PMGOLD holdings fall to AUD 556 million. Listed Products and Investment Research, Jordan Eliseo said: “While fears of higher inflation are supporting gold, surging equity markets, a strong end to the month for the US dollar, and expectations the US Federal Reserve will soon begin to taper asset purchases continue to act as headwinds.”
By Rajan DhallFor Kitco News
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