Perth Mint sales drop as price volatility cools retail gold and silver demand
Summary:
- Perth Mint gold sales down 35% m/m in March
- Silver sales nearly halved m/m
- Gold: 43,656 oz vs 67,249 oz prior
- Silver: 976k oz vs 1.92mn oz prior
- Both metals still higher year-on-year
- Gold +8% y/y, silver +37% y/y
- March decline tied to price correction
- Gold fell ~11%, silver ~20%
- Reflects short-term market volatility, not demand shift
- Retail demand remains structurally strong
The Perth Mint reported a sharp decline in gold and silver product sales in March, reflecting softer investor demand following a volatile period for precious metals prices.
Gold coin and minted bar sales fell 35% month-on-month to 43,656 ounces, while silver sales dropped nearly 50% to 976,450 ounces. The pullback follows a particularly strong February, suggesting some cooling in retail demand after a surge earlier in the year.
Despite the monthly decline, underlying demand remains firm. Gold sales were still around 8% higher compared with a year earlier, while silver sales were up approximately 37% on the same basis, pointing to sustained investor interest in precious metals over the medium term.
The Perth Mint attributed the drop largely to short-term market dynamics rather than any structural shift in demand. March saw a significant correction in precious metals prices, with gold falling more than 11% and silver dropping around 20% during the month.
The move in prices was driven in part by a reassessment of the interest rate outlook, as rising energy prices linked to the Iran conflict fuelled inflation concerns and reduced expectations for near-term monetary easing. Higher yields and a firmer dollar typically weigh on non-yielding assets such as gold, dampening investor demand in the short term.
The data highlights the sensitivity of retail precious metals demand to price swings and macro conditions. While longer-term interest remains robust, sharp corrections can temporarily reduce buying activity as investors wait for more stable entry points.
As one of the world’s largest refiners and a key barometer of retail investor demand, the Perth Mint’s figures provide a useful snapshot of how individual investors are responding to shifting macro and market conditions.
This is a useful real-time demand signal:
- Retail flows are tactical → investors step back when prices fall sharply
- Confirms rates/real yields still dominate gold pricing
- Suggests recent gold weakness is macro-driven, not demand collapse
- Strong y/y data shows structural demand remains intact
- Helps explain why gold can fall despite geopolitical risk
Gold isn’t just a “war trade”, it’s still primarily a real yields / Fed policy trade.
