February bullion coin sales charts updated for the Perth Mint and the US Mint. Huge drops

It’s that time of the month again when the figures for the sales volume of precious metal coin sales are released and it’s showing huge drops from January, even in a month traditionally known for them. We have the usual numbers for the United States Mint, which is exceptionally good and quick with its numbers, and the Perth Mint who release just a few days into the next month. The Royal Canadian Mint figures remain many, many months behind the other two. Our graphs cover the last five years, so comments are in light of that. The graphs can be viewed by clicking BULLION SALES on the main menu.

PERTH MINT

After a record high January (72k ounces), gold sales at the Perth Mint broke another five-year record, the lowest in the half decade we have numbers for. Sales plummeted to barely a third of January at just 25,257 ounces, some 6k down on the same period in 2015, the previous lowest, and down a third on 2016. One look at our graph will visualise the problem. Quite extraordinary.

Silver has also dropped by half, but February usually shows a big drop anyway. The scale of the fall is greater than previously recorded, however. While it hasn’t fallen below three of the four preceding years, we have to note that the huge-selling Kangaroo bullion coin with its low premiums is still included. Compared to 2016 then, the only other year the Kangaroo was on sale, the true drop is comparitively greater, with sales below half of last year. There’s usually a small rise in March so it will be interesting to see if that is again the case.

US MINT

Like the Perth Mint, gold sales have fallen off the proverbial cliff. In January 2016, a fairly average year, Gold Eagle numbers were at 117,500 ounces. This year it was 27,500, the biggest proportional fall in the last five years at least. In most recent years we’ve noted that numbers fell further in March, so unless something changes to increase buyer confidence, we could be seeing a record low next month. Early indicators seem to point to that happening.

Silver Eagle quantities are a huge eye-opener. January 2016 sales were fairly typical, but February doesn’t even approach half the previous February low from the last half-decade and outside of one heavily supply-limited December, the lowest yet seen over this period. There is no general trend for the direction that March sales go in, so it will be particularly interesting to see if this huge sales slump continues, or is just a blip initiated by some unusual market event.