Gold Sales at Australia’s Perth Mint Doubled Last Month

Jon Banking, Economy, Fiscal Policies, Gold, Market Commentary, Precious Metals, Silver

Gold sales at Australia’s Perth Mint doubled in September. Meanwhile, sales of silversurged 78%.
Sales of gold coins and minted bars jumped to 46,415 ounces in September, up from 23,130 ounces a month ago. Silver sales during the month came in at 697,849 ounces, compared with 392,091 ounces in August.
Australia ranks as the second largest gold producer in the world behind China. The Perth Mint refines more than 90% of the country’s gold.
Officials at the mint said investors seized upon the opportunity offered by the drop in the price of gold in late September to buy. The price fell after a hawkish Federal Reserve meeting and hints that the US central bank would raise interest rates again in December. The unveiling of the Trump tax plan also seemed to strengthen the dollar, placing price pressure on gold and silver.
Late last month, ‘commodities king’ Dennis Gartman said investors should take this opportunity to buy gold, predicting the bull run is not over.

This post was published at Schiffgold on OCTOBER 3, 2017.