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Gold Corporation is the parent company of the Perth Mint, Australia’s official bullion mint. The Perth Mint was established in 1899 and is owned by the Government of Western Australia. | Source: Freepik
Gold Corporation is the parent company of the Perth Mint, Australia’s official bullion mint. The Perth Mint was established in 1899 and is owned by the Government of Western Australia. | Source: Freepik

Startling sales decline for Perth Mint

The Perth Mint recorded a significant sales decline in July amid recent political turmoil.

The Perth Mint is the largest processor of newly mined gold in the world and in the past year, completed sales in excess of $20 billion.

In July, the mint completed sales of 44,009 troy ounces of gold and 863,485 ounces of silver.

Those figures represent a month-by-month decrease of 39 and 35 per cent respectively. On a 12-month average, sales have declined by 45 and 65 per cent.

General manager of minted products, Neil Vance, didn’t attribute these sales declines to any particular factor or influence.

Neil Vance, Perth Mint
Neil Vance, Perth Mint
"Our distributors reported softening demand in June and this trend continued into July but they are reluctant to pin the reason on any particular factor at present."
Neil Vance, Perth Mint

“Our distributors reported softening demand in June and this trend continued into July but they are reluctant to pin the reason on any particular factor at present,” he said.

It’s been a difficult year for the Perth Mint, with a $9 billion deal involving China turning sour while further scrutiny came following the revelation that a notorious underworld figure was permitted to purchase $27,000 in gold.

“Fresh sales data comes after a difficult month for the mint in Canberra,” writes Jordan Murray of The West Australian.

“In the Senate, parliamentarians grilled AUSTRAC and Australian Taxation Office officials about regulatory oversight of Gold Corporation, the State Government-owned entity which controls The Perth Mint.”

He continued: “That followed a series of damning reports about the organisation’s discontinued doping regimes and compliance with anti-money laundering regulations.”

Gold Corporation is the parent company of the Perth Mint, Australia’s official bullion mint. The Perth Mint was established in 1899 and is owned by the Government of Western Australia.

More reading
Perth Mint boss bids farewell amid controversy
International investigation into Perth Mint concludes
Calls for Royal Commission in wake of Perth Mint scandal
Perth Mint accused of potential US commodities breaches
Anti-money laundering agency pursues audit of Perth Mint

 











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