The Perth Mint experienced an increase in demand for its signature gold bullion coin, the 1oz Australian Kangaroo, in the latter half of 2019 as investors turned to precious metals in the face of an uncertain 2020.
Sales of the 1oz gold Kangaroo coin in Australia more than doubled in the six months ending December 2019, rising 63% against the same period in 2018.
Silver purchases also spiked with more than four million 1oz Australian Kangaroo silver bullion coins sold to investors in Australia, Europe and Asia resulting in a 36% increase in overall sales.
Group Manager, Minted Products Neil Vance said political unease and a struggling retail sector reflected in record low interest rates around the world helped the case for precious metals as investors sought to preserve wealth.
“Precious metal markets were certainly in the spotlight in 2019 with the price of gold reaching record highs in Australian dollar terms in the latter half of the year as investors sought to hedge against falling markets,” Mr Vance said.
“Our bullion coins have been a popular choice for decades and the rise in demand for both our 1oz silver and gold Kangaroo bullion coins prove that these signature offerings continue to provide investors with trusted quality and value as a leading global investment choice.”
The notable rise in gold purchase has been seen across The Perth Mint’s range of investment options, from physical bullion coins and bars to digital gold via exchange-listed gold products and an innovative digital app.
With uncertainty about the future of the world economy and escalating tension between the US and Iran, it seems the case for gold remains strong at the dawn of 2020.
