Demand for Australian bullion products slowed down in 2014, particularly in December, according to the latest numbers from the Perth Mint of Australia.
The Mint’s sales of gold coins and minted bars reached a four-month low in December 2014 while sales of silver coins slipped to an eight-month low, new sales figures show. The annual sales of gold coins declined by about 30%, as a continued price drop kept buyers away.
Sales of bullion were registered amidst the falling prices of precious metals, with gold prices falling 1.5% in 2014. Silver experienced a heavier loss with a 19.5% drop in price.
Gold Still Strong
Despite the figures, gold and silver coins are still a worthwhile investment, as experts see a strong year ahead for these precious metals. Market analysts expect gold to be attractive as a haven, as well as a hedge against currency debasement.
Australia-based provider of gold and silver products and services AGSX.com.au says buying gold coins will stay in style, and will be the reality well into the future.Gold prices are more stable than currency when compared to statistics from the past.
Global investment outlook is bullish for gold. With the uncertainty gripping the European Union, people are expecting the Euro to take a hit, which will have effects worldwide.
Bullion Sales in Australia
Annual sales of gold coins and bars for the Perth Mint reached 516, 709 ounces—a 31.5% drop from 2013’s sales of 8,647,862 ounces. Sales of the same for December 2014 were at 40,211 ounces, down from 49,904 ounces in November 2014. The December figure is the lowest since August of the same year.
Perth Mint sales of silver coins for December 2014, meanwhile, reached 477,731 ounces, its weakest performance since April 2014. It’s also a more than 40% slip from the 807,246 ounces sold in November of the same year. Annual sales dropped 12.5%, from 8,647,862 ounces in 2013 to 7,567,467 ounces in 2014.
Despite the weak showing for 2015, the Perth Mint is still positive that gold and silver products will rebound in the coming months.