Perth Mint gold sales skyrocket 131% in February, silver sales rise 11.7%

Perth Mint reported a sharp rebound in retail bullion demand in February: gold coin and minted bar sales surged 131% m/m to 67,249 oz (vs 29,103 oz in January) and were up ~168% y/y versus February 2025. Silver product sales increased 11.7% m/m to 1.92 Moz (from 1.72 Moz), with a very strong +299% y/y print—signaling renewed physical buying interest despite elevated price volatility. Management attributed the gold outperformance to strong Kangaroo coin demand across Australia, Germany and Asian markets, citing “global uncertainty and price volatility” as supportive of trusted bullion products. Heraeus also contextualized January’s pattern as more price-sensitive retail flow: silver sales jumped 188% m/m to 1.7 Moz while gold fell 19% to 29 koz, consistent with buyers rotating into silver when it outperformed during the rally. For desk positioning, the February data points to improving physical/retail underpinnings (particularly for gold coins) and potentially firmer near-term physical premiums/wholesale allocation demand, especially into Asia and Europe. Key near-term catalysts to watch are ongoing volatility and the macro narrative around expected rate cuts in early 2026 (as previously cited by the Mint), which can keep retail buying responsive on pullbacks and spikes; risks are that high prices dampen discretionary coin/bar demand if volatility subsides. Longer-run context remains mixed by metal: Perth Mint’s 2025 totals showed gold bullion sales up 16% to 454,514 oz, while silver demand fell 5% to 8.22 Moz (with commentary noting silver sales had been declining since 2022, despite episodic spikes).