Sales of silver coins at the Australian Perth Mint, has skyrocketed to record levels as people continue to invest heavily in precious metals. With the silver price per ounce still being affordable to the common man, the poor man’s gold is set to go places.
With the sales of 1 ounce gold coins touching record levels, the 1-ounce silver coins are not to be outdone, with the Perth Mint selling 1-ounce silver coins to the tune of 10.7 million, which was 66% sales up from the previous year’s sales and a whopping ten times more than from five years ago.
A deepening European sovereign-debt crisis and excessive printing of US dollars by the US Federal Reserve Bank , paper currencies are being greatly devalued and that has caused a tremendous spurt in the sales of precious metals.
The mint observed that the buyers ordering the mint’s products were mostly new investors from Europe and America. Investors from Greece are pulling out their investments away from cash deposits to invest in gold coins. The trend is reflected in the enhanced sales of bars as well as coins by the Perth Mint to European countries.
The new silver coin press commissioned last April by the Perth mint, and the new online service introduced to make gold and silver available to Australians have been greatly successful.
Silver sales have caught on in the US too with the American Eagle silver coins touching 3.65 million during May, up 30%, the total sales for the year this far being 18.9 million ounces. Even as silver price per ounce continues to rise smartly, there seems to be no dearth in the sales of silver coins worldwide, indicating shifting trends in investments, are towards precious metals.