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Record silver sales in January at the Perth Mint

Kitco News

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(Kitco News) - In January, the Perth Mint sold 66,709 troy ounces (oz) of gold and a record 2,387,165 oz of silver in minted product form.

The mint announced last month's sales in a news release published Wednesday.

Market volatility helped drive precious metal sales, said a mint spokesperson.

"It was a volatile start to the year for precious metals, with gold trading in an almost USD 60 oz range between USD 1,790 oz on the downside, and USD 1,850 oz on the upside," said Manager, Listed Products and Investment Research, Jordan Eliseo.

"Demand was supported by the volatility seen in equity markets, which have started the year with a significant pullback, though a strong US dollar, rising bond yields and the expectation of a faster pace of monetary tightening from the US Federal Reserve, acted as headwinds across the month."

The Perth Mint Depository holdings of gold and silver were flat during the month, with gold holdings up 3% over the last 12 months.

The Perth Mint's ASX listed ETF, ASX:PMGOLD, saw strong inflows to start the year, with total holdings rising by more than 5,000 oz (2%) to a new all-time high.

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