Breaking News

Australia Raises Almost US$5 Billion as Abbott Sells Medibank in IPO
Tweet TWEET

Perth Mint Gold Sales Rebound as Prices Cap Worst Loss Since ‘81

Gold sales from Australia’s Perth Mint, which refines most of the bullion from the second-biggest producer, increased in December from a month earlier as bullion capped the biggest annual loss in more than three decades.

Sales of gold coins and minted bars expanded 12 percent to 58,944 ounces in December from 52,700 in November, the mint said in a statement today. Silver sales were 845,941 ounces last month from 807,246 in November, it said.

Gold fell 28 percent last year for the first annual drop since 2000 and biggest loss since 1981 as an improving U.S. economy cut demand. Investors lost faith in the metal as a store of value as equities rallied and the recovery prompted the U.S. Federal Reserve to pare its bond-buying program. Holdings in the 14 biggest gold-backed exchange-traded products tracked by Bloomberg contracted 33 percent in 2013, data show.

Gold sales from the Perth Mint ranged from 112,575 ounces in April to 30,430 in August, according to data from the mint. Sales averaged about 64,357 ounces a month since March, according to Bloomberg calculations.

The U.S. Mint sold 14 percent more American Eagle gold coins last year and sales climbed 17 percent to 56,000 ounces in December, according to data on the mint’s website.

To contact the reporter on this story: Phoebe Sedgman in Melbourne at psedgman2@bloomberg.net

To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.