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Record-Breaking Demand for Gold Bullion in 2023

Published by Tavex Analysts in category Tavex News, Market News on 19.04.2023
Gold price (XAU-GBP)
1,833.08 GBP/oz
  
- GBP33.59
Silver price (XAG-GBP)
21.64 GBP/oz
  
- GBP0.87

The year 2023 has been tumultuous, but it has seen record-breaking demand for gold bullion from the United States Mint. Despite the global financial market’s banking crisis, investors have turned to precious metals to safeguard their wealth. Additionally, silver bullion demand remains firm, although U.S. Mint silver sales have been affected by supply issues.

As per data procured from the United States Mint, it traded 215,000 ounces of gold across various denominations of its America Eagle gold coins, achieving its best March sales since the year 2018. Concurrently, the mint traded 435,500 ounces in the first three months of the year, performing its best during the first quarter since 1999.

March gold sales surpassed last year’s figures by over 38%, and quarterly sales increased by 2% when compared to the first quarter of 2022.

Analysts contend that the solid sales data witnessed in March is unsurprising, as investors resorted to this precious metal to safeguard their wealth amidst the global financial markets’ most extensive banking crisis since the 2008 Great Financial Crisis.

Analysts also stated that the broad-based investment demand for gold aided in driving its price back above $2,000 per ounce.

Apart from the robust demand observed in North America, data procured from the Perth Mint reveals that it traded 80,541 ounces of gold coins, the highest recorded since November. The Perth Mint’s sales surged by over 54% from February, although they decreased by 34% from March 2021.

During the first three months of the year, the Perth Mint said it traded 197,177 ounces of gold, nearly a 25% decline from the first quarter of 2022.

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Silver bullion’s demand remained firm, although sales were down from last year’s peak, as per data obtained from the Perth Mint. The Australian sovereign mint stated that it traded 1.823 million ounces of silver in March, a surge of almost 23% from February, and an increase of more than 10.5% from last year.

However, during the quarter, the Perth Mint traded 4.541 million ounces in the first three months of 2023, which is nearly 20% less than the sales recorded during the first quarter of the previous year.

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Silver demand in the United States is still somewhat intricate, as some analysts point out that the United States Mint continues to grapple with supply issues for silver blanks.

Furthermore, analysts contend that U.S. Mint silver sales are not an accurate representation of the global market due to the supply crunch experienced in America.

During the first quarter, the U.S. Mint traded 5.749 million one-ounce American Eagle silver coins.

In March, the mint traded 900,000 ounces, which is unchanged from February. Since the start of the year, silver sales have reduced by 24% compared to the first quarter of 2022.

While the United States continues to deal with supply issues, analysts suggest that investors should focus on the broader issue: physical silver demand has significantly transformed since the pandemic.

In a recent interview, Philip Newman, the managing director at Metals Focus, stated that even if silver demand falls from last year’s peak, it remains at elevated levels by historical standards.

“Coin and bar demand since the pandemic have been eye-watering high,” he said. “Global demand for gold and silver are expected to remain healthy through 2023.”

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The year 2023 has seen unprecedented demand for gold bullion from the United States Mint, as investors seek to safeguard their wealth amidst the global financial market’s banking crisis. Additionally, silver bullion demand remains firm, although supply issues have impacted U.S. Mint silver sales. Despite the challenges, analysts predict that the global demand for gold and silver will remain healthy through 2023.

Gold price (XAU-GBP)
1,833.08 GBP/oz
  
- GBP33.59
Silver price (XAG-GBP)
21.64 GBP/oz
  
- GBP0.87

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