Perth Mint and British Royal Mint see solid bullion demand, U.S. Mint sees sharp decline

Although North American investors dominated the gold market last year, they were lukewarm on bullion. The U.S. Mint sold 183,500 ounces in various denominations of American Eagle gold coins last year, down more than 55% from 2024.

However, the Perth Mint in Australia saw a 16% increase in gold bullion sales, selling 454,514 ounces of the yellow metal last year.

Neil Vance, Perth Mint’s General Manager of Minted Products, said in the report that bullion demand was driven by ongoing factors including expectations of interest rate cuts in early 2026, uncertainty in the U.S. economy, and ongoing global instability.

“In gold, minted bars performed strongly, reinforcing their ongoing appeal as a core investment choice during periods of market volatility,” he said.

Meanwhile, the Royal Mint reported record demand during the final quarter of the calendar year. Unlike the U.S. and Perth mints, the British mint does not publish specific sales data.

Outlook 2026

However, it said in its release that gold sales rose 144% in the fourth quarter.

“The value of a single gram of gold passed £100 for the first time in October, with a kilo bar—roughly the size of an iPhone—exceeding £100,000 in value,” the Royal Mint said. “The busiest trading day of the year was 9th October, as the gold price broke through £3,000 per ounce for the first time the day before.”

“Over the last year, we have seen exceptional demand from investors, and, at times, this has outpaced supply,” said Stuart O'Reilly, Private Wealth Consultant at The Royal Mint.

The Mint also noted another positive trend in the precious metals market, as it saw a significant increase in first-time buyers.

“The number of customers buying bullion products from The Royal Mint reached an all-time high, up 35% on 2024, with 62% of bullion customers in 2025 making their first purchase,” the Mint said. “Buying heavily outweighed selling: for every customer who sold gold in the final quarter, seven bought it; for silver, the ratio was fifteen to one.”

North American silver bullion demand saw a similar decline compared to the gold market, even as silver prices rallied by almost 150% last year. The U.S. Mint said it sold 11.57 million one-ounce American silver coins, down 53% from 2024.

The Perth Mint also saw a decline in silver demand last year, as it sold 8.22 million ounces, down 5% from the previous year.

However, the Royal Mint bucked the broader trend, as it saw robust silver demand through 2025. It said that silver sales rocketed 526%.

“Whilst gold continued its rally in 2025, silver was undoubtedly the stand-out performer with prices finishing the year up 132% in GBP,” O'Reilly said. “This momentum has continued into 2026, as geopolitical uncertainty and concerns around supplies of precious metals have encouraged further price hikes.”