Why Germany, Not the U.S., Was Perth Mint’s Biggest Customer Last Year

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As the Perth Mint saw record sales last year of gold coins, fueled by strong retail demand from Germany, but the big buyers of physical gold to emerge over the last decade remain central banks, this according to Jerry Hicks, sales and business development manager of the Perth Mint.

“Certainly, the big story over the last decade has been central bank buying of gold. For the 10th year in a row, central banks have been net buyers, and I think a lot of private investors are saying if central banks are buying gold, shouldn’t we also doing the same?” Hicks told Kitco News.

Coin sales have seen increased demand from European buyers in 2019, Hicks noted.

“We have a particularly strong market in Germany, at the time, there was a law coming in early January which affects the declarations people have to make when purchasing assets. So, lots of people were buying gold and silver coins in anticipation of those laws coming into place, so we saw, as you say, record sales in those regions,” he said.

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