Silver Breaks $50 for the First Time Since 1980 –
The Perth Mint still has a strong reputation around the world, despite some past issues, according to a top executive at the World Gold Council. In 2023, an investigation found that the mint sold gold to China that was 99.99% pure, which met global standards but did not meet China’s stricter rules for silver content.
The investigation also uncovered problems with how the mint handled anti-money laundering (AML) rules. In response, the Perth Mint started a $34 million program to improve its AML systems. This included updating 60,000 customer records.
Chairman Sam Walsh admitted to the past problems and said the mint is now taking important steps to fix them.
The Perth Mint has seen strong demand for its products as gold prices in Australian dollars continue to reach record highs.
In April, the price of gold rose above $5,000 per ounce for the first time — coinciding with U.S. President Donald Trump’s announcement of his “Liberation Day” tariffs.
That same month, the Perth Mint sold 43,714 ounces of gold and 723,641 ounces of silver, an increase from 40,537 ounces of gold and 713,306 ounces of silver sold in March.
However, demand dipped in May, with the mint selling 28,244 ounces of gold and 496,707 ounces of silver.
As of the end of May, the mint’s depository held 308,899 ounces of gold — equal to 9.61 tonnes — valued at over $1.5 billion at current prices.
Perth Mint executive Neil Heymann called gold an “economic safe harbour,” praising its “proven security and resilience.”
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