Sales surged to over 10 million coins, which is double the expected demand for the year.
Silver Kangaroo Coins 1 oz (2016)
Introduced to the market less than 11 months ago in September 2015 at a launch attended by GoldCore, sales of the new release Perth Mint’s 2016 Australian Kangaroo 1 ounce silver bullion coin were anticipated to reach 5 million coins in their introductory first year. Yet sales of the silver coins have already surged to a whopping 10 million coins.
Commenting on the new silver coin’s worldwide success, the CEO of the Perth Mint, Richard Hayes said:
”Now that we can better gauge the popularity of the release, we predict sales in excess of 12 million this coming year.”
The Kangaroo coin is 0.9999 fine silver and it is only available in the 1 ounce size, unlike the Perth Mint’s other bullion coins which range in weights from 1/2 ounce to 10 kilograms. The 1 ounce weight was specifically selected for the new annual series because investors and silver stackers favour the size.
“These issues sell out of their limited mintages consistently each year,” the Mint said.“With this in mind, the Silver Kangaroo was issued in a 1 ounce weight only and to an unlimited mintage.”
“We made sure that the new Kangaroo satisfies investors’ key aims — to secure an asset which features an Australian icon — to secure silver at an affordable price — to add 9999 fine silver to their portfolio — and to stack precious metals in convenient one ounce coins,” Hayes said.
Bullion buyers and silver “stackers” in particular continue to accumulate. They see silver at below $30 per ounce as good value vis a vis gold ($1,360 per ounce), stocks and many other investments. Many believe, like GoldCore, that silver will surpass $50 per ounce again and should reach levels above $100 per ounce given the very favourable fundamentals of very little supply and robust demand.
With silver prices up 30 cents this morning to $20.82 per ounce, the largest silver ETF, The iShares Silver Trust (ETF) (NYSE:SLV), gained $0.24 (+1.24%) in premarket trading to $19.67 per share. SLV has gained 47.31% year-to-date, compared with a 6.41% rise in the S&P 500.
As demand for physical silver rises, so does the share price of SLV, so it pays for ETF investors to continued to watch the news related to precious metals demand.
This article brought to you courtesy of GoldCore.