Bullion Highs and Lows

Unprecedented investment demand drove gold and silver prices to record highs in 2025, but physical bullion purchases were mixed, according to sales data from three global mints. 

Despite that North American investors dominated the gold market last year, the U.S. Mint sold 183,500 ounces in gold American Eagle coins in 2025, down more than 55 percent from 2024. Silver demand also declined. The U.S. Mint sold 11.57 million 1-ounce silver coins, which is down 53 percent from 2024.

In contrast, the Perth Mint in Australia saw a 16-percent increase in gold bullion sales, with 454,514 ounces sold last year. However, silver demand declined by 5 percent. Neil Vance, Perth Mint’s general manager of minted products, said in the report that expectations of interest rate cuts in early 2026, uncertainty in the U.S. economy, and ongoing global instability were factors that drove bullion demand.

The Royal Mint in Wales also reported record demand during the final quarter of the year and said in its annual press release that gold sales rose 144 percent. As opposed to the United States and Australia, the Royal Mint reported a 526-percent increase in silver sales. However, the Royal Mint does not publish specific sales data. 

Additionally, the Royal Mint saw a significant increase in first-time buyers, with an all-time high of 62 percent of bullion customers in 2025 being first-time buyers. “Buying heavily outweighed selling,” states the Royal Mint. “For every customer who sold gold in the final quarter, seven bought it; for silver, the ratio was fifteen to one.”