The Royal Mint reports surge in sales of Silver
The Royal Mint reports surge in sales of Silver – fourteen times the usual demand!
As the price of silver hits an eight year high, The Royal Mint has reported a surge in sales of physical and digital precious metal sales since last Thursday.
Over the weekend The Royal Mint saw fourteen times the usual demand for its silver products as investors flocked towards physical bars and coins as well as digital silver.
Andrew Dickey, Divisional Director of Precious Metals for The Royal Mint, said: “We have seen record demand for silver over the past few days and a surge in new customers looking for precious metals. The price of silver has increased by around 19% to its highest level in eight years, and our silver bullion products have proved extremely popular. The spike in demand has resulted in an increase in new precious metals investors, many of whom are opting to buy via our digital precious metals platform, ‘DigiGold’. DigiGold is a cost-effective way to buy fractional silver, gold or platinum from £25 via an online account. It allows investors to react quickly to market volatility as they can buy or sell their metal 24/7.”
Traditionally known for making coins, The Royal Mint has grown rapidly into the precious metals market over recent years. It is now the primary producer of bullion coins in the UK, as well as offering a range of digital investment platforms which enable investors to buy and sell fractional gold without taking custody of the metal. All digital holdings are backed by physical bullion bars which are stored in The Royal Mint’s vault, which is one of Britain’s most secure sites.
Gold and Silver UK contacted the Royal Mint to ask a few specific questions about the recent surge of interest in precious metals:
Q: What kind of demographic / age group is predominantly buying both gold and silver at the moment?
A: “We’ve seen a significant increase in purchases from older age groups since the spike in sales (customers aged 55+ to be specific), whereas typically the precious metals audience age ranges from late 20’s to early late 50’s.
The Gender split seems relatively unaffected by the surge in sales.
There is a marked increase in sales from customers overseas, although the majority of customer base remains from the UK.”
Q: What is your most popular silver bullion product?
A: “Our flagship silver bullion product, the 1oz Silver Britannia.”
Pictured, the 1oz Silver Britannia coin. Read more about the history of the British Britannia coin here.
The Royal Mint.
The Royal Mint is the world’s oldest mint and is currently based in Llantrisant, Wales, UK.
The Royal Mint has expanded its business interests by reviving its production of gold, silver and platinum bullion bars and coins for sale to investors and the general public.
The sale of gold, silver and platinum bullion is now an integral part of the mint and contributes to almost half of the mint’s revenue.
The brand ‘Royal Mint Refinery’ was revived in 2015 and began issuing gold and silver bullion bars which are stamped with the Royal Mint Refinery logo.
Royal Mint Refinery gold bars are produced from 99.99% pure gold and silver bars are made from 99.9% pure silver.