Unprecedented investment demand helped push gold and silver prices to record levels during 2025, yet actual demand for physical bullion was mixed, according to sales data released by three of the world's largest mints.
Despite the dominance of North American investors in the gold market over the past year, appetite for bullion was relatively limited. The US Mint sold about 183.5 thousand ounces of American Eagle gold coins in various denominations, a drop of more than 55% compared to 2024.
In contrast, The Perth Mint in Australia recorded notable growth in gold bullion sales of 16%, selling approximately 454,514 ounces of gold last year.
Neil Vance, General Manager of Minted Products at The Perth Mint, said demand for bullion was driven by several ongoing factors, including expectations of interest rate cuts in early 2026, uncertainty in the US economy, and continued global turmoil.
He added: "In the gold market, minted bars performed strongly, confirming their enduring appeal as a key investment choice during periods of market volatility."
Strong Performance in Britain
For its part, The Royal Mint reported record demand during the fourth quarter of the year, although it does not publish detailed sales volume data, unlike its US and Australian counterparts.
The Mint clarified that gold sales jumped by 144% during the fourth quarter of 2025.
The Mint's statement read: "The value of a single gram of gold crossed the £100 barrier for the first time in October, while the value of a kilogram bar—about the size of an iPhone—surpassed the £100,000 level." It added: "The most active trading day of the year was October 9, after the gold price breached the £3,000 per ounce level for the first time the previous day."
Stuart O'Reilly, Private Wealth Consultant at The Royal Mint, said: "We saw exceptional demand from investors over the past year, and in some periods demand outstripped supply."
The Mint also pointed to another positive trend in the precious metals market: a significant increase in the number of first-time buyers.
It explained: "The number of customers buying bullion products from The Royal Mint reached an all-time high, up 35% compared to 2024, with 62% of bullion customers in 2025 buying for the first time." It added: "The buy-to-sell ratio was striking; in the fourth quarter, for every customer selling gold, seven customers bought, while the ratio for silver was 15 buyers for every one seller."
Divergence in the Silver Market
On the silver front, bullion demand in North America saw a decline similar to the gold market, despite silver prices rising by about 150% during 2025. The US Mint announced sales of 11.57 million one-ounce silver coins, a decrease of 53% compared to 2024.
The Perth Mint also recorded a slight decline in silver demand, with sales reaching 8.22 million ounces, down 5% from the previous year.
In contrast, The Royal Mint bucked the general trend, recording strong demand for silver throughout 2025, with sales jumping by 526%.
O'Reilly said: "While gold continued its upward trajectory during 2025, silver was undoubtedly the star performer, ending the year up 132% in Sterling terms." He added: "This momentum has continued into early 2026, driven by geopolitical uncertainty and concerns over precious metal supplies, encouraging further price gains."
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