(Kitco News) – 2022 was a tale of two mints, with the U.S. Mint seeing disappointing gold and silver bullion demand for the year; meanwhile, it was the best of times for the Perth Mint as it saw record sales for its silver and gold bullion products.
Analysts have noted that the Federal Reserve’s aggressive monetary policy, as it raised interest rates by 425 basis points last year, dampened interest for precious metal bullion in the United States. however, the U.S. Mint was also plagued by production and supply issues through the year.
The U.S. Mint stopped 2022 production in November to focus on 2023 coins, and sold only 4,000 ounces in various denominations of its America Eagle gold coins last month. At the same time, it sold 59,000 one-ounce American Eagle Silver coins in December.
Sales data from the U.S. Mint shows that it sold 980,000 ounces of gold last year, down nearly 22% from 2021, which saw sales hit a 12-year high.
Meanwhile, the U.S. Mint sold 15.96 million ounces of silver last year, down 43.5% from 2021 levels.