The distortion that Covid-19 has caused in the gold industry has affected practically all the players in the sector. Refineries are concerned about the supply of gold. Miners are struggling to restart closed factories and keep production from dropping to a minimum by the end of the year. The Perth Mint, Australia’s official bullion mint, has taken measures and have launched a campaign to promote recycling.
Everything points to the fact that the temporary closure of gold mines, due to the restrictions imposed by Covid-19, is going to cause a year-on-year drop in metal production by the end of the year. The magnitude of this drop will depend on how flexible the mining companies will be in restarting their operations. It is also crucial that contagion prevention measures do not interfere in the daily work of the largest mines.
In any case, the sector is already preparing for this event. The Australian Perth Mint initiative is one of these examples. The Perth Mint has just published a blog post dedicated to coin collectors, titled as Top tips for selling gold.
As Perth Mint explained from the blog, the price of gold is nearing its record levels in Australian dollars. So, those with old gold jewellery or coins they want to sell have the chance to earn a small fortune. However, before checking out, they need to establish who they can trust. Furthermore, they need to know what the fair price for their gold would be.
In the current economic situation, we may have a crisis that may be more devastating than that of 2008. The article explains that many domestic economies can be saved thanks to the sale of family savings in the form of gold, be it jewellery or bullion and coins.
The Perth Mint blog post continues to offer many tips to potential sellers. The price of gold is always on the move in international markets. The Australian mint indicates that the amount that appears in reports is usually only symbolic. So, it advises searching the web for the most current rates. Additionally, it warns that the spot price is not the price they will receive for their gold since buyers usually offer a lower price to offset the costs of their business.
There is a bit of a surprise at the end of the article, in a section titled “Beware of Scammers!”. It begins by alerting potential customers of scams related to selling gold: “Please don’t be fooled by unscrupulous merchants who are willing to take advantage of under-informed consumers. “
The post constitutes an advertisement in which Perth Mint itself promotes its service of buying jewellery and gold pieces. Unlike other gold buyers, who open their business and disappear without a trace, the Perth Mint has been running for almost 121 years, the post says.
The post ends with a series of links leading to Perth Mint’s own gold buying website and updated spot prices.
Perth Mint itself has had to increase the production of one-kilogram gold bars in recent months to supply the demand of the New York COMEX market, overwhelmed by the sale of gold contracts that needed to be backed up with physical gold.
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