January 9, 2025 has proven to be a landmark year for the precious metals market. EasyMarkets observes that driven by unprecedented investment demand, both gold and silver prices have surged to historic highs. However, an analysis of the latest sales data from the world's three major mints reveals that the demand for physical precious metals shows significant regional divergence. Despite the overall market fervor, physical demand in traditional markets such as North America has unexpectedly displayed a lack of sustained momentum.
From a regional perspective, while North American investors dominate the derivatives market, their interest in physical gold coins has waned. EasyMarkets indicated that the United States Mint sold only 183,500 ounces of American Eagle gold coins last year, a decrease of over 55% compared to the previous year. In contrast, the Perth Mint in Australia saw its physical gold sales increase by 16%, reaching 454,514 ounces. The mint attributes this to strong expectations for interest rate cuts in early 2026, uncertain prospects for major economies, and geopolitical turmoil, which collectively reinforce the status of physical gold bars as a core safe-haven asset.
The UK market has demonstrated remarkable explosive growth. The Royal Mint reported that its gold sales surged by 144% in the fourth quarter of last year, with the price per gram of gold breaking through £100 for the first time in October. EasyMarkets believes the structure of the physical market is changing, with a large influx of "new faces" injecting momentum into the market. Data shows that the mint's customer base reached a record high last year, with 62% being first-time buyers of physical precious metals. This robust buying activity was particularly pronounced in the silver market, where the Royal Mint's silver sales skyrocketed by 526% in 2025.
Even as physical silver demand in North America fell by over 50%, last year's price increase for silver remained impressive. EasyMarkets views silver as a star asset recently, noting that even as we move into 2026, supply concerns fueled by geopolitical uncertainty continue to support its price. As the market reassesses the value of precious metals, EasyMarkets advises investors to continuously monitor the interplay between global physical supply and demand dynamics and macroeconomic policies to accurately identify investment opportunities amidst market volatility.
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