(Kitco News) - Gold and silver faced significant headwinds through the summer as persistent inflation and higher bond yields raised the opportunity cost of holding non-yielding assets. However, some investors continued to see value in the precious metals, according to the latest sales figures from the British Royal Mint.
On Wednesday, the Royal Mint announced record year-to-date silver and platinum sales and renewed demand for gold bullion. The Mint does not publish exact bullion sales figures but said that revenue from silver bullion surged in the first three quarters of 2026.
“Silver bullion purchases on royalmint.com increased by 295% during the first nine months of 2026, compared with the same period in 2025. Platinum bullion revenue also rose by 118%, with both metals surpassing every previous full-year total, with a quarter of the calendar year still remaining,” the Mint said in the report. “Silver bullion coins have been particularly popular, with revenue increasing by 323% year-on-year across the first three quarters. The figures point to growing interest in silver as investors explore different ways to hold physical precious metals, including UK bullion coins.”
While most of the investment demand for silver and platinum came at the start of the year, the Royal Mint said it saw renewed interest in gold bullion in the third quarter.
“Revenue from gold coin purchases increased 21% between July and September compared with the previous quarter, while revenue is up 10% across the first nine months of the year, versus the same period in 2025,” the Mint said.
In comments included in the report, Stuart O'Reilly, Private Wealth Consultant at The Royal Mint, also noted that demand for gold and silver is broadening. The Mint said that first-time buyers accounted for 29% of purchasing customers during the quarter, with the number of new customers increasing 13% compared with the April-to-June period.
"The increase in first-time buyers is also encouraging. Almost three in ten customers purchasing precious metals this quarter were new to The Royal Mint's precious metals investment offering, demonstrating that new investors continue to enter the market despite the challenging investment landscape,” said O’Reilly.
Although prices are expected to remain volatile, O’Reilly said that heightened geopolitical uncertainty through year-end could support steady safe-haven demand for gold and silver bullion.
"Looking ahead, the final quarter of 2026 could bring further market volatility, with the UK Budget, US midterm elections and ongoing uncertainty around interest rates all potentially influencing investor sentiment and demand for precious metals,” he said. “While the direction of precious metals prices remains uncertain, our figures suggest that interest in holding physical precious metals continues to be strong.”
The British Royal Mint’s sales so far this year stand in stark contrast to dismal demand for U.S. Mint American Eagle gold and silver bullion coins.
According to its monthly sales data, the U.S. Mint has sold only 111,500 ounces of gold so far this year. The Mint is on track for its worst sales performance since 2000, when it sold only 45,500 ounces of gold in the first nine months of the year.
Analysts have noted that demand in the U.S. has been particularly lackluster this year as rising inflation has driven bond yields above 5%, to their highest levels in more than 20 years.
Persistent inflation is forcing the Federal Reserve to adopt a new tightening bias. Although the central bank is not expected to raise interest rates when it meets next week, markets are pricing in one rate hike by year-end and another during the first quarter of 2027.
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