The British Royal Mint reported record sales for silver and platinum bullion in the first nine months of 2026, despite higher bond yields and persistent inflation. Silver bullion revenue surged by 295% compared to the same period in 2025, while platinum bullion revenue rose by 118%. Both metals surpassed previous full-year totals with a quarter of the year still remaining. Silver bullion coins were particularly popular, with revenue increasing by 323% year-on-year.
While most investment demand for silver and platinum occurred early in the year, the Royal Mint noted renewed interest in gold bullion in the third quarter. Revenue from gold coin purchases increased by 21% between July and September compared to the previous quarter, and it is up 10% across the first nine months of the year versus 2025. Stuart O'Reilly, Private Wealth Consultant at The Royal Mint, highlighted that demand for gold and silver is broadening, with first-time buyers accounting for 29% of purchasing customers during the quarter.
O'Reilly noted that the increase in first-time buyers is encouraging, as almost three in ten customers purchasing precious metals this quarter were new to The Royal Mint's offering. He also pointed out that heightened geopolitical uncertainty through year-end could support steady safe-haven demand for gold and silver bullion. The final quarter of 2026 could bring further market volatility, influenced by the UK Budget, US midterm elections, and ongoing uncertainty around interest rates.
The British Royal Mint’s sales this year contrast sharply with dismal demand for U.S. Mint American Eagle gold and silver bullion coins. The U.S. Mint has sold only 111,500 ounces of gold so far this year, on track for its worst sales performance since 2000. Analysts attribute the lackluster demand in the U.S. to rising inflation and bond yields above 5%, the highest levels in more than 20 years. The Federal Reserve is not expected to raise interest rates when it meets next week, but markets are pricing in one rate hike by year-end and another during the first quarter of 2027.