The Royal Mint said demand for physical precious metals continued to expand in the first nine months of 2026, despite persistent inflation and higher bond yields raising the opportunity cost of holding non-interest-bearing assets. Revenue from silver and platinum sales reached new records for the period, while demand for gold coins recovered in the third quarter.
Silver revenue rises 295% year on year
The Royal Mint did not disclose precise sales volumes for its precious-metals products, but said purchases of silver bars through its website rose 295% from the same period in 2025 during the first nine months of 2026. Revenue from platinum bars increased 118% over the same period. For both metals, cumulative sales had already exceeded those recorded in any previous full year, with one quarter still remaining.
Silver coins were among the strongest-performing products. Revenue from silver coins rose 323% year on year in the first three quarters. The Royal Mint said the increase suggested that some investors were looking for different ways to hold physical precious metals, bringing greater attention to British precious-metal coins.
Investment demand for silver and platinum was concentrated mainly at the start of 2026, while gold demand improved in the third quarter. Revenue from gold-coin purchases rose 21% between the second and third quarters, covering July to September. For the first nine months as a whole, gold-related revenue was up 10% from a year earlier.
New customers make up 29% of buyers
Stuart O'Reilly, a private wealth adviser at the Royal Mint, said the investor base for gold and silver was broadening. First-time precious-metal buyers accounted for 29% of all customers in the third quarter, while the number of new customers increased 13% from the April-to-June period.
O'Reilly said nearly three in 10 buyers had not previously used the Royal Mint's precious-metals investment service. That indicated that new investors were still entering the physical precious-metals market despite a complicated investment environment. He also cautioned that precious-metal prices could remain volatile.
Royal Mint sales diverge from US Mint demand
The Royal Mint's stronger sales contrast with weaker demand for American Eagle gold and silver coins sold by the US Mint. Monthly data from the US Mint showed that roughly 111,500 ounces of gold had been sold so far in 2026. If the current pace continues, the full-year result could be the weakest since 2000; during the first nine months of 2000, US Mint gold sales stood at 45,500 ounces.
Analysts said physical precious-metals demand in the US had been particularly weak this year. Persistent inflation has pushed bond yields above 5%, their highest level in more than two decades, increasing the opportunity cost of holding gold and silver, which do not generate interest income.
Rate expectations remain central to demand
Inflationary pressure has also encouraged the Federal Reserve to adopt a more restrictive policy stance. Markets expect the Fed to leave rates unchanged at next week's meeting, but current pricing indicates that investors see a possible rate increase later this year, followed by another increase in the first quarter of 2027.
O'Reilly said uncertainty around the UK budget, the US midterm elections and the interest-rate outlook could affect investor sentiment and precious-metals demand in the fourth quarter of 2026. The direction of gold and silver prices remains uncertain, but the Royal Mint's sales figures show that demand for physical ownership has not disappeared.