Gold, Silver and Safe-Haven Saving at Home — 2026-10-12

Top developments

China’s Record Gold Imports Reshape Global Demand

Beijing’s strategic diversification away from the dollar, combined with Chinese households’ search for safe savings vehicles, has fueled record gold buying. This surge is setting a high-water mark for the 2020s, with imports potentially doubling year-on-year. For household savers, this underscores the shift from traditional jewelry to investment-grade bars and coins as the preferred store of value.

Perth Mint Retail Sales Surge Amid Price Fluctuations

Perth Mint reported that gold coin and bar sales nearly doubled in September to approximately 47,000 ounces, reaching a seven-month high. Silver sales also jumped by around 81%, indicating robust retail interest even as prices experienced some pullback. This trend highlights that domestic dealers are seeing strong demand for physical metals from individual investors seeking protection against inflation.

US Mint Availability Tightens for Collectors

The United States Mint is facing significant inventory constraints, with 50 out of 75 products currently unavailable. Notably, 37 of 38 circulating-quality roll and bag options are off sale, reflecting a broader tightening of supply for numismatic and bullion products. This scarcity may lead to increased premiums for available inventory on the secondary market for home collectors.

Local view

In India, local media reports mixed market sentiment with gold prices showing volatility. Recent reports indicate that while global markets saw fluctuations, domestic bullion markets experienced heavy selling pressure on October 5, leading to price corrections. However, by October 10, prices showed signs of stabilization or slight increases depending on the city, with Delhi seeing rates around ₹1.49 lakh per 10 grams for 24K gold. Indian households remain cautious, weighing the cost of jewelry against investment bars.

In China, consumer behavior is shifting distinctly towards investment products. Discussions on platforms like Smzdm highlight a "crazy grab" for gold bars and coins among younger demographics, while jewelry sales have slowed due to high prices and changing preferences. The focus is increasingly on liquidity and lower premiums offered by bank accumulated gold and digital platforms compared to traditional jewelry stores.

Context & numbers

Gold prices have been trading near $4,150 per ounce, supported by weaker bond yields and lower crude oil prices in early October. Silver prices held steady around $61.39 per ounce following a stock market rally, showing resilience despite broader market movements. The World Gold Council notes that while Q1 data is older, the current trend of bar and coin investment driving gains continues, with ETF flows turning positive year-to-date at $4.1 billion.

Global gold ETF holdings have seen significant inflows, with collective holdings rising to record levels above 4,189 tonnes in recent months. This institutional backing provides a floor for prices, influencing the premiums retail buyers pay for physical coins and bars.

On the radar

• Silver Supply Deficit: Analysts continue to flag a 46 million ounce deficit in silver coins, which could drive up premiums for physical silver bars and coins in the coming weeks.
• US Mint Product Launches: The debut of Supergirl-themed silver medals and the continued popularity of the 2026 Proof Set (nearing its limit) may create short-term spikes in demand for specific numismatic items.
• Indian Festival Season: As Indian festival seasons approach, watch for localized spikes in jewelry demand which may temporarily decouple Indian gold prices from global spot rates due to import duties and local taxation changes.