Britain's Royal Mint said online silver bullion purchases rose 295% in the first nine months of 2026, and platinum bullion revenue rose 118%. Both have already beaten every previous full year, and gold demand picked up again in the third quarter.
At a glance
- Revenue from silver bullion coins rose 323% year on year over the first three quarters.
- Gold coin revenue rose 21% in July-September compared with the previous quarter.
- First-time buyers made up 29% of the Royal Mint's precious-metals customers in the quarter.
Background
The Royal Mint is Britain's official maker of coins, and it also sells gold, silver and platinum bars and coins to investors. It publishes percentage changes in its bullion sales but not the actual amounts sold, so the figures show direction and pace rather than tonnes.
What happened
Silver bullion purchases on royalmint.com rose 295% in the first nine months of 2026 compared with the same period of 2025, the Royal Mint said on October 21. Platinum bullion revenue rose 118%. With a quarter of the year still to go, both metals have already beaten every previous full-year total, Kitco reported.
Silver coins were especially popular, with revenue up 323%. Gold also came back into favour: gold coin revenue rose 21% in July-September compared with April-June, and is up 10% over the first nine months.
Who is buying
New investors are still arriving. First-time buyers made up 29% of purchasing customers in the third quarter, and the number of new customers rose 13% from the previous quarter.
Stuart O'Reilly, a private wealth consultant at the Royal Mint, said new investors keep entering the market even though conditions are difficult. He added that the UK Budget, the US midterm elections and interest rates could bring more volatility in the fourth quarter.
What it means
British demand stands in sharp contrast with the United States. The US Mint has sold only 111,500 ounces of American Eagle gold coins so far this year and is on track for its weakest year since 2000, Kitco reported.
Kitco linked the weak US demand to inflation pushing bond yields above 5%, the highest in more than 20 years. Higher yields make metals that pay no interest less attractive, yet British buyers have kept adding silver and platinum.
Our read
Outlook: neutral. Retail bullion demand is strong in Britain but weak in the US, and most of this year's buying came early in the year.
What to watch
- The Royal Mint's full-year sales update, which will show whether the fourth quarter added to the records.
- US Mint monthly sales figures for signs of a recovery in American demand.
- The UK Budget and US interest-rate decisions that the Royal Mint flagged as risks.
For information only, not investment advice.
Silver price in India
metalscost.com India reference price as of 2026-10-23.
Detailed analysis
Timeline
- 2026-10-21: The Royal Mint reports record year-to-date silver and platinum bullion sales.
Demand Drivers
Retail investors in Britain bought record amounts of silver and platinum bullion in 2026, with many first-time buyers.
Interest Rates
US bond yields above 5% have weighed on American demand for metals that pay no interest, Kitco reported.
What could lift prices
- Record retail buying of silver and platinum shows strong investor interest.
- A steady flow of first-time buyers widens the base of demand.
What could weigh on prices
- Most silver and platinum buying came at the start of the year, not recently.
- US coin demand is on track for its weakest year since 2000.
Country impact
| Country | Impact | Reason |
|---|---|---|
| United Kingdom | Medium | British retail investors bought record amounts of silver and platinum bullion. |
| United States | Low | US Mint gold coin sales are heading for their weakest year since 2000. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Bullion Trading | Positive | Bullion dealers in Britain are seeing record silver and platinum demand. |
Who gains, who loses
- The Royal Mint: Silver and platinum bullion sales are at record highs.
- The US Mint: Its gold coin sales are heading for the weakest year since 2000.
Other ways this could play out
- If fourth-quarter volatility rises as the Royal Mint expects, safe-haven buying could extend the records.
- If US rates rise further, British demand could cool too.
Price risks
- A further rise in bond yields would add to pressure on precious metals.
- Retail coin sales are small next to central-bank and ETF flows.
Historical comparison
- 2000: The US Mint sold only 45,500 ounces of gold in the first nine months of 2000, its weakest comparable period, Kitco reported.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
United Kingdom
United States