The Royal Mint has reported extraordinary growth in physical precious metals sales. But one figure deserves particular attention: 29% of customers buying precious metals in the third quarter were new to its investment offering.
According to the Royal Mint’s October 21 report, the number of new customers also increased 13% compared with the previous quarter.
Meanwhile, silver bullion revenue on royalmint.com surged 295% during the first nine months of 2026, compared with the same period last year. Silver coin revenue climbed even faster, rising 323%.
Those are impressive figures, but they measure different things.
The 295% increase covers nine months of silver sales, with much of the growth concentrated early in the year. The 29% figure covers customers purchasing any precious metal during July–September.
We therefore cannot conclude that new customers drove the surge in silver sales.
There is another limitation. Revenue growth does not equal growth in ounces sold. Higher silver prices and changes in retail bullion premiums can increase the amount customers spend without a proportional increase in physical metal purchased.
The Mint has not disclosed the underlying silver sales volumes.
Still, the customer figures tell us something useful.
A 13% quarterly increase in the actual number of new customers cannot be explained simply by higher metal prices. More people made their first precious-metals purchase through the Royal Mint during Q3 than during Q2.
Whether they were entirely new to precious metals or simply switching suppliers remains unknown.
For the retail market, including established products such as Britannia bullion coins, the next test is whether these customers return.
One large purchase creates a strong sales quarter. A customer who keeps buying can support demand for years.
The Royal Mint has demonstrated that it continues to attract buyers. Whether that translates into sustained growth in physical investment demand will depend on what those customers do next.
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