FY 2024 (July 1, 2023 – June 30, 2024) was another strong year for BullionStar. Sales revenue reached SGD 423.5 million, a 6.76% increase compared to FY 2023.

Precious Metal Price Trends

Gold Price

• Spot Gold: Closed FY 2024 at USD 2,326, up from USD 1,919 on July 1, 2023—a 21.2% gain.

• Gold briefly surpassed its all-time high of USD 2,075 per troy ounce on December 4, 2023. However, on March 1, 2024, it broke through this level and continued moving higher.

Silver Price

• Spot Silver: Closed FY 2024 at USD 29.15, up from USD 22.73 on July 1, 2023—a 28.2% gain.

• Silver traded between USD 20.75 and USD 25.60 for most of the year before breaking out in April 2024 and eventually peaking at USD 32.50 on May 20, 2024.

Record-high sell-to-buy Ratio Peak at 0.94 in November 2023 and March 2024

The sell-to-buy ratio reached 0.94—the highest in recent years—twice during FY 2024:

November 2023: Significant selling occurred as gold neared its all-time high, and silver approached an upper resistance level, though neither metal broke out then.

March 2024: Gold decisively surpassed its previous record high, pushing silver to follow suit and break out of its trading range.

Through our seamless online platform, customers can quickly sell bullion. Customers who use our secure, fully audited, and insured vault can sell orders online.

Our transparent pricing and instant settlement provide a safe and efficient selling experience.

Gold ETF Outflows Persisted Throughout FY2024 Despite Rising Gold Prices

Despite rising gold prices, global gold ETFs saw their net positions reduced during the first three quarters of FY 2024. When viewed as a proxy for Gold ETF investor sentiment, it can be inferred that Gold ETF shareholders missed a sizeable portion of the gold rally.

After gold’s decisive breakout in March 2024, Gold ETF investor sentiment shifted course, resulting in net inflows – an indication of trend-following behaviour.

Which Months Saw the Most Buying Activity at BullionStar?

April 2024 & October 2023 Led the Surge

• April 2024:

  3,963 buy orders, driven by gold’s historic breakout above its previous all-time high in USD and silver’s substantial rise out of its trading channel.

• October 2023:

  3,584 buy orders were placed, spurred by geopolitical tensions following the Hamas-led attack on Israel on October 7, 2023. The resulting uncertainty increased gold by around 7.3%, increasing demand as investors sought safe-haven assets.

These months underscore the influence of global events and market movements on investor behavior.

Silver – The Overlooked Yet Outstanding Performer

• Gold gained 21.2% in FY 2024, capturing widespread media attention for hitting new record highs.

• Silver gained 28.2% in the same period yet attracted far less media coverage.

• Silver largely remained under the radar despite overshadowing gold in percentage terms, presenting significant opportunities for those who tracked its performance.

BullionStar Financials FY 2024 – Year in Review – Sales

Total Sales Revenue: SGD 423.5 million

Sales per Product Category

• Gold: 68.23%
• Silver: 30.1%
• Other Metals (mainly Platinum): 1.67%

This breakdown closely mirrors the distribution in FY 2023.

Gold Products

• Gold Bars: 85.99% of gold sales
• Gold Coins: 13.53% of gold sales
• Others (Numismatics, Jewellery, etc.): 0.48%

Within Gold Bars:

• 83%: Larger gold bars.
• 54%: 100g gold bars
• 29%: Good Delivery gold bars and 1kg gold bars
• Remaining 17%: Other sizes and products

Within Gold Coins:

• Canadian Gold Maple: 47% of gold coin sales
• UK Gold Britannia: 15.3% of gold coin sales

Silver Products

• Silver Bars: 88.55% of silver sales
• Silver Coins and Rounds: 11.19%
• Others (Numismatics, etc.): 0.26%

Within Silver Bars:

• 2%: 1kg silver bars
• 2%: LBMA Good Delivery silver bars
• Remaining 13.6%: Other sizes and products

Within Silver Coins:

• Canadian Silver Maple: 20.1% of silver coin sales
• Dragon-related Lunar Coins/Rounds: 14.9% of silver coin sales
• Others: Remaining percentage

Customer Orders

• Buy Orders: 38,515 (up 16.6% from 33,033 in FY 2023)

• Average Order Size: SGD 10,994.90 (down from SGD 11,913.37 in FY 2023)

• Median Order Size: SGD 1,001.01 (down from SGD 1,177.39 in FY 2023)

As a global bullion dealer, BullionStar recorded sales from customers in 102 countries during FY 2024. Since our launch in 2012, we have served customers in over 130 countries.

Website Traffic

BullionStar.com Visits: 3,703,049 (a 21.5% increase compared to FY 2023), demonstrating increased consumer interest in precious metals

BullionStar Launches Live Auctions

We launched BullionStar Auctions to provide customers with opportunities to bid on overstocked bullion and rare, collectible items.

Our innovative approach has allowed customers to secure deals on highly sought-after collectibles at exceptional value—often below retail prices and at significant discounts.

• Since October 2024:
• Over 63,000 bids placed
• 700 auctions concluded

Two Main Auction Categories

Bullion Auction Deals

• Overstocked bullion inventory
• Low premiums and significant discounts
• Potential to win at prices below spot

Rare & Exclusive Auctions

• Historical coins, rare collectibles, and limited-edition releases
• Ideal for investors and collectors seeking unique opportunities

Visit now to browse our exclusive auction items. Seize your chance to find unique deals and rare treasures—you won’t want to miss this opportunity!

Previous Financial Reports

BullionStar Financials FY 2023 – Year in Review
BullionStar Financials FY 2022 – Year in Review
BullionStar Financials FY 2021 – Year in Review
BullionStar Financials FY 2020 – Year in Review
BullionStar Financials FY 2019 – Year in Review
BullionStar Financials FY 2018 – Year in Review
BullionStar Financials FY 2017 – Year in Review
BullionStar Financials FY 2016 – Year in Review
BullionStar Financials FY 2015 – Year in Review