Why is Antam’s gold stock empty?

Jakarta, Pintu News – The price of PT Aneka Tambang Tbk (Antam) gold bars has risen sharply from early 2025 to early 2026, but at the same time many consumers have complained that stocks are often empty at authorized boutiques, Pegadaian, and certain gold shops.

In a number of areas, from Bali to Palembang, consumers have found that Antam gold has run out even when prices are high or even when prices are falling. This condition raises the question: is Antam short of production, or are there other factors behind the difficulty of finding gold bars with the Garuda logo?

Surging Demand Amid Price Rally

Antam’s performance data shows that gold bar sales reached 37,406 kg throughout 2025, a significant increase compared to the previous year and one of the highest records in recent years. This increase was in line with the trend of surging global and domestic gold prices, which encouraged households and retail investors to flock to secure assets in the form of physical gold.

In Bali, for example, Pegadaian noted that demand for gold skyrocketed in early 2026, while Antam’s gold stocks were admittedly empty amid a sharp upward trend in prices. This “gold fever” phenomenon makes the stock that enters the outlets quickly absorbed by the market.

The situation was similar in other cities, including Palembang and a number of areas in Java, where authorized outlets and Gallery 24 reported stock-outs of precious metals due to extreme demand. Even when prices fell, many customers took advantage of the momentum to increase their holdings, resulting in a rapid depletion of stocks.

Local media noted that customers often arrive early in the morning to find popular denominations, such as 1 gram and 5 gram, sold out within hours. This strong demand is one of the main factors why Antam’s gold shelves seem to be constantly “empty” to the public.

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Antam’s Stock Policy and Working Capital Limitations

Another cause that often goes unnoticed is Antam’s own stock policy and working capital. Quoted from Sindonews, Antam’s President Director, Achmad Ardianto, explained in a meeting with the House of Representatives that the company does not accumulate large gold inventories due to limited working capital and price risks.

Gold bullion stock, according to him, is highly dependent on the ordering system; once the product is stored without sales certainty, Antam is exposed to the risk of price fluctuations that could hurt the balance sheet. This means that Antam tends to keep inventory thin and replenish stock based on actual demand.

On the other hand, the process of procuring gold raw materials is not always smooth. Antam’s management revealed that the scarcity had been exacerbated by delays in sourcing activities, including import difficulties in certain months.

There is no obligation for other mining companies in the country to sell their products to Antam, so domestic supply does not automatically flow to the company’s precious metals factory. The combination of limited working capital, minimal stock policy, and supply constraints makes it difficult for Antam to replenish stock quickly when demand surges.

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Limited Distribution and Switching to Other Brands

Stock limitations are also reflected on the retail distribution side. In some regions, media reports indicate that only certain denominations are available at Precious Metal boutiques, while popular sizes such as 1 gram or 5 grams are often empty and must be ordered in advance.

Pegadaian and the Galeri 24 network have even emphasized that the shortage of Antam gold does not mean that gold bars have disappeared completely; they still provide other brands such as UBS and Galeri 24, which have relatively more stable stocks. This indicates that the limitations are more specific to the Antam brand, not to gold bullion products in general.

This condition encourages some consumers to temporarily switch to other brands with equivalent gold content when Antam gold is difficult to obtain. In Denpasar, for example, some gold shops offer alternative brands when Antam stocks are limited, although prices may vary slightly.

For retail investors who focus on grade and authenticity, these brand differences are not a big deal as long as there is an official certificate. But for those who prioritize liquidity and brand awareness, Antam’s scarcity still causes disappointment and encourages the perception that “stocks are always empty”.

Conclusion

In summary, Antam’s often empty gold stocks are due to a combination of three main factors: a surge in retail demand amid a price rally, a thin inventory policy due to limited working capital and price risk, and uneven distribution across its network of boutiques and sales partners. On the surface, empty shelves are easy to interpret as “Antam is running out of gold”, when in aggregate sales volumes are actually at record levels.

In the short term, consumers can consider alternative brands of equivalent grade, while monitoring Antam’s availability through official channels. In the long term, Antam’s success in optimizing production, supply and distribution will largely determine whether the “Antam gold stock is empty” complaint will continue to recur or finally subside.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BaliPost. Gold Prices in Bali Soar, Antam Stock is Empty. Accessed February 6, 2026
• SindoNews. Investigating the Causes of Antam’s Empty Gold Stock at Precious Metal Boutiques. Accessed February 6, 2026
• Featured Image: Issuer News