(Kitco News) -
The Royal Canadian Mint announced its financial results for the third quarter of 2022 last week, which showed a 14% increase in gold bullion volumes compared to Q3 2021.
Gold bullion volumes increased by 43.9 thousand ounces to 354.3 thousand ounces from the previous year’s 310.4 thousand ounces. At the same time, silver bullion volumes decreased 2% to 9.6 million ounces compared to the 9.8 million ounces seen in Q3 of 2021.
Revenue from their precious metals businesses decreased to C$687.2 million in 2022, down from C$757.9 million in Q3 2021. “Bullion Products and Services net revenue decreased 10% and 9% during the 13 and 39 weeks ended October 1, 2022 respectively,” they wrote, noting that the decreases “were mainly due to lower volumes of silver products sold, lower gold and silver pricing and an increase in customer inventory deals.”
Sales of numismatic products were consistent quarter over quarter at C$24 million.
The Mint’s overall financial results for the third quarter of 2022 were below 2021 levels, which they said was expected “given the exceptional performance seen in 2021, and planned operational maintenance in 2022.”
Compared to 2021, the Mint had 10% lower revenue while overall profitability decreased quarter-over-quarter “from lower foreign circulation volumes and higher planned operating expenses.”
They wrote that they are still on pace to exceed their financial goals for 2022.
“As market conditions evolve, the Mint continues to demonstrate the effectiveness of its business strategy and its ability to deploy its resources to be as responsive as possible to adapt to forecasted and unforeseen shifts in market conditions and customer demand,” said Marie Lemay, the Mint’s President and CEO.
