Royal Canadian Mint sees gold bullion volumes increase 14% YoY in Q3 2022
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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.
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.
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