Precious Metals

Canadian bullion sales report shows mixed results in 2022

In 2022, the Royal Canadian Mint created a gold Maple Leaf from gold mined from a single source, a mine in Nunavut. A privy mark helps distinguish these coins from other gold Maple Leaf $50 coins.

Images courtesy of the Royal Canadian Mint.

The Royal Canadian Mint’s bullion sales were essentially stable, or flat, in 2022, according to the annual report released May 9.

Gold bullion sales were slightly up that year, but sales of Maple Leaf silver bullion coins were down, essentially canceling out the gains. And lower precious metal prices year-over-year led to lower revenue figures, according to the RCM.

The RCM sold 1,489,700 ounces of gold Maple Leafs in 2022, compared to 1,470,500 ounces in 2021, a 1% increase. Sales of silver Maple Leafs in the same periods were 37.1 million ounces (2022) versus 37.7 million ounces in 2021, a 2% drop.

Overall revenue from Precious Metals businesses decreased to $3,124,300,000 in 2022, compared to $3,348,200,000 in 2021, a 6.7 percent decline ($223,900,000).

The financial results for 2022 were as expected, below 2021 levels, given the exceptional performance seen in 2021, and planned operational maintenance in 2022.

“Although the Mint was challenged by geopolitical events, inflation and supply chain disruptions, our One Mint strategy gave us the agility to adjust and respond effectively to our customers’ needs throughout 2022,” said Marie Lemay, president and CEO of the Royal Canadian Mint.

A highlight from 2022

A highlight from 2022 was the single-source gold Maple Leaf, the RCM said.

Using a “rigorous segregation protocol,” the RCM refined the Meliadine mine’s gold to produce a commercial volume of $50 1-ounce .9999 fine Maple Leaf gold bullion coins.

Almost the full production volume of those bullion coins was purchased by the Mint’s official distributors immediately after their launch.

Each single-sourced bullion coin features the privy mark of a hand cradling a globe.

Connect with Coin World:  
Sign up for our free eNewsletter
Access our Dealer Directory  
Like us on Facebook  
Follow us on Twitter

Community Comments