RCM sales of gold Maple Leafs up 14% last quarter
- Published: Nov 23, 2022, 9 AM
Sales of Maple Leaf gold coins at the Royal Canadian Mint are up, according to the latest quarterly report from the RCM, released Nov. 18.
Sales during the third quarter of fiscal year 2022, which ended Oct. 1, were 14% higher than in the same period the previous year.
The RCM sold 354,300 ounces of gold during that 13-week period, compared to 310,400 ounces in the comparable period a year ago.
Silver bullion sales for the same period were down 2%, to 9.6 million ounces (compared to 9.8 million during that stretch of 2021).
Despite higher sales volumes, weaker metal prices pushed revenue from precious metals businesses down to $687.2 million Canadian in 2022 (compared to $757.9 million in 2021).
The precious metal business includes refining, storage, and metal bar production and is not limited to Maple Leaf sales.
Sales of numismatic products were almost flat quarter over quarter at $24.4 million, according to the RCM, compared to $29.9 million in the comparable period last year.
Revenue from Canadian coin circulation products and services increased 27% quarter over quarter from Canadian coin production.
Much lower revenue from international coinage business led to a stark drop in revenue, to $41.5 million in 2022 (compared to $53.7 million in 2021, an almost 23% drop). Revenue from Foreign Circulation business decreased 58% quarter over quarter due to lower volumes in 2022 compared to 2021.
Overall revenue decreased 10.2 percent, to $728.7 million in 2022 (in 2021 it was $811.6 million).
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