While the price of gold has dropped in value from the asset’s all-time high on March 8, the U.K.’s oldest precious metals (PMs) company, the Royal Mint, saw record profits over the last 12 months. In fact, the Royal Mint’s annual earnings show the firm has seen the highest profits in 12 years, with PMs accounting for roughly 86.7% of the Royal Mint’s revenue.
Royal Mint Prints Record Profits During Last 12 Months
Precious metals demand has skyrocketed, according to the recent annual profits accrued by the Royal Mint over the last 12 months. The official coinage supplier of the United Kingdom, and a limited company wholly owned by His Majesty’s Treasury, recently published the firm’s annual revenue and sales data. The report notes that the Royal Mint saw $1.33 billion in sales over the fiscal year and 86.7% of Mint’s total revenue derived from PMs.
“It is the second consecutive year that the Royal Mint’s profit has been driven entirely by its consumer-facing divisions as the use of circulating coin declines — helping to safeguard the business and employment for the future,” the Royal Mint said in its annual revenue report.
The Royal Mint’s annual earnings follow the U.K.-based PMs dealer Ash Kundra noting on October 1, that the firm ran out of physical gold coins and bars over significant demand for bullion. Ash Kundra cited that the recent PMs demand stemmed from the U.K.’s fiat currency declining in value, the pound sterling (GBP), against the U.S. dollar. At the time of writing and over the last six months, the GBP is down 14.46% against the greenback.
The Royal Mint also sold commemorative precious metal coins to the United States and this year it saw a 62% rise in sales. The PMs supplier said it “saw record numbers” of investors over the last 12 months and the Royal Mint’s business opportunities have evolved.
“[The Royal Mint] has seen the U.K.’s oldest manufacturer successfully evolve into a consumer brand, expanding into precious metals investment products, the sale of historic coins, jewellery, and luxury collectibles,” the Royal Mint’s annual report declares.
Gold and Silver Spot Value Declines Since 2022’s Price Highs, King Charles III Coinage Coming Soon
While there’s been a lot of demand, the price of gold and silver per troy ounce has dropped against the U.S. dollar during the last 220 days. On March 8, the nominal U.S. dollar value of gold per troy ounce reached a lifetime high at $2,048 per ounce.
On that day, silver’s price per ounce was $26.37 per ounce and since then, silver has lost more than 30% in USD value. The Royal Mint’s report further notes that the company is launching a facility that recovers gold from electronics components and other types of waste in 2023.
In addition to the current U.K. coins in circulation, and following Queen Elizabeth’s passing in September, the Royal Mint explained the company plans to produce coinage that features the effigy of King Charles III.
“The first coins bearing the effigy of His Majesty King Charles III will enter circulation in line with demand from banks and post offices. This means the coinage of King Charles III and Queen Elizabeth II will co-circulate in the UK for many years to come,” the Royal Mint’s CEO Anne Jessopp said in the annual report.
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Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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