The price of gold has fallen from its all-time high March 8th, but the Royal Mint, the U.K.’s oldest precious metals company (PMs), saw record profits in the past 12 months. The Royal Mint’s annual earnings reveal that the firm has enjoyed the highest profits in 12 years, with PMs representing 86.7% of the Royal Mint.
According to the Royal Mint’s recent profits over the past 12 months, the price of precious metals has risen dramatically. The official supplier of coinage in the United Kingdom and a limited company owned entirely by His Majesty’s Treasury, recently published data on the firm’s annual revenues and sales. According to the report, the Royal Mint had $1.33 billion in sales during the fiscal year. 86.7% of Mint’s total revenue was derived from PMs.
“As coin use declines, Royal Mint’s profit was driven entirely by its consumer sales divisions for the 2nd consecutive year, helping the business as well as preserving jobs for the future,” stated the Royal Mint in its annual report.
The Royal Mint’s annual earnings are based on Ash Kundra , a U.K.-based PMs broker. Noted that on October 1, the company ran out of physical bullion bars and coins due to high demand. Ash Kundra stated that PMs demand was a result of the U.K.’s fiat currency, the pound sterling (GBP) falling in value against the U.S. dollars. The GBP has fallen 14.46% over the past six months as of the time of writing.
The Royal Mint also sold commemorative coins made of precious metals to the United States. This year, it experienced a 62% increase in sales.
According to the PMS supplier, it had “record numbers” of investors in the past 12 months. The Royal Mint’s business opportunities are evolving.
The Royal Mint’s annual report states that “[The Royal Mint] has seen U.K.’s oldest manufacturer successfully develop into a consumer brand expanding into precious metals investment products, the sale of historic coins, jewellery and luxury collectibles.”
The Spot Value of Gold and Silver has declined since 2022’s Highs. King Charles III Coinage Soon
There has been lots of demand for gold and silver. However, the price per troy ounce of these metals has fallen against the U.S. Dollar over the past 220 days. The $2.048 per troy ounce was the highest-ever U.S. dollar gold price.
Silver’s value per ounce at that time was $26.37/ounce. Since then, silver has experienced a 30% drop in its USD value. Royal Mint reports that in 2023, the company will open a facility that can recover gold from electronic components and other waste.
The Royal Mint stated that, in addition to the U.K. coins currently in circulation, following the passing of Queen Elizabeth in September, they plan to produce coinage featuring the effigy of King Charles III.
According to banks and post offices, the first coins bearing His Majesty King Charles III’s effigy will be in circulation. Anne Jessopp, CEO of the Royal Mint, stated that this means that the coins of King Charles III (and Queen Elizabeth II) will be co-circulated in the UK for many more years.”