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(Kitco News) – The Royal Canadian Mint announced its financial results for the third quarter of 2022 last week, which showed a 14% increase in gold bullion volumes compared to the third quarter of 2021.
Gold bullion volumes increased by 43.9 thousand ounces to 354.3 thousand ounces from 310.4 thousand ounces a year earlier. At the same time, silver bullion volumes fell 2% to 9.6 million ounces from the 9.8 million ounces seen in the third quarter of 2021.
Revenues from their precious metals business decreased to C$687.2 million in 2022 from C$757.9 million in the third quarter of 2021. “Bullion Products and Services net revenues were down 10% and 9% in the 13 and 39 weeks ended October 1, 2022 respectively,” they wrote, noting that the declines “were primarily due to lower volumes of silver products sold, lower gold prices and money and an increase in customer inventory transactions”.
Numismatic product sales were consistent quarter over quarter at C$24 million.
The Mint’s overall financial results for the third quarter of 2022 were below 2021 levels, which they said was expected “given the exceptional performance seen in 2021 and the expected operational continuation in 2022.”
Compared to 2021, the Mint posted 10% lower revenue, while overall profitability declined quarter-over-quarter “due to lower overseas circulation volumes and higher planned operating expenses”.
They wrote that they were still on course to exceed their financial targets for 2022.
“As market conditions evolve, the Mint continues to demonstrate the effectiveness of its business strategy and its ability to deploy its resources to be as responsive as possible to adapt to anticipated and unanticipated changes in market conditions. market and customer demand,” said Marie Lemay, President and Chief Executive Officer of the Mint.
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The article is in French
. mint royal canadian sees the volumes bullion gold increase slide annual third quarter