Robust demand for gold and silver coins and bars powered a record financial performance for The Royal Mint of the United Kingdom during its latest fiscal year, with revenues hitting $1.4 billion British Pounds, up 33 percent from the year-ago period.
Precious metals demand increased in the UK, across Europe, and in the United States, where sales jumped 62 percent. The Mint earned a record pre-tax profit of 18 million pounds, its largest profit since becoming a limited company in 2010.
The Royal Mint sells gold, silver, and platinum commemorative coins and bars, and produces circulating coins. It made 339 million circulating coins for the UK during the fiscal year, and 1.5 billion coins and blanks for 22 countries around the globe. The circulating coin business, though has been on the decline as fewer people pay for goods with cash. So, it was The Royal Mint’s sales of precious metals to an expanding consumer base that were entirely responsible for a record pre-tax profit of 18 million pounds.
“There has been significant growth in the numbers of women and young people who have been investing in precious metals. A lot of women want to invest in gold but do not know anything about it, so we have been helping them to get started,” said Anne Jessopp, Chief Executive of The Royal Mint. “We have also seen more parents and grandparents gift gold for children, each birthday for example, allowing them to accumulate savings from an early age.”
The Royal Mint is owned by the British Treasury and pays out a dividend to the government each year on its profits.