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.
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.
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.
What do you think about the Royal Mint’s record profits stemming from increased demand for precious metals like gold and silver? Let us know what you think about this subject in the comments section below.
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.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: David J. Mitchell / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
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.
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.
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.
What do you think about the Royal Mint’s record profits stemming from increased demand for precious metals like gold and silver? Let us know what you think about this subject in the comments section below.
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.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: David J. Mitchell / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
Xrp rebounded from recent drops in price on Friday, as the token surged by nearly 10% in today’s session. Cosmos was another notable gainer, as it snapped a four-day losing streak. Overall, cryptocurrency markets were mostly higher, with the global market cap up nearly 5% as of writing.
XRP was one of today’s big gainers, as prices of the token rose by nearly 10% earlier in today’s session.
Following a low of $0.4380 on Thursday, XRP/USD raced to an intraday peak of $0.5117 during the day.
Yesterday’s drop saw the token slip to a ten-day low, which was marginally below a floor of $0.4460.
As of writing, XRP is now trading at its highest point since Monday, when prices were above a key resistance point of $0.5280.
Looking at the chart, today’s surge comes as the 14-day relative strength index (RSI) rose beyond its own ceiling at 57.00.
Currently, the index is tracking at 58.07, with bulls seemingly targeting a higher resistance of 60.00.
Cosmos (ATOM) was another notable gainer on Friday, as the token rebounded from a four-day losing streak.
The world’s twenty-second largest cryptocurrency climbed to a high of $12.24 earlier in the day.
Friday’s peak saw ATOM/USD almost 12% higher than the low from the previous day of $10.80.
As a result of Thursday’s drop, ATOM fell below its floor at the $11.90 point, however bulls reentered the market at this point, as this typically has happened at this mark.
The 10-day (red) moving average is now nearing its 25-day (blue) counterpart, which could trigger a potential upwards crossover.
As of writing, the RSI is moving closer to a resistance of 43.00, which could be the main hurdle for potential bulls looking to enter the market.
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Could cosmos hit $13.00 this coming weekend? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
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