A Year of Pivot for RCM, as Bullion Sales Boom, But Coins Decline

The Royal Canadian Mint (RCM) has announced its financial results for 2020. Overall, sales were boosted by 74% due to booming demand for gold bullion products. However, the increased revenue was matched by increased costs, so did not result in a corresponding increase in profit. Instead, profits were lower by 35% due to lower revenues from other parts of the business, among them circulating coins.

2020 was described in the RCM’s annual report as a ‘The Year of the Pivot’. This was reflected in the rapid readjustment to meet the 100% increase in demand for gold bullion and 30% increase in silver bullion as people turned to the precious metals as a secure investment. At the same time, the RCM suspended production for a period and put in place various pandemic measures (which resulted in it being named Canada’s safest employer in 2020).