The United States Mint’s bullion program saw a rise in sales volume but a decrease in revenue during the fiscal year ending on September 30, 2023.
Increase in Sales Volume
Compared to FY 2022, the United States Mint reported sales of 22,009,000 ounces of all gold, silver, and platinum bullion products combined, marking a significant 24.5% increase. This growth was driven primarily by the surge in sales of bullion American Silver Eagles, which saw a 30% rise from the previous year. However, other bullion coins experienced declining volumes during this period.
Revenue Decline
Despite the rise in sales volume, the total revenue from bullion for FY 2023 declined to $3.266 billion, reflecting a decrease of $481.5 million, or 12.8%, from the previous year. Net earnings from bullion also dropped by $12.7 million, or 15.5%, to $69.2 million compared to the previous year.
Insight on U.S. Mint Bullion Program
The U.S. Mint sells bullion coins to a network of official distributors called “authorized purchasers,” who then make these coins available to the public after determining prices based on the market value of the metals plus a fixed or percentage markup. The Mint’s bullion products include American Gold Eagles, American Gold Buffalos, and American Platinum Eagles. Some years also feature American Palladium Eagles but were excluded in 2023.
2022 – 2023 U.S. Mint Bullion Sales Volume
(ounces sold in thousands)
| 2022 | 2023 | Change | |
| American Gold Eagles | 1,246 | 988 | -20.7% |
| American Gold Buffalo | 464 | 375 | -19.2% |
| American Silver Eagle | 15,875 | 20,633 | 30% |
| American Platinum Eagle | 80 | 13 | -83.8 |
| American Palladium Eagle | 9 | – | – |
| ATB Silver | – | – | – |
| Total | 17,674 | 22,009 | 24.5% |
Insight: The increase in sales volume for American Silver Eagles may be attributed to various factors, such as investor demand for silver as a safe-haven asset during uncertain economic times or a shift in preference towards silver over gold among collectors.
Revenue and Sales Performance
While American Gold Eagles and American Gold Buffalos experienced a decline in demand and revenue, American Silver Eagle sales surged by 30% to 20,633,000 ounces, leading to a 35% revenue increase to $548.5 million. On the other hand, American Platinum Eagle demand plummeted, resulting in a revenue drop of 83.1% to $14.3 million.
2023 Bullion Coins Revenue, Cost, and Net Income
(dollars in millions)
| Gold Eagle | Gold Buffalo | Silver Eagle | Platinum Eagle | Palladium Eagle | ATB Silver | Total | |
| Sales Revenue | $1,965.1 | $738.1 | $548.5 | $14.3 | – | – | $3,266 |
| Gross Cost | $1,923.2 | $721.9 | $532.5 | $18.9 | – | $0.3 | $3,196.8 |
| Net Income | $41.9 | $16.2 | $16.0 | ($4.6) | – | ($0.3) | $69.2 |
| Net Margin | 2.1% | 2.2% | 2.9% | (32.2%) | – | – | 2.1% |
2022 Bullion Coins Revenue, Cost, and Net Income
(dollars in millions)
| Gold Eagle | Gold Buffalo | Silver Eagle | Platinum Eagle | Palladium Eagle | ATB Silver | Total | |
| Sales Revenue | $2,366.2 | $871.2 | $406.4 | $84.8 | $18.9 | – | $3,747.5 |
| Gross Cost | $2,311.7 | $852.6 | $399.6 | $83.8 | $17.9 | – | $3,665.6 |
| Net Income | $54.5 | $18.6 | $6.8 | $1.0 | $1.0 | – | $81.9 |
| Net Margin | 2.3% | 2.1% | 1.7% | 1.2% | 5.3% | – | 2.2% |
The average daily spot prices of gold, silver, and platinum all saw increases during FY 2023, which could have influenced buying behavior in the bullion market.