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Demand for silver bullion coins remained strong, surging late in the year. Almost 44 million ounces of gold, silver, and platinum bullion were sold in FY 2016, a slight decrease from the record-setting 49 million ounces sold in FY 2015.
In FY 2016, the Mint sold 45,163,000 ounces of bullion, down 4,585,000 ounces (9.2%) from the previous, record-breaking year. Revenue from the bullion program dropped from FY 2015’s $2,126.1 million to $2,085.3 million—a decrease of 1.9%. Net income for FY 2016 was $55.3 million, down 9.3% from $61 million.
Gold Bullion—Gold-bullion sales stayed flat compared to FY 2015, coming in at 1,018 thousand ounces. This includes a 1.1% increase in American Gold Eagle ounces and a 4.3% drop in gold Buffalo ounces. Revenue from gold bullion increased overall by 3.7%, to $1,277.9 million, thanks to a 5.5% increase in AGE revenue. Gold Buffalo revenue, however, dropped by 3.2%. From a net-income perspective, gold bullion decreased $1.2 million (4.6%), thanks to a $0.9 million (4.1%) drop in AGE earnings. Gold Buffalo earnings fell by $0.3 million (6.7%).
Silver Bullion—Silver-bullion sales dropped by 9.4%, to 44,125,000 ounces. American Silver Eagle sales, in particular, fell by 11.3% compared to 2015. Net income from silver bullion decreased by 10.8%, thanks to a $4.1 million drop in ASE earnings—this despite a $0.3 million (37.5%) increase in earnings for America the Beautiful 5-ounce silver bullion coins. The better part of ATB sales came from the year’s first issue, the Shawnee National Forest coin. Shawnee’s sales (525,000 ounces) were the highest for any single ATB 5-ounce coin since the 2011 Glacier National Park and Gettysburg Military Park issues (at 633,500 ounces each). ASE revenue was down by $120.2 million (13.7%) in FY 2016, while ATB revenue was up by $14.1 million (91%). The overall effect was an 11.9% decrease in silver revenue for the year.
Platinum Bullion—According to the annual report, the Mint was able to resume production of platinum bullion in FY 2016 because it finally found a supplier of platinum that could meet the Mint’s delivery requirements. (Prior to 2016, the Mint had not produced an American Eagle Platinum coin since the spring of FY 2014.) The resulting APE coins sold out entirely, with more than 17,000 units being sold within the first 24 hours of their release. The 20,000 ounces of platinum bullion sold generated $22.6 million in revenue, but a net loss of $1.1 million.
http://mintnewsblog.com/u-s-mint-releases-annual-report-for-fy-2016/