The U.K.’s Royal Mint, established in the 13th century, said first-quarter gold-coin production slipped 18 percent from the previous three months.
The mint used 28,939 ounces of gold, compared with 35,113 ounces in the fourth quarter of 2010, according to data obtained by Bloomberg News under a Freedom of Information Act request.
Gold advanced to a record $1,478.18 an ounce on April 11 as investors sought to protect their wealth amid concerns inflation will accelerate and as governments debase paper currencies.
The metal for immediate delivery averaged about $1,388 in the first quarter from $1,370 in the prior three months. Gold was at $1,467.07 an ounce by 4:14 p.m. in London. It has risen for 10 straight years, the longest run since at least 1920.
The U.K. mint used 208,468 ounces of silver in the first quarter, up 22 percent on the 170,251 ounces in the prior three months. Silver averaged $31.97 an ounce in the first quarter.
The mint moved to Llantrisant in Wales from London’s Tower Hill in 1968. It makes coins including the 22-carat 2011 U.K. Sovereign Proof, weighing 7.99 grams (0.26 ounce) and costing 375 pounds ($611), the state agency’s website shows.
A 22-carat coin has a 91.6 percent gold content, according to the World Gold Council.
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