Gold

Gold-backed ETFs see six-year-high demand

SINGAPORE (Aug 13): Global demand for gold-backed Exchange Traded Funds (ETFs) hit a six-year high in 2Q19 ended June, growing 67.2 tonnes to hit 2,548 tonnes.

Year on year, gold-backed ETF demand was double from the 33.8 tonnes bought in 2Q18, according to the Gold Demand Trends report for 2Q19 which was released on Aug 1 by the World Gold Council.

Central banks counter economic jitters the golden way

(June 17): It appears that all that is gold glitters now, with more central banks, exchange-traded funds (ETFs) and consumers buying the precious metal. Gold accumulation by central banks and other institutions rose 68% y-o-y in 1Q2019. Recent data from the World Gold Council (WGC) shows that central banks’ net purchases of gold totalled 145.5 tonnes for 1Q2019 — the strongest 1Q purchase since 2013, during which 179.1 tonnes were bought.

Central banks counter economic jitters the golden way

(June 17): It appears that all that is gold glitters now, with more central banks, exchange-traded funds (ETFs) and consumers buying the precious metal. Gold accumulation by central banks and other institutions rose 68% y-o-y in 1Q2019. Recent data from the World Gold Council (WGC) shows that central banks’ net purchases of gold totalled 145.5 tonnes for 1Q2019 — the strongest 1Q purchase since 2013, during which 179.1 tonnes were bought.

Categories: 

CNMC Goldmine announces near-trebling of 1Q earnings to $1.9 mil on higher gold output

SINGAPORE (May 14): CNMC Goldmine Holdings posted earnings of US$1.4 million ($1.9 million) for 1Q19, the group’s highest quarterly profit attributable to shareholders since 3Q16, and nearly triple of its earnings of US$0.5 million a year ago.  

The bottomline growth was largely attributed to a rise in gold output as the group’s flagship Sokor project in Kelantan, Malaysia, generated economies of scale.

Gold opens 2019 with fanfare amid growth concerns as copper sags

(Jan 3): Gold futures rose, extending their best quarterly rally in more than a year as concern over China’s economic outlook weighed on global equities and industrial metals.

CNMC Goldmine's dual listing plans rejected by Hong Kong Stock Exchange

SINGAPORE (Dec 24): CNMC Goldmine Holdings says plans for a dual primary listing in Hong Kong has been rejected by the Mainboard of the Hong Kong Stock Exchange (HKSE).  

This comes after the group’s application was reviewed by the exchange’s listing committee and ultimately, deemed unsuitable as CNMC’s market capitalisation failed to meet the requisite minimum of sum of HK$500 million ($87.7 million).

As at Dec 14, CNMC’s shares closed at 19.8 cents with a market cap of $80.7 million or about HK$458 million.

ValueMax reports 25.3% rise in 1Q earnings to $6.2 mil

SINGAPORE (May 9): ValueMax reported earnings of $6.2 million for the 1Q18 ended March, up 25.3% from $4.9 million in 1Q17 on higher other operating income.

Revenue for the quarter fell 6.5% to $57.2 million from $61.1 million previously due to lower revenue from its retail and trading of jewellery and gold business, although this was offset in part by higher revenue from the group’s pawnbroking and moneylending businesses.

In line with the revenue decrease, cost of sales fell 12% to $44.9 million from $51.1 million in 1Q17.

CNMC Goldmine's Sokor project upgraded to 724,000 oz of gold resource

SINGAPORE (Mar 22): CNMC Goldmine announced that a recent independent review has estimated that its Sokor flagship project in Kelantan, Malaysia, contains 724,000 ounces (oz) of JORC-compliant gold resource in the ground, the highest on record since the group started exploration in 2007.

The assessment made by Australia-based Optiro as at Dec 16 2017 was 16% more than the 623,000 ounces of gold it estimated at the Sokor gold field at the end of 2016, even after taking into account the ore depleted during 2017.

Technology is modernising China’s Lunar New Year holiday

BANGKOK (Feb 15): In many ways, China’s Lunar New Year holiday is America’s Thanksgiving, Christmas and Independence Day all rolled into one.

Millions of Chinese take planes and trains to make the journey home (or abroad) to visit family and friends. Copious amounts of food are shared and gifts are exchanged as people ring in the first days of the moon’s new cycle with fireworks to ward off bad spirits.

Buying into a gold revival

Under the classical gold standard, bank notes were backed by gold and could be freely converted to gold at a fixed price. In 1973, the year that the US dollar came off the gold standard, the currency was converted to gold at US$35 per oz. The last major currency to come off the gold standard was the Swiss Franc, in 2000. Today no major currency is on the gold standard.

Be informed of the stories that matter