Tag: Perth Mint

Perth Mint client holdings top $5b PERTH Mint’s client holdings has topped $5b amid share market volatility resulting from the coronavirus outbreak. The amount equates to almost 50t of fine gold and 1020t of fine silver that Perth Mint is managing for its clients. Perth Mint chief executive Richard Hayes said investors are looking to gold as a safe haven asset to protect their wealth. “We expect fears about COVID-19 and its impact on the world economy could support the price of gold into the foreseeable future,” he said. “We refine more than 90pc of Australian’s newly mined gold and in excess of 10pc of global production. “The increased demand for precious metals is welcome news for a vital sector...

BY ELIZABETH FABRI   THE gold price may have slumped; but this hasn’t dampened the spirits of Australian gold producers with the big players posting record profits, and a new cohort of conglomerate-focused explorers making moves in the Pilbara.   In January gold prices were hovering at a peak of $US1362 per ounce on the back of a turbulent year for US politics and weakening US dollar. Australian gold producers, which benefit strongly from the AU/US exchange rate, were widely optimistic for the year ahead. But over the last eight months, gold prices have taken a dive, plummeting to lows of $US1176/oz mid-August, in line with a rising US dollar and inflation-adjusted interest rates. Australia’s biggest gold players weren’t complaining...

Image: Gold Industry Group BY ELIZABETH FABRI WHILE the price had not yet returned to 2016 highs of $US1357 per ounce, on 11 August the price recorded a two month high of $US1289 – about $A1620 -- leaving many miners optimistic for the year ahead. At last month’s Diggers and Dealers conference, more than 2100 miners, investors and service companies touched down at one of Australia’s oldest gold towns, Kalgoorlie, WA, to celebrate the industry across three days of informative sessions, networking events (and late night soirees). While many commodities were covered across the forum, it was gold that dominated discussion with many conversations had on and off-site on the commodity’s ‘comeback’ amid a weaker US dollar, and war of...