Australia’s largest precious metals event and the peak body of the country’s gold sector have come together in partnership at a time when enthusiasm for precious metals is at its highest in several years.
With many gold companies’ share prices having doubled and the Australian dollar gold price nudging record highs, the organiser of the Precious Metals Investment Symposium, Kerry Stevenson, says: “Our collaboration with the Gold Industry Group is a fantastic way to show the strength of the industry and its importance to Australia’s economy.
The Premier of Western Australia, the Honourable Colin Barnett MLA, today unveiled the world’s first coin to feature a significant red diamond from Rio Tinto’s iconic Argyle Diamond Mine.
A world exclusive from The Perth Mint, the Kimberley Treasure coin is the only coin in its class.
Valued at $1million, the breathtaking collectable has been crafted from one kilogram of 99.99% pure gold, and features a radiant 0.54 carat red diamond unearthed from the famed outback mine in the East Kimberley region of Western Australia.
Stock to flow is arguably the most important concept for investors to understand in order to appreciate why gold is not a ‘commodity’, but rather a monetary metal.
Stock to flow is calculated simply by dividing the total existing supply of a particular commodity by the annual production of that commodity.
Last month Gold Industry Group member ABC Bullion launched its Gold Saver; a direct debit savings plan linked to physical gold and silver assets.
The ABC Bullion Gold Saver works like a traditional savings account but instead of saving in Australian dollars, funds are invested in gold or silver.
In our last article on gold supply, we mentioned that one needs to be careful applying conventional commodity supply/demand analysis to gold.
Unlike many commodities, the share of industrial uses is very small, less than 10%. Most gold demand is either jewellery or investment of one sort or another.
The recent success of a grant funding application caused quite a whirl at the WA Centre for Rural Health (WACRH). The Mount Magnet team are in receipt of a Fender Blender Smoothie Bike.
Early this year WACRH applied for funding through the Shire of Mount Magnet’s Ramelius Resources Gold Community Benefit Fund to co-purchase a blender bike.
This new fund has generously been made available by local gold mining company Ramelius Resources to the Mount Magnet local community for the next three years.
Last week the Gold Industry Group held its inaugural industry networking event at the historic Perth Mint. The event was attended by the Minister for Mines and Petroleum, Honourable Sean L’Estrange MLA, and 90 members and industry colleagues to discuss the future of Australia’s gold industry and the vision of the Group.
Perth Mint Chief Executive Officer and Gold Industry Group Chairman Richard Hayes spoke about the importance of the Group and what it can achieve collectively.
When looking at any commodity, mine supply is an important factor into the overall supply/demand balance. The cost involved in getting a mine into operation can mean that they will continue to operate and produce their commodity at a consistent rate as long as the market price is above cash costs. The time involved in finding and building a mine can mean that increases in price do not result in new supply immediately coming into the market – often that occurs years later.
Founding Gold Industry Group member Doray Minerals announced its first gold pour at their Deflector Gold Project in the southern Murchison region of Western Australia today.
Approximately 14 months after the completion of the takeover of Mutiny Gold in March 2015, construction of the new, purpose-built 480,000tpa processing plant recently achieved Practical Completion, on schedule, with mineralised material now being fed through the plant and resulting in production of the first gold bars from the gravity circuit.
Gold Industry Group founding member and leading Western Australian gold developer and explorer Gold Road Resources made one footy-mad 12-year old from the remote Cosmo Newberry Aboriginal Community dream come true on the weekend, winning the trip of a lifetime to Melbourne.
Kayshun Murray won a competition, sponsored by Gold Road and open to all children of Yilka descent, in which they were asked to draw a picture or write a story summarising “what Australian Rules football means to me”. Kayshun’s winning entry was a picture describing football in relation to family, fitness and teamwork.
When you buy gold you become part of not insignificant community who hold over 6,000 million troy ounces. This is the amount of gold that research firms like Thomson Reuters GFMS estimate exists across the globe – around 187,000 tonnes worth $7.13 trillion dollars.
However, since people are unlikely to truthfully answer a telephone survey about how much gold they have (particularly if they store it at home), how do research firms come up with their estimate?
Doray Minerals Limited has announced it has entered into a farm-in Agreement with Rox Resources Limited to explore the highly prospective and underexplored Mount Fisher Gold Project which is located in the north-eastern Goldfields of Western Australia.
The Mt Fisher farm-in represents another strategic exploration project for Doray, with a large contiguous land package over an underexplored greenstone belt with already identified gold mineralisation, and adds to its highly prospective Horse Well JV and Western Gawler farm-in in South Australia.
Most people are familiar with the primary uses of gold; as a currency, in the creation of coins and bars, and as jewellery.
However, gold is also used for medical purposes in the treatment of rheumatoid arthritis and certain cancers; and in modern dentistry and orthodontics. It can be consumed as an indulgence in beverages or as a culinary decoration; and used in electronic devices such as mobile phones, tablets, and televisions, to name a few, as it is a highly efficient conductor that doesn’t corrode, making it extremely reliable.
Brink’s is the first international secure logistics provider to join the Gold Industry Group.
Brink’s has been managing risk for clients around the world for more than 150 years. They work closely with the mining community, refineries, financial institutions, banks, retailers, diamond and jewellery dealers, pharmaceutical and securities companies in more than 100 countries.
Perth based Macmahon Holdings is the latest mining contractor to join the Gold Industry Group.
With an extensive and successful track record operating at some of the world’s largest gold mines, Macmahon is well versed on the importance of the gold sector in Australia and the impact that the industry has on the global economy.
Concerned consumers, organisations, and governments around the world continue to shine a light on conflict minerals. These tainted commodities are traded by private armed groups for monetary gain to finance civil conflicts and violence which contribute to the violation of human rights. Thus, the quest for ‘responsible’ and ethically sourced minerals is becoming more and more prevalent.
Conflict minerals, which can include gold ore, are smuggled out of countries such as the Democratic Republic of the Congo, and parts of Afghanistan, Columbia, and Zimbabwe, and shipped to smelters around the world for refinement.
Ramelius Resources, like many mining companies, participate in the vacation (VAC) student program which provides university students with hands on work experience during the summer. Students studying engineering, metallurgy and geology are encouraged to take part to gain valuable workplace skills and exposure to their specialist area. The VAC program also gives companies the opportunity to employ students they know are experienced and capable once they graduate.
Engineering student Eoghan McCallion worked for Ramelius over the summer vacation period along with geological and metallurgical students from Curtin University.
Ausdrill has joined the Gold Industry Group as a strong advocate and service provider to the gold sector.
Ausdrill Managing Director Ron Sayers started the company in 1987 with a single drill rig operating from Kalgoorlie in Western Australia. Today the Ausdrill Group employs over 4,000 staff worldwide.
“Gold is our core business, and over the past 30 years we have provided services to many of the world’s leading gold mining companies, both in Australia and Africa.
The Perth Mint posted record revenue of $4.4 billion and pre-tax profit of $24.9 million for Q1/Q2 of the 2015/16 financial year.
Premier Colin Barnett said the result reflected the significance of the Mint to the State and its future development.
“Gold mining has been at the cornerstone of the State’s advancement for more than a century, and The Perth Mint has always played an integral role in that industry,” Barnett said.
Physical gold and silver have been seen as the ultimate store of wealth for millennia, and have been highly sought after by investors the world over.
Demand remains strong today across the globe, with thousands of tonnes purchased annually from a diverse group of investors that include Indian housewives, central banks, hedge funds and family offices.
