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Goldplat plc

Gold set up for ‘tsunami’ of sales once economies reopen

A “tsunami” of secondary gold supply is ready to hit the market once global economies get back to normal, Jeffrey Rhodes, principal consultant of RAK Gold, told a webinar on Tuesday.

The secondary gold supply hasn’t hit the market yet even with gold at a seven-year high, John Reade of the World Gold Council, said in the Dubai Multi Commodities Center webinar on how precious metals have been affected by COVID-19.

Gold jumped to a seven-year high as economies were battered by the coronavirus pandemic, fueling demand for a safe haven. Spot gold climbed to $1,764.73 an ounce on Monday, the highest since October 2010, although it has since declined slightly.

Goldplat plc (LON:GDP) is an AIM-listed, profitable gold recovery services company with two market leading operations in South Africa and Ghana.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.