Asia Gold: Weddings boost Indian demand; activity muted in other hubs Rajendra Jadhav, Karen Rodrigues 3 MIN READ
MUMBAI/BENGALURU (Reuters) - Physical gold demand in India was robust this week as consumers stepped up purchases during the traditional wedding season after domestic rates slipped to a near six-week trough, while gains in global prices weighed on bullion’s appeal in other Asian hubs.
A salesman shows gold necklaces to a customer at a jewellery showroom during Dhanteras, a Hindu festival associated with Lakshmi, the goddess of wealth, in Kolkata, November 5, 2018. REUTERS/Rupak De Chowdhuri Demand in India, the second biggest gold consumer after China, usually picks up towards the end of the year going into the wedding and festival season, when buying the metal is considered auspicious.
The current price level was attracting both jewellers and retail consumers, said Daman Prakash Rathod, a director at MNC Bullion, a wholesaler in Chennai.
Local gold prices were trading near their lowest since Oct. 1, as an appreciation in the rupee made buying overseas cheaper.
Dealers in India were charging a premium of up to $2 an ounce over official domestic prices this week, down from $3 last week. The domestic price includes a 10 percent import tax.
“Jewellers are now replenishing inventory as sales during Diwali were decent,” said a Mumbai-based dealer with a bullion importing bank.
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Indians celebrated the Dhanteras and Diwali festivals earlier this month.
Meanwhile, global benchmark spot gold prices were on track to post a second week of gains, having hit a two-week high of $1,230.07 an ounce on Wednesday.
In China, premiums of $4-$6 an ounce were charged over the benchmark, versus $4-$7 last week.
Demand in China is very quiet these days as prices are trading higher and people are hesitating to buy, said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.
Premiums in Hong Kong also inched down slightly to $0.70-$1.50 an ounce from $0.80-$1.50 in the previous week.
In Singapore, premiums eased to $0.50-$0.80 an ounce from $0.60-$0.90 previously.
TPRFF/GMC Possibility of a takeover - Yes, crazy numbers here. total enterprise value with debt under 250mm canadian. A buyer can payoff debt, 100mm, and reap returns of over 25-35% per year if purchased for $5. This can happen in a flash. Any thoughts? by liquorc
Refill TIA, great on 'Gran Colombia Gold Corp. (TPRFF) -
Given Segovia's growth profile and low production cost, I believe the stock is worth 15x forward earnings, or approximately $10/share, representing close to 500% upside.
If the company continues to execute, then fair value should increase over time. Importantly, the company is now funding its growth from operating cash flow; that eliminates the need for financing, which is commonly a problem for junior miners. The greatest risk to the thesis is the price of gold. If gold were to fall to $1000/oz then I estimate that the company would earn only around $0.10 of EPS; at a 10x earnings multiple (reflecting thinner margins), the stock would be worth $1/share, or ~40% downside. Additionally, there remain operational tail risks, such as a prolonged conflict with artisanal miners or gangs/guerrillas, which could seriously impair the value of the company's assets. Overall, I believe the very large upside potential more than compensates investors for bearing these risks.
Disclosure: I am/we are long TPRFF.
The Largest Underground Gold And Silver Producer In Colombia - Gran Colombia Gold Corp. Cambridge House International Inc. Published on Nov 5, 2018 Watch as Mike Davies, CFO of Gran Colombia Gold Corp. (TSX: GCM), discusses their new milestones for 2018.
The Precious Metals sector continues to be viewed with disdain and skepticism by the vast majority of investors, which is exactly what you want and expect to see at the earliest stages of a major bullmarket. However, the charts continue to shape up well, as we will now see.
Gran Colombia Gold Corp. (TPRFF)(TSE:GCM) strong hike back UP - I like to see old time shareholders to make a fair return on their investments - :-)) ex.
GCM making a strong hike back UP and its more earnings, profits, assets and gold reserve than when GCM traded @ >$50.-/shares so with fairness GCM will pass the previous high share prices *~<:-)) -
Please, join me to pray for old time GCM investors to get back fair values - TIA -
Gran Colombia Gold Adopts Shareholder Rights Plan TORONTO, Jan. 03, 2019 (GLOBE NEWSWIRE) --
Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that its Board of Directors has adopted a shareholder rights plan agreement (the “Plan”). The Plan is effective immediately and the Toronto Stock Exchange (the “TSX”) has conditionally accepted notice for filing of the Plan, subject to ratification by shareholders at Gran Colombia’s 2019 annual shareholder meeting, which is currently expected to be held in June.
The Plan was not adopted in response to any specific proposal or intention to acquire control of Gran Colombia. The Board considered a number of factors and believes that adopting the Plan will protect Gran Colombia's shareholders from unfair, abusive or coercive take-over strategies and to ensure that all shareholders have an equal opportunity to participate in any future take-over bid, and to receive full and fair value for their common shares. The Plan is similar to rights plans adopted in 2018 by other Canadian companies that have been ratified by their shareholders.
Under the terms of the Plan, the rights issued will attach to and trade with the common shares of Gran Colombia and no separate certificates will be issued unless an event triggering these rights occurs. The rights will not be triggered by the purchase of shares made pursuant to a “Permitted Bid”, as defined in the Plan. The rights will become exercisable only when a person, including any party related to it, acquires or attempts to acquire 20% or more of the Company’s outstanding common shares without complying with the “Permitted Bid” provisions of the Plan or without approval of Gran Colombia's Board of Directors. Should such an acquisition occur or be announced, each right would, upon exercise, entitle a rights holder, other than the acquiring person and related persons, to purchase common shares at a significant discount to the then current market price.
Under the Plan, a “Permitted Bid” is a bid made to all shareholders which must be open for a minimum of 105 days (or such shorter period as is permitted under applicable Canadian securities laws) and must contain certain conditions, including that no shares will be taken up and paid for unless 50% of the common shares that are held by independent shareholders are tendered to the bid.
Upon ratification by shareholders and completion of certain other requirements, the rights referred to in the Plan will be listed on the TSX. The rights will not appear on the TSX’s trading list as an entry separate from Gran Colombia’s common shares. If and when the rights become separable from the common shares, an application to list the securities issuable upon exercise of such rights will have to be made to the TSX. If the Plan is not ratified by shareholders, it will be rescinded or otherwise cancelled and be of no further effect immediately after such shareholders’ meeting. If ratified by the shareholders, the Plan shall be reconfirmed by the shareholders at every third annual meeting.
To the best of the knowledge of the Company, no existing shareholder currently owns greater than 20% of the outstanding common shares of Gran Colombia. A copy of the Shareholder Rights Plan will be available under Gran Colombia’s profile on SEDAR at http://www.sedar.com .
About Gran Colombia Gold Corp.
Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia where it is currently the largest underground gold and silver producer with several mines in operation at its Segovia and Marmato Operations. Gran Colombia is continuing to focus on exploration, expansion and modernization activities at its high-grade Segovia Operations.
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