Riga, 2011-08-09 07:46 CEST (GLOBE NEWSWIRE) -- During the first half of the year, the turnover of the precious metal trading company "Goldinvest Asset Management" (GAM) has increased by 25% or for 423 thousand lats.
Overall, during the first six months of 2011, the turnover of GAM has reached Ls 2.063 million, thus showing an increase by 25% compared to the corresponding period of the last year, when the turnover of the precious metals trading company was Ls 1.640 million. The growth in turnover during the first half year was achieved by optimizing and improving the organization of work, and thanks to a stable and sustainable market demand for gold and silver investments. GAM experts forecast this trend will continue in the second half year – reaching the net turnover of around Ls 4 million at the end of the year.
"The U.S. budget deficit and the conflicts, surrounding it, have resulted in reduction of the U.S. rating, contributing together with the problems of the Eurozone countries to the growth in demand for gold investment in the world. Latvia and the Baltic countries are no exception, where people, questioning stability of the dollar and the euro currency, which directly affects the national currency stability, secure themselves by the gold and silver assets. Under the crisis conditions, the precious metal fills a unique niche in the investment, because, whatever the price of gold would be at a particular moment, its value is steadily high, because gold is a universal long-term asset that helps to maintain purchasing power," explains Pēteris Avotiņš, chairman of the board of SC "Goldinvest Asset Management".
As reported, on March 22, 2011, the company's shares were included in the "Firth North” list of the "NASDAQ OMX Riga" exchange. The company shares are not actively traded currently, because the shareholders of the company have ordered the initial share valuation from the exchange consultant company "Orion Securities”, to determine the value of the shares and offer them on public markets.
During the reporting period, the company has increased its share capital up to Ls 855 thousand, through the capitalization of the loans of founders and attraction a new shareholder connected to the founders, - SIA '”Real Estate Projects Agency" (Ltd).
"On the basis of successful business development both in Latvia and foreign countries, by the end of the year, GAM plans to open new bullion trading stores in Moscow and Vilnius" P. Avotiņš informed.
About JSC “Goldinvest Asset Management”:
“Goldinvest Asset Management” was founded in 1997 and its key business areas include purchase, processing and sales of household and industrial precious metals, as well as purchase and sales of precious investment metals (gold, palladium, platinum, silver, etc.). The company grants also loans against precious metal pledge. The company has established an affiliated company in Russia, a branch in Lithuania, and it owns shares of JSC “VEF” and “VEF Komunikaciju Serviss”. Shares of the company are listed on the alternative market First North of the stock market NASDAQ OMX Riga. See more information about JSC “Goldinvest Asset Management”: http://www.latgold.lv/
More information:
Mr Arnis Linde
Project Manager
JSC “Goldinvest Asset Management”
Phone: +371 22050691
E-mail: arnis.linde@latgold.lv
Certified adviser:
Mr Girts Apsitis
Chairman of the board
“Ardente” Ltd
Phone: +371 29466577
E-mail: ardente@ardente.lv
