Mupane swings to profit on strong gold prices

Gold, seen as a safe haven investment in turbulent times, has risen by more than 30% this year, as investors seek it out to secure value and also buffer themselves for the expected rise in inflation later, when the trillions of dollars being pumped in coronavirus (COVID-19) responses by countries push prices up.

According to statements released this week, for the nine months of the year up to September 30, Galane Gold’s pre-tax profits were pegged at $457,000 (P5 million) up from a loss of $1.6 million (P17.6 million) for the corresponding period last year.