Blue Hat Interactive Entertainment Technology (NASDAQ:BHAT) is
emerging as a key player in gold trading industry. As reported by
Reuters, since August 1st, 2024, gold prices have exhibited a mix
of volatility and upward trends, influenced by various economic and
geopolitical factors. Gold hit a notable high above $2,483 per
ounce in July, supported by favorable market sentiment and
political risks, indicating strong safe-haven demand while
short-term corrections might occur due to various economic data
releases and market dynamics, the medium to long-term outlook for
gold remains bullish, driven by continued safe-haven demand and
broader economic uncertainties.
Gold is known for its enduring value and role as
a hedge against inflation and financial instability, offering
potential returns even in unpredictable market conditions. In
today’s volatile global economy, gold remains a stable investment
option, prized for its scarcity and universal appeal.
Originally an entertainment company, Blue Hat is
now focusing on innovations in the commodity trading arena. The
company is planning to integrate artificial intelligence to enhance
its offerings, including an intelligent gold supply chain and
recycling system, as well as a sophisticated gold derivatives
trading platform. Unlike traditional gold companies, Blue Hat is
not merely a gold trader earning from the buy-sell spread; rather,
it will generate revenue from various aspects of the gold supply
chain. Additionally, Blue Hat's gold sources are not limited to
newly mined gold but also include gold that recycle from market
consumers.
In this environment, Blue Hat Interactive
Entertainment Technology is emerging as a key player in gold
trading due to their recent business cooperation agreement with
Sichuan Jinyinghe Industrial Co., Ltd. in Shenzhen, GTC Group LLC
in Dubai and its subsidiary, Golden Alpha Strategy Ltd., has been
granted Dealers in Precious Metals and Stones Category A
Registration by Hong Kong Customs and Excise Department.
In recent years, with changes in international
political and economic situations, central banks of various
countries have significantly increased their gold reserves, leading
to a rapid rise in gold prices. The Company's management believes
that the gold industry has transitioned from a period of rapid
growth to a period of high-quality development, presenting
strategic development opportunities. However, the gold industry in
China and other developing markets still faces numerous challenges,
such as low levels of scale and concentration, narrow traditional
financing channels, poor operational standards, and a lack of
credit data. These issues hinder the healthy development of the
gold industry. To effectively address these pain points, Blue Hat
and Jinyinghe have decided to cooperate in the gold supply chain
business.
According to incomplete statistics from industry
insiders, Shuibei is known as the 'World's Gem City, which has
nearly 7,000 legal entities in the gold and jewelry industry,
employs over 70,000 people, and generates revenue exceeding 1
trillion yuan, accounting for over 50% of the domestic gold and
jewelry wholesale market.
The Shenzhen Shuibei market is highly relevant
in the gold trade for several reasons:
- Central
Hub for Gold Trading: Shuibei is known as one of China's
largest gold trading centers. It serves as a primary hub for the
purchase and sale of gold, attracting traders and buyers from
across the country and internationally.
-
Manufacturing and Processing: The market is a
significant center for gold processing and manufacturing. Many
companies involved in the creation of gold jewelry and other
products operate within this area, making it a vital link in the
gold supply chain.
-
Innovation and Design: Shenzhen Shuibei is known
for its innovation in jewelry design. It hosts numerous designers
and craftsmen who contribute to the creation of new and unique gold
jewelry pieces, which helps to set trends in the industry.
-
Economic Impact: The market plays a crucial role
in the local and national economy, generating substantial revenue
and employment. Its activities significantly contribute to China's
position as a leading player in the global gold market.
-
Integration with Technology: The market has
increasingly integrated technology in its operations, using digital
platforms for trading and showcasing products, which enhances its
efficiency and reach.
Besides, Blue Hat’s digital trading solutions
are designed to provide flexibility, allowing traders to capitalize
on gold price movements without the need for physical storage and
insurance. These platforms enable traders to navigate the gold
market efficiently, benefiting from high liquidity and continuous
market activity. This liquidity allows traders to enter and exit
positions swiftly, contributing to the fluidity of the gold
market.
Looking ahead, Blue Hat aims to expand its
global reach and strengthen its position in the gold market. The
company plans to increase its gold holdings, enhance supply chain
operations, and refine its digital trading platform. These
initiatives are part of Blue Hat's strategy to establish itself as
a leading "Smart Gold Trading Platform," targeting markets in
Europe, North America, and beyond.
Forward-Looking Statements:
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
historical fact, included or incorporated in this press release,
including, without limitation, statements regarding the Company's
ability to regain compliance with Nasdaq listing standards, are
forward-looking statements. The words "believes," "anticipates,"
"estimates," "plans," "expects," "intends," "may," "could,"
"should," "potential," "likely," "projects," "continue," "will,"
"schedule," and "would" and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements are predictions based on our current
expectations and projections about future events and various
assumptions. We cannot guarantee that we will achieve the plans,
intentions, or expectations disclosed in our forward-looking
statements and you should not place undue reliance on our
forward-looking statements. These forward-looking statements
involve known and unknown risks, uncertainties, and other factors,
which may be beyond our control, and which may cause our actual
results, performance, or achievements to differ materially from
future results, performance, or achievements expressed or implied
by such forward-looking statements. There are a number of
important factors that could cause our actual results to differ
materially from those indicated or implied by its forward-looking
statements including, without limitation, whether our cash
resources will be sufficient to fund continuing operations and
allow us to comply with regulatory and stock exchange listing
requirements. All forward-looking statements included in this press
release are made as of the date hereof and are expressly qualified
in their entirety by this cautionary notice, including, without
limitation, those risks and uncertainties described in the
Company’s Annual Report on Form 10-K, and otherwise in the
Company’s subsequent filings and reports filed with Securities
and Exchange Commission. The Company does not assume any obligation
to update any forward-looking statements and it disclaims any
intention or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise, except as may be required by law.
For more information about Blue Hat, please
visit Blue Hat's website.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/dad7e01d-9cb3-4e2b-b617-883a53d74e67
Contacts:
Blue Hat Interactive Entertainment Technology
Phone: +86 (592) 228-0010
Email: ir@bluehatgroup.net
IR Website: https://ir.bluehatgroup.com
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