GoldAvenue Launches the GAExchange
Date: Thursday, June 28, 2001
For your Information : The following release was issued by GoldAvenue this week.
New B2B Platform Promises to Enhance the Global Trading Capabilities for the Gold Industry
Geneva, Switzerland, 26 June – GoldAvenue today announced the launch of its first business-to-business operations, the GAExchange. This web-based trading platform enables gold market professionals to quickly purchase a wide range of physical gold products and supports spot trades and loans, all in a secure environment. In addition, GAExchange offers a host of related services such as real-time pricing, reports and analysis, market information, and the GoldAvenue Encyclopedia.
GAExchange made its debut last week in the Italian market, and GoldAvenue plans to expand both its service offerings and its global market penetration. Initially, GAExchange will service primarily banks and other large consumers of gold, but as its areas of operation evolve, it and its affiliated companies will progressively expand its client base.
For all gold bullion transactions effected, a subsidiary of J.P. Morgan Chase & Co., is the counter-party, with GAExchange acting as its agent. J.P. Morgan Chase & Co., a premier global financial services firm, is one of the three founding investors in GoldAvenue, together with AngloGold, the world’s largest gold mining company, and PAMP, the world’s largest private gold refiner. Together the three represent some of the main players on the international gold stage.
“We are delighted to be introducing a valuable online channel like GAExchange to the gold marketplace,” said Mehdi Barkhordar, CEO of GoldAvenue. “We have taken the well-established principles of trading, and used Internet technology to make them more efficient and cost-effective. We believe this is just the beginning of what the Internet can do for the gold business.”
ABOUT GOLDAVENUE:
The three founding investors, AngloGold, PAMP, and J.P. Morgan Chase, announced GoldAvenue in April 2000, as a natural extension of their existing activities. It is an independent entity comprised of two distinct businesses, designed to service consumers, investors, and gold professionals alike. As a comprehensive marketplace for gold “in all its forms,” GoldAvenue will provide an extensive range of gold products and services. Later this year, GoldAvenue will launch a second, retail-focused company and launch its consumer operations, offering a dynamic array of high-quality gold jewellery, watches, and accessories through its web site and catalogue.
For more information please visit
www.gaexchange.com / www.goldavenue.com
For trading inquiries, please contact
Frederic Panizzutti, +41 22 718 3368;
e-mail info@gaexchange.com / www.gaexchange.com.
For all other inquiries, please contact
Phoebe Myers, +41 22 718 3311;
e-mail press@goldavenue.com / www.goldavenue.com.
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