Share this article Share The stock is down as much as 5 per cent, but that’s just one example of a sector that’s been hurt by the sharp fall in commodity prices.
Silvercrest, the company that manages about $1.5 billion worth of gold and silver coins, is also in the news for its role in a $500 million legal dispute with former owner The Bank of Canada.
The bank, which bought the company for $2.7 billion in 2014, sued Silvercrets claims for damages and $4.7 million in interest.
The case has since been settled.
The Canadian Gold Association has said it plans to hold an industry summit this fall.
Silvercrest is one of the world’s largest assets managers and is part of a market that’s seeing an explosion in the number of asset managers who are offering different strategies for selling precious metals.
Gold is being sold in the form of physical and digital coins and other commodities and securities.
While the market for gold has been on a steep decline for a number of years, it has gained momentum recently due to a combination of concerns over China and increased demand from countries around the world.
“The price of gold has fallen significantly, but its a great asset,” said Paul Schoenfeld, an analyst with BMO Capital Markets.
Canadian gold is one-fifth of all gold in the world, according to the World Gold Council.
As the bull market continues to fuel demand for gold, Silvercres prices are up and up.
Gold has appreciated nearly $1,600 since December 12, according the Bloomberg Bullion Price Index.
That’s up from a low of $1.,831 in December.
Shares of Silvercris were trading up 3.3 per cent at $1 and $1 on the Nasdaq. Bloomberg