Global Backdrop Driving Upswing in Demand for Gold as Safe-Haven
We oversee that the recently intense geopolitical circumstances of the U.S. vs North Korea, the UK vs Russia, the conflict in the Middle East, and the threat of the U.S. protectionism bolster the demand for gold, a safe-haven investment. In 4Q17, ANTM obtained a large amount of gold demand of Bullion Bank; therefore, it caused the surge of 188.8% y-y into 6.2 tons in sales volume.

4Q17’s gold sales amounted to IDR3.5 trillion (+197.7% y-y), and 2017’s overall sales were IDR7.4 trillion (+33.0% y-y). We estimate that 2018’s gold sales will reach IDR10.4 trillion (+40.3% y-y) underpinned by the jump in sales volume from 13 tons into 18 tons.


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