Wishbone Gold Plc is a London AIM-listed company operating in the precious metals exploration and development market. It also now has a wholly owned precious metals trading business based in Dubai, United Arab Emirates together with four exploration licences covering 34,700 hectares in north east Queensland, a region known for significant precious metal mineralization. The Board has a wealth of experience in numerous sectors including healthcare, retail, and technology in addition to natural resource companies, where they have demonstrated their ability to execute strategies successfully for growth by acquisition. The Company believes that this dual exposure to the markets provides a unique investment proposition in the small-cap arena. In 2013, the last year for which accurate data is available, around 40% of physical gold traded in the world moved through Dubai.
This gold was going from west to east, from south to north and into and out of Europe, much of the trade ended up in China, but there was also significant business volumes done with India. In short, Dubai is a global hub for the gold trade and anyone looking to enter the market would do well to base there. This is what Wishbone Gold has done, following its acquisition of privately-owned Black Sand, a company with a licence to trade gold, precious metals and gemstones in Dubai. Executive Chairman Richard Poulden explains at the UK Investor show that he stood up in front of the audience and apologized. The reason for the apology? Simply, that alongside such industry luminaries as Rick Rule and Eric Sprott he called the gold price wrong back in 2012. When he launched Wishbone, gold was at US$1,350 per ounce and all of us thought it was going to US$2,000 and beyond. In fact it went down to US$1,380 and turned around and went back up. Now it seems poised to rise again ... the world economy, conditions in China, Russia, India, especially now in the U.S.
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