Blue Hat(US:BHAT) GlobeNewswire News Roomยท2024-08-15 12:30Core Viewpoint - Blue Hat Interactive Entertainment Technology is positioning itself as a significant player in the gold trading industry, leveraging recent market trends and strategic partnerships to enhance its operations and offerings [1][3]. Company Overview - Originally an entertainment company, Blue Hat is shifting its focus towards innovations in commodity trading, particularly in gold [2]. - The company plans to integrate artificial intelligence to develop an intelligent gold supply chain and recycling system, as well as a sophisticated gold derivatives trading platform [2]. Market Dynamics - Gold prices have shown volatility and upward trends, recently hitting a high of over $2,483 per ounce, driven by safe-haven demand amid economic uncertainties [1]. - Central banks globally have increased their gold reserves, contributing to rising gold prices and indicating a transition in the gold industry towards high-quality development [4]. Strategic Partnerships - Blue Hat has entered into a business cooperation agreement with Sichuan Jinyinghe Industrial Co., Ltd. and GTC Group LLC, enhancing its capabilities in the gold supply chain [3]. Industry Challenges - The gold industry in China and other developing markets faces challenges such as low levels of scale, narrow financing channels, and poor operational standards, which Blue Hat aims to address through its partnerships [4]. Shenzhen Shuibei Market - The Shenzhen Shuibei market is a central hub for gold trading, processing, and manufacturing, significantly impacting the local and national economy [6]. - The market is known for its innovation in jewelry design and has integrated technology into its operations, enhancing trading efficiency [6]. Future Plans - Blue Hat aims to expand its global reach and strengthen its position in the gold market by increasing gold holdings and refining its digital trading platform [7].