Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: The impact of turbulence in the financial markets on the euro, dollar and gold - Marino Pieterse
Upcoming SlideShare
Loading in...5
×
 

Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: The impact of turbulence in the financial markets on the euro, dollar and gold - Marino Pieterse

on

  • 963 views

Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit ...

Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit
The impact of turbulence in the financial markets on the euro, dollar and gold
20 May 2010
by Marino Pieterse - Goldletter International

Statistics

Views

Total Views
963
Views on SlideShare
938
Embed Views
25

Actions

Likes
0
Downloads
11
Comments
0

3 Embeds 25

http://www.objectivecapitalconferences.com 22
http://www.brijj.com 2
http://localhost 1

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: The impact of turbulence in the financial markets on the euro, dollar and gold - Marino Pieterse Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: The impact of turbulence in the financial markets on the euro, dollar and gold - Marino Pieterse Presentation Transcript

    • PRECIOUS METALS, DIAMONDS & GEMSTONES INVESTMENT SUMMIT 11.25 - 11.50 The impact of turbulence in the financial markets on the euro, dollar and gold Marino Pieterse – Editor, Goldletter International THE LONDON CHAMBER OF COMMERCE AND INDUSTRY ● THURSDAY, 20 MAY 2010 www.ObjectiveCapitalConferences.com
    • Goldletter INTERNATIONAL th e in te rn a tio n a l in d ep en d en t in fo rma tio n a n d a d vi ce b u lle tin fo r g o ld a n d rela ted in v es tmen t s The impact of turbulence on the financial markets on the euro, dollar and gold Marino G. Pieterse publisher Goldletter International Objective Capital’s Precious Metals, Diamonds and Gemstones Investment Summit London, United Kingdom May 20, 2010 2
    • Overview metal / oil prices (in US$) May 15 April 30 Year-end Year-to-date Year-end Year-to-year June 30 2010 2010 2009 2010/09 2008 2009/08 2008 (in %) (in %) Gold 1,239 1,179 1,104 12 865.00 28 932.75 Silver 19.29 18.64 16.99 14 10.79 57 17.65 Platinum 1,721 1,738 1,475 17 912 62 2069 Palladium 536 552 407 32 185 120 472 Copper 6,960 7,430 7,346 -5 2,902 153 8,775 Nickel 22,200 25,800 18,480 20 10,810 71 21,675 Lead 1,952 2,176 2,395 -18 949 152 1,735 Zinc 2,050 2,276 2,570 -20 1,121 129 1,875 Brent oil 76.52 85.88 77.20 -1 41.76 85 139.30 historic high: $ 147.00 (July 7, 2008) low : $ 39.23 (December 5, 2008) Uranium (U3O8) spot price 41.50 41.75 44.50 -7 53.00 -16 59.00 April 6, 2009 (Low ) 59.00 40.00 Long-term contract price 60.00 source: Goldletter International 3
    • Measuring the new gold bull market London trading Change Period of in US$ in % change December 1, 2003 400.00 December 2, 2005 500.00 +25 (2 years) April 14, 2006 600.00 +20 ( 3 ½ months) May 10, 2006 700.00 +17 (- 1 month) May 12, 2006 725.25 +20 (- 1 month) October 6, 2006 560.75 -23 (5 months) ► Year-end 2006 635.75 +14 (3 months) April 20, 2007 691.40 +9 (4 months) June 27, 2007 642.10 -7 (2 months) September 18, 2007 714.75 +12 (2 ½ months) ► Year end 2007 836.50 +17 (3 ½ months) March 17, 2008 (H) 1,030.80 +24 (2 ½ months) May 1, 2008 853.00 -16 (1 ½ months) July 16, 2008 977.50 +15 (2 ½ months) September 11, 2008 740.75 -24 (2 months) October 10, 2008 918.00 +24 (1 month) October 24, 2008 (L) 692.50 -25 (2 weeks) ► Year end 2008 865.00 +25 (2 months) February 20, 2009 (H) 989.00 +14 (-2 months) (Interim high New York $ 1,006.30) April 20, 2009 870.00 -12 (2 months) June 1, 2009 987.00 +13 (-1½ month) July 13, 2009 908.50 -8 (+1½ month) September 17, 2009 1,020.50 +12 (2 months) September 30, 2009 995.75 -2 (½ month) December 3, 2009 (H) 1,226.10 +23 (2 months) ► Year end 2009 1,104.00 -10 (1 month) January 29, 2010 1,078.50 -3 (1 month) April 30, 2010 1,179.25 +9 (3 months) May 15, 2010 (H) 1,248.95 +14 (3½ months) source: Goldletter International 4
    • Gold does not run its own course as a safe haven Gold ($) €/$ Brent Oil Gold/Oil $/barrel ratio Year-end 2001 276.50 0.88 19.80 14.0 Year-end 2002 342.75 1.05 28.13 12.2 Year-end 2003 417.25 1.26 30.17 13.8 Year-end 2004 438.00 1.36 40.25 10.9 Year-end 2005 513.00 1.18 58.87 8.7 May 12, 2006 1) 725.75 1.29 68.05 10.7 October 6, 2006 2) 560.75 1.27 58.86 9.5 ► Year-end 2006 635.70 1.32 60.14 10.6 June 30, 2007 650.50 1.35 72.82 8.9 1) 2006 high of gold price September 18, 2007 3) 714.75 1.39 77.58 9.2 2) 2006 second half low of gold price after correction oil price ► Year-end 2007 836.50 1.47 93.89 8.9 3) Fed funds rate lowered for the first time (0.50% to 4.75%) March 17, 2008 (High) 1,030.80 1.58 102.82 10.0 4) Fed funds rate lowered (0.25% to 2.00%) April 30, 2008 4) 853.00 1.55 109.78 7.8 5) ECB rate lowered (0.25% to 4.25%) June 30, 2008 930.25 1.58 139.30 6.7 6) Fed funds and ECB rates lowered 0.50% to 1.50% and 3.75%, respectively July 9, 2008 5) 927.50 1.57 141.70 6.5 7) 2008 low of oil price July 16, 2008 977.50 1.58 134.54 7.3 8) Fed funds rate lowered (0.75-1.00% to 0.00-0.25%) September 15, 2008 775.00 1.43 90.38 8.6 9) ECB rate lowered 0.50% to 2.00% October 8, 2008 6) 903.50 1.37 83.18 10.9 10) ECB rate lowered 0.50% to 1.50% October 24, 2008 (Low) 692.50 1.26 60.41 11.5 11) ECB rate lowered 0.25% to 1.25% 12) ECB rate lowered 0.25% to 1.00% November 24, 2008 822.50 1.28 52.19 15.8 13) Euro salvation package December 5, 2008 7) 749.00 1.27 39.23 19.1 December 16, 2008 8) 838.25 1.37 44.11 19.0 ► Year-end 2008 865.00 1.40 41.76 20.7 January 15, 2009 9) 810.00 1.31 44.50 18.2 March 5, 2009 10) 913.00 1.26 44.16 20.7 April 2, 2009 11) 897.75 1.34 53.14 16.9 May 13, 2009 12) 924.00 1.36 57.26 16.1 May 31, 2009 975.50 1.41 64.70 15.1 June 30, 2009 934.50 1.41 68.21 13.7 September 17, 2009 1,020.50 1.47 70.52 14.5 September 30, 2009 995.75 1.46 67.72 14.7 December 3, 2009 (High) 1,226.10 1.51 77.56 15.7 ► Year-end 2009 1,104.00 1.43 77.20 14.3 January 29, 2010 1,078.50 1.40 70.56 15.3 March 31, 2010 1,115.50 1.35 81.23 13.8 April 30, 2010 1,179.25 1.33 85.88 13.7 May 10, 2010 13) 1,196.50 1.28 80.04 15.0 May 14, 2010 1,248.95 1.24 76.52 16.3 5
    • The crisis resistance of the dollar compared to gold price euro/dollar gold price Year-end 2007 1.47 836.50 Gold correlated to euro March 17, 2008 1.58 1,030.80 2008 high May 14 Year-end 2009 Change in % June 30, 2008 1.58 930.20 September 15, 2008 1.46 996.00 Euro / dollar 1.24 1.43 -13 October 24, 2008 1.26 692.50 2008 low Gold 1,249 (H) 1,104 +13 December 16, 2008 * 1.37 838.25 Year-end 2008 1.40 865.00 February 27, 2009 1.26 952.00 June 30, 2009 1.41 934.50 May 13, 2009 ** 1.36 924.00 December 3, 2009 1.51 1,226.10 2009 high Year-end 2009 1.43 1,104.00 March 31, 2010 1.35 1,115.50 April 30, 2010 1.33 1,179.25 May 14, 2010 1.24 1,248.95 2010 high * Fed funds rate lowered 0.75%-1.00% to 0.00-0.25% (ECB 2.50%) ** ECB rate lowered 0.25% to 1.00% source: Goldletter International 6
    • THE COURSE OF THE DOLLAR AGAINST OTHER CURRENCIES 1 US$ = Euro Jap. Yen RMB Rupee Cdn$ A$ SA Rand (00) (00) Year-end 2007 0.68 112 7.31 39.43 0.98 1.14 6.85 June 30, 2008 0.63 106 6.87 42.85 1.01 1.04 7.96 September 30, 2008 0.69 106 6.86 47.35 1.04 1.22 8.20 Year-end 2008 0.71 90 6.85 49.72 1.22 1.45 9.46 March 31, 2009 0.76 97 6.85 52.17 1.25 1.46 9.72 June 30, 2009 0.71 96 6.84 48.64 1.16 1.24 7.88 September 30, 2009 0.68 90 6.84 48.34 1.09 1.15 7.43 Year-end 2009 0.69 92 6.82 46.75 1.05 1.10 7.40 March 31, 2010 0.74 93 6.82 45.00 1.02 1.09 7.37 May 14, 2010 0.79 93 6.82 45.02 1.02 1.11 7.46 Euro Jap. Yen RMB Rupee Cdn$ A$ SA Rand Change against dollar -14 -1 - +4 +3 -1 -1 2010 to date (in %) 7
    • Western Central Bank gold holdings compared to non-gold monetary reserves 1950 1965 December 2009 11 Central Bank gold holdings 26,300 31,900 20,073 * (in tonnes) Value of gold reserves 29.5 33.4 696 ** (US$ billion) Value of non-gold reserves 34.0 45.8 1,218 (US$ billion) Gold in % of total reserves 84% 73% 36% * 19 signatories to the second Central Bank Gold Agreement 3 (September 2009 - 2014) including European Central Bank + United States ** based on gold price of US$ 1,040 per ounce Related to currency basket of the US dollar index (57.6% in euro’s, 13.6% in Japanese yen, 11.9% in British pounds, 9.1% in Canadian dollars, 4.2% in Swedish crones and 3.6% in Swiss francs). Since the index went up in 1995 from a long term resistance level of 80 to a high of 120 in 2001, at the time the euro was introduced, it dropped to a low of 72 in March 2008, but has been followed by a strong upward correction to $ 87 well above the historic resistance level. After a new correction to 74 early December 2009, the current level is 84/85. 8
    • 9
    • World official gold holdings and total monetary reserves Western countries Asia December 2009 Gold reserves Total Gold as December 2009 Gold reserves Total Gold as tonnes reserves % total tonnes reserves % total (bln $) monetary (bln $) monetary reserves * reserves China 1,054 2400 1.5 United States 8,134 394 69 Japan 765 1065 2.4 Germany 3,408 175 65 Korea 14 234 0.2 France 2,445 128 64 Singapore 127 185 2.3 Italy 2,452 130 63 Taiwan 424 346 4.1 Switzerland 1,040 120 29 India 558 291 6.4 Netherlands 613 39 52 Portugal 383 15 84 Total 2,942 4,521 United Kingdom 310 69 15 Spain 282 27 35 Other countries Austria 280 18 53 Sub-total 19,347 1,115 December 2009 Gold reserves Monetary Gold as tonnes reserves % total All countries 26,780 8,779 10.2 (bln $) monetary reserves World (incl.institutes) 30,117 Russia 608 404 4.7 Euro (incl.ECB) 10,799 1,808 55.7 Venezuela 356 33 35.7 Lebanon 287 36 26.5 ECB 501 85 19.7 Libya 144 104 4.6 Saudi Arabia 143 47 10.2 IMF 3,005 South Africa 125 40 10.5 BIS 120 Australia 80 44 6.0 * based on gold price of $ 1.040 per troy ounce Total 1,743 708 Source: IMF/World Gold Council/Goldletter International 10
    • World Gold Supply and Demand (in tonnes) SUPPLY 2009 2008 Year-to-year 2007 change in % Mine production 2,554 2,409 6 2,476 Official sector sales 44 236 -81 484 Recycled gold 1,549 1,217 27 956 Total supply 4,147 3,862 7 3,916 DEMAND Jewellery 1,747 2,186 -20 2,405 Industrial & Dental 368 436 -16 462 Total Fabrication 2,115 2,622 2,867 Net producer de-hedging 257 363 444 Net retail investment 676 863 -22 433 ETF's similar products 595 321 85 253 Inferred Investments 504 -293 - -81 Total investment 1,775 891 605 Total demand 4,147 3,876 7 3,916 Gold price (London PM, US$/oz 972 872 695 source: GFMS 11
    • Demand in major consumer countries (in tonnes) 2009 2008 2007 2009 2008 2007 2009 2008 2007 jewellery net retail total India 406 502 552 74 211 218 480 713 769 China 347 327 302 81 66 26 428 393 328 Middle-East 232 318 325 19 28 20 251 346 346 USA 150 188 258 113 79 17 263 267 275 Turkey 75 153 188 32 57 61 107 210 249 Vietnam 15 20 21 58 96 56 73 116 78 Japan 24 28 31 -10 -39 -56 14 -11 -26 Other 498 651 724 309 364 68 807 1015 792 World total 1,747 2,187 2,401 676 862 410 2,423 3,049 2,811 source: GFMS India: Over the year 2007 tonnage off-take totalled 480 tonnes down 33% from 713 tonnes in 2008 (-233 tonnes). Nevertheless held onto its position as the world's largest consuming nation. ► jewellery demand totalled 406 tonnes, down 19% on 502 tonnes in 2008, the weakest result sinde 1995 ► investment demand 74 tonnes, a 65% decline on 211 tonnes in 2008 China: 22% increase in invstment demand and 6% increase in jewellery demand, translates to an increase in total consumer demand of 9% (+35 tonnes) over 2008. 12
    • World Gold Mine Production (10-year comparison – in tonnes) Gold production by continent 2008 1999 Asia 556 457 Latin America 486 381 Africa 484 661 North America (US, Canada) 331 500 CIS region * 313 263 Australia 215 300 Other Oceania 15 16 Europe 15 24 Total 2415 2603 * East European countries (Russia) Central Asian countries (Uzbekistan) (Kazakhstan) (Kyrgyzstan) (Tajiskistan) source: GFMS 13
    • Shift in gold production from traditional to emerging countries ► China has surpassed South Africa as the worlds premier gold producer in 2007 Production in tonnes Production in tonnes 2008 1999 2008 1999 Traditional countries Emerging countries United States 235 342 China 292 163 South Africa 233 477 Peru 180 129 Australia 215 300 Russia 189 138 Canada 96 158 Indonesia * 95 151 ____ ______ _____ _____ Total 779 1276 Total 755 581 Total world production 2416 2603 % total world production 32 49 31 22 * in 2008 output of Grasberg (Freeport McMoran) contracted by 45 tonnes source: GFMS 14
    • Annual gold output and reserves of the world's Top-12 gold producers (in million ounces) Country Company Production Reserves Mine life 2010 E 2009 2008 2007 Year end 2008 Reserves (in years) South-Africa AngloGold Ashanti 4.6 4.60 4.60 5.48 71.4 16 Gold Fields * 3.4 3.40 3.64 3.97 81.0 24 Harmony * 1.6 1.46 1.60 1.75 48.2 30 US Newmont Mining 5.3 - 5.5 5.26 5.18 5.32 91.8 17 Freeport-McMoran 1) 2.6 - 2.7 2.66 1.31 2.30 37.2 14 Canada BarrickGold 7.6 - 8.0 7.42 7.66 8.06 139.8 19 Goldcorp 2.6 2.42 2.32 2.29 48.8 19 Kinross Gold 2.2 2.24 1.84 1.59 51.0 23 Australia Newcrest Mining * 1.7 1.63 1.78 1.78 42.8 25 China Zijin Mining 2.7 2.42 1.84 1.68 17.3 16 Peru Minas Buenaventura 1.2 1.32 1.21 1.09 11.2 12 Papua New Guinea Lihir Gold 1.2 1.12 0.77 0.70 28.8 24 * per 30/6/09 1) leading market positions in copper and molybdenum source: Goldletter International 15
    • WORLD TOP-20 LISTED GOLD PRODUCERS (March 31, 2010) Traditional countries (12): Market capitalization In % total in US$ billion Canada (5) 90 41 South Africa (4) 33 12 United States (2) x 31 12 Australia (1) 15 7 ____ ____ Sub-total 169 72 Emerging countries (8): Russia (3) 17 China (1) 11 Peru (1) 8 Brazil (1) 7 Papua New Guinea (1) 7 Ghana (1) 5 ____ ___ Sub-total 55 25 Total 224 100 x including $ 6 billion applying to 17% sare of gold Freeport McMoran 16
    • Market valuation of the world's top-20 listed gold producers March 31, 2010 Trading Share price Change High Low Net shares Market capitalization symbol Year end in % 12 month issued local currency US$ billion Current 2009 (billion) ►Traditional countries: Canada (5) Toronto Stock Exchange – in Cdn$ Cdn$ Barrick Gold ABX 38.97 41.46 -6 50.53 33.01 984.4 38.4 37.6 Goldcorp G 37.95 41.35 -8 48.37 32.39 733.8 27.8 27.3 Agnico-Eagle Mines AEM 56.47 56.92 -1 77.32 50.80 156.7 8.8 8.7 IAM Gold IMG 13.50 16.51 -18 21.95 8.94 370.5 5.0 4.9 Kinross K 17.37 19.37 -10 25.22 16.52 696.6 12.1 11.9 Subtotal 90.4 South Africa (4) JSE – in Rand Rand AngloGold Ashanti ANG 277.95 306.29 -9 359.00 259.50 362.3 100.7 13.6 Harmony Gold HAR 68.80 75.79 -9 109.00 67.71 426.2 29.3 4.0 Gold Fields GFI 92.20 97.98 -6 116.46 83.10 705.4 65.0 8.8 LSE - in £ £ Randgold Resources RRS 50.15 50.00 0 54.50 27.60 90.2 4.5 6.8 Subtotal 33.2 USA (2) NYSE – in US$ Newmont Mining NEM 50.93 48.93 4 56.45 36.77 483.0 24.6 Freeport McMoran * FCX 83.54 80.29 4 90.55 43.19 432.6 36.1 Subtotal 60.7 Australia (1) ASX Sydney – in A$ A$ Newcrest Mining NCM 32.82 35.33 -7 39.75 27.64 483.4 15.9 14.6 Subtotal 14.6 * one of the world's major copper producers; approximately 17% of income applies to gold 17
    • Market valuation of the world's top-20 listed gold producers ►Emerging countries: Russia (3) Polyus Gold OPYGY 25.75 27.55 -7 32.4 17.27 381.3 9.8 Polymetal PMTL 10.70 9.4 14 10.80 6.00 399.4 4.3 Petropavlovsk PPLKY 35.50 33.05 7 44.00 13.10 91 3.2 Subtotal 17.3 China (1) Hong Kong (H shares) – in HK$ HK$ Zijin Mining ** 2899 6.12 7.42 -18 9.33 5.07 14,541.3 89.0 11.5 Subtotal 89.0 11.5 Peru (1) NYSE - in US$ Minas Buenaventura BVN 30.85 33.47 -8 42.50 19.00 274.9 8.5 Subtotal 8.5 Brasil (1) Yamana Gold AUY 9.85 11.23 -12 14.37 7.36 733.4 7.2 Subtotal 7.2 Papua New Guinea (1) Lihir Gold LGL 3.03 3.28 -8 3.77 2.41 2368.7 7.2 6.6 Subtotal 7.2 6.6 Ghana (1) Red Back Mining RBI 20.75 15.00 38 22.13 6.53 232.1 4.8 4.7 Subtotal 4.7 Total 254.7 * also major copper producer ** integrated mining company; 10,535.9 million domestic A-shares + 4,005.4 million H-shares 18
    • LEVERAGE IN GOLD PRICE Current 2009 2008 2007 2006 Gold price 1,200 972 896 667 628 Cash costs 500 480 458 389 307 ____ ____ ___ ___ ___ Margin 700 492 438 278 321 in % 58 51 49 42 51 19
    • Global financial crisis 2008/2009 in perspective (in US$ billion) ► Prime mortgage crisis (from early 2007) 500 ► Financial crisis / Credit crunch (from September 15, 2008 fall Lehman Brothers) 1,000 Global Financial Stability Report (IMF): Rescue package United States $ 700 billion Europe $ 300 billion ► Write-offs in bank sector : 60% American banks - 40% European banks 580 _____ Total 2,080 ► Credibility crisis → Global stock markets crunch → Real economy losses (in US$ billion) Capital infusions and loan guarantees 1,400 of which: United States 1,000 Eurozone 240 Japan 105 20
    • Stimulous packages : US$ billion United States 787 consumer and small business loans (TALF) up to $ 1,000 billion Fed plan to buy $ 300 billion of US government debt China 586 Japan 162 G-20- / IMF 1,000 _____ Total 2,535 ► IMF initially estimates total financial sector losses of $ 4,100 billion US $ 2,700 billion Europe $ 1,200 billion Japan $ 149 billion ► as per October 1, 2009, IMF reduces estimated losses to $ 3,400 billion 21
    • Worldwide stock market losses Valuation year-end 2007 61,000 losses in week of October 3-10, 2008 6,200 Losses full year 2008 -42% (MSCI-index) 25,000 Valuation year-end 2008 36,000 January/February 2009 6,500 March 2009 recovery +3,000 April 2009 recovery +1,100 22
    • History of financial crisis Dow Jones ►1973 - 1974: Oil Crash (2 year) - 40% ► October 19, 1987 Black Monday - 22% October 3 week fall - 34% (blamed on the rise of computerized hedging strategies) ► 1997 - 1998 : Asian crisis October 1997 - 11% (Russian debt default 1998) Asian growth of financial wealth US$ billion ► 2002 - 2009 growth monetary reserves China 2,200 ► Sovereign Wealth Funds 2,500 23
    • Correlation between GDP – representing real economy – and Market Capitalization GPD in US$ billion Expected GDP growth Market capitalization Change in % in US$ billion - year-end in % 2007 2008 2009* 2009 2010 2007 2008 United States 13,808 14,265 13,380 -2.7 +1.5 19,964 11,605 -41 Euro zone 12,182 12,267 11,752 -4.2 +0.3 9,993 4,766 -52 Japan 4,382 4,924 4,658 -5.4 +1.7 4,543 3,263 -28 China 3,280 4,402 * 4,776 +8.5 +9.0 4,479 1,759 -61 * corrected data including consumer spending 2009 GDP Market Capitalization 2010 Loss (US$ billion year-end 2009 (US$ billion) in % in US$billion Greece 331 32 -24 26 Spain 1,464 1,435 -22 259 Italy 2,118 656 -15 82 24
    • 25
    • 26
    • 27
    • European bank debts and corporate debentures in € billion Applying to: Greece 302.6 UK 12.3 Portugal 10.3 Spain 1.2 Ireland 938.6 UK 193.0 Portugal 21.8 Spain 15.8 Portugal 286.7 Spain 88.5 UK 25.5 Spain 1,153.9 UK 119.5 Portugal 28.9 Total 2,681.8 of which: UK 350.3 Spain 105.5 Portugal 61.0 28
    • Goldletter INTERNATIONAL th e in te rn a tio n a l in d ep en d en t in fo rma tio n a n d a d vi ce b u lle tin fo r g o ld a n d rela ted in v es tmen t s P.O.Box 76988 1070 KG Amsterdam the Netherlands Telephone 0031 20 470 0249 Fax number 0031 20 675 1354 www.goldletterint.com info@goldletterint.com 29