Windermere, FL, Dec. 24, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — Palayan Resources, Inc. (the “Company” or “PLYN”) (OTCMarkets: PLYN), a publicly traded, fully reporting emerging growth company, is pleased to provide this update on the gold industry as demand increases during these trying times.
During periods of crisis, gold has proven to be a time-honored safe-haven asset. Scarcity and built-in utility have made the yellow metal a sought-after commodity throughout recorded human history. Whether in physical or paper form, gold bullion is the world’s go to financial hedge against uncertainty. The global gold market is likely to be affected by the fluctuating supply of mined gold as the global gold production is a mix of scrap recovery, central bank supply, and mined gold. More than half of the global gold supply comes from mined gold. In 2019 the U.S. produced 200 tons (6.4 million troy ounces) of gold (down from 210 tons in 2018), worth about US$8.9 billion, and 6.1% of world production, making the U.S. the fourth-largest gold-producing nation, behind China, Australia and Russia. Most gold produced today in the US comes from mines in the state of Nevada. The US is a net exporter of gold.
A report from IBISWorld, looking at the last five years said that: “The Gold Mining industry comprises operators that extract precious metals to produce concentrate, ore and bullion. Similar to other commodity mining industries, revenue is largely a function of production volume, commodity prices and input costs. While US gold (and silver) production primarily declined in the early 2000s, gold production has been strong since 2014 based on higher demand for gold both as a safe haven for investors as well as a byproduct of increased end market demand. Additionally, while gold prices rose prior to the five years to 2020, they have since climbed to seven-year highs, driving industry revenue. Industry revenue is estimated to increase an annualized 3.1% to $10.9 billion over the five years to 2020.”
However, increased gold production doesn’t come without potential risks, but solutions do exist. For example, Randy Smallwood, Chair of the World Gold Council and CEO and President at Wheaton Precious Metals, commented: “While climate change is a global challenge, it is also an opportunity for the gold mining sector to reduce its greenhouse gas emissions by transitioning to renewable energy sources, which isn’t just good for the environment, it’s also good for all stakeholders. We still have a long way to go, but as an industry we are proud of the progress we have made over the last few years and the continued efforts to transition our energy sources. This new report not only shows what we as an industry have accomplished, but also highlights the improvements the industry is striving to make over the next decade and looking even further ahead at 2050 in trying to achieve the Paris climate targets.”
In short, the outlook on the gold industry remains positive, and any transition to renewable energy sources is likely to have a beneficial impact both on the environment and on the precious yellow metal that has always proven to be a sought-after commodity.
About Palayan Resources, Inc.
Palayan Resources, Inc. is an emerging growth company. The Company is focused on operating, developing, exploring and acquiring high-quality projects worldwide. Headquartered in Windermere, FL, Palayan Resources is aiming to build a portfolio of companies that generate revenue and profitability.
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Cautionary Note to Investors
The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce and that are compliant with SEC Industry Guide 7. Investors are cautioned not to assume that any part or all of the proposed project in the Silver Bow Property as contemplated in the letter agreement contains any mineral deposits that will ever be converted into resources or that any inferred mineral resource or measured and indicated resources exists or is economically or legally mineable. The proposed project does not contain any known proven or probably ore reserves or mineral resource compliant with SEC Industry Guide 7 reporting standards.
Forward Looking Statements
This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate”, “seek”, intend”, “believe”, “estimate”, “expect”, “project”, “plan”, or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, securing necessary financing, the future of the U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations pertaining to the mining and exploration of mineral properties. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. The Company has no mineral resource or reserve estimate in any project at this time and may not have sufficient funding to thoroughly explore, drill or develop any mineral rights. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.