LBMA/LPPM Precious Metals Conference 2013


The 2013 Precious Metals Conference, held in association with the LPPM, took place at the Rome Cavalieri Hotel over two days. An excellent programme of speakers offered their perspective on the key drivers of the market, including Mr Salvatore Rossi - Director General of Banca d’Italia, Francesco Papadia - Chairman of Primary Collateralised Securities, Mathew Hunt - Head of Customer Banking Division at the Bank of England and Mr Juan Ignacio Basco - Deputy General Manager of the Central Bank of Argentina.  Please find speeches below.

For the first time, the LBMA collaborated with the RJC to launch a Responsible Gold Forum alongside the main Conference sessions on the second day. This included speakers from the OECD, the Artisanal Gold Council, the Responsible Jewellery Council, the EU Commission, USCIB, Jewellers Vigilance Committee, the World Gold Council, the Alliance for Responsible Mining and other organisations which offered delegates the chance to gain insight into the vital issues of conflict gold and regulation which affect the precious metals market.

Thanks to everyone who participated in the LBMA Conference.

Conference Programme - Speeches & Transcripts

Day One - Monday, 30th September

9:00 Opening Session

Welcome Remarks 
Stewart Murray, LBMA Chief Executive

Introductory Remarks
David Gornall, LBMA Chairman & Global Head of Precious Metals Trading, Natixis (View Speech doc) View Transcript 
Peter Smith, LPPM Chairman & Managing Director, JPMorgan Chase Bank

Keynote Speech:  Post Crisis Challenges to Central Bank Independence
Mr Salvatore Rossi, Director General, Banca d'Italia View Transcript

Keynote Speech: Is Europe Wasting a Good Crisis?
Francesco Papadia, Chairman, Primary Collateralised Securities (View Presentation Slides)
View Transcript

10:15 Coffee Break

10:45 Session 2: Precious Metals Short-Term Investment
Chairman: Tom Kendall, Director, Precious Metals Research, Credit Suisse View Transcript

Algorithmic Trading Facts & Fantasies
Scott Kerson, Head of Commodities, AHL / Man Systematic Strategies, Man Group PLC (View Presentation Slides) View Transcript

Options for Outperformance - Managing the Challenges of Volatility and Duration
Patrick Green, Director, Commodities Trading, Barclays (View Presentation Slides) View Transcript

The Gold Price is an Equation of Investors Demand.  Platinum Group Metals Share More Fundamentals!
Christophe Eibl, CEO, Tiberius Asset Management AG (View Presentation Slides) View Transcript

Driver of the ETF and its Future
Daniele Sabato, ETF Sales Trader, Flow Traders (View Presentation Slides) View Transcript

Market Dynamics: India, Asia and the World
Skekhar Bhandari, Executive VIce President, Kotak Mahindra Bank Limited (View Presentation Slides) View Transcript

12:15-13:45 Lunch

13:45 Session 3: Precious Metals Long-Term Investment
Chairman: John Reade, Gold Strategist & Partner, Paulson Europe LLP View Transcript

Stand and Deliver! The Way Forward for Gold Mining Equities
Charles Carter, Executive Vice President, Anglogold Ashanti Ltd. (View Presentation Slides) View Transcript

Physical Investment - Unshakeable Faith? 
David Madge, President, A-Mark Precious Metals, Inc (View Presentation Slides) View Transcript

A Portfolio Approach to Generating Alpha from Gold
Jeremy Baker, Portfolio Manager, Harcourt Investment Consulting AG, Zurich (View Presentation Slides) View Transcript

South African Investors' Approach to Precious Metals: are ETFs a Substitute for or a Hedge against Mining Equities?
Vladimir Nedeljkovic, Head Investments, Absa CIBW (View Presentation Slides) View Transcript

15:00 Coffee Break

16:00 Session 4: Official Sector
Chairman: Terence Keeley, Head of Official Institutions, Blackrock View Transcript

Present Role of Gold as part of the Foreign Reserves of the Deutsche Bundesbank
Clemens Werner, Deputy Head of the Market Operations Division, Deutsche Bundesbank View Transcript

Managing Gold as a Central Bank
Alexandre Gautier, Director of Market Operations Department, Banque de France

Central Banks and Gold - A New Challenge
Mr Juan Ignacio Basco, Deputy General Manager, Central Bank of Argentina (View Presentation Slides) View Transcript

The Bank of England's Gold Vault Operations
Mathew Hunt, Head of Customer Banking Division, Bank of England View Transcript

Day Two - Tuesday, 1st October

9:00 Session 5A: Precious Metals Regulation – Financial Markets Update
Chairman:  Ruth Crowell, Deputy Chief Executive, LBMA View Transcript

Upcoming changes to London Precious Metals Markets
Don Groves, Technical Specialist, Financial Conduct Authority (View Presentation Slides)

US & EU Regulation & Potential Impacts
Jonathan Jachym, Executive Director -Government Relations,CME Group (View Presentation Slides) View Transcript

US Dodd Frank Act and Precious Metals - Where Are We Now?
John Bullock, Attorney, IPMI (View Presentation Slides) View Transcript

10:15 Coffee Break

10:45 Session 6:  Silver
Chairman: Michael DiRienzo, Executive Director, The Silver Institute View Transcript

Future of Silver Mining 
Mitchell J Krebs, President, CEO and Director, Coeur Mining, Inc (View Presentation Slides) View Transcript

The Importance of Silver in the Portfolio of a Fully Integrated Mining Company
Radoslaw Zalozinski, Director of Market and Credit Risk Management, KGHM Polska Miedz S.A. (View Presentation Slides) View Transcript

Silver – a Worthy Investment Vehicle?
Shayne McGuire, Gold Fund Manager, Teacher Retirement System of Texas (View Presentation Slides) View Transcript

12:00 - 13:30 Lunch. 

13:30 Session 7: PGMs: 
Chairman: David Jollie,  Strategic Analyst, Mitsui &Co. Precious Metals Inc View Transcript

The Catalyst for Change 
Andrew Hinkly, Executive Head of Marketing, Anglo American Platinum (View Presentation Slides) View Transcript 

Challenges Facing PGM Refiners and Fabricators
Mark Barnard, Director of Marketing, Materials Services, BASF Corporation, Catalysts Division (View Presentation Slides) View Transcript

Platinum and Palladium Availability
Walter de Wet, Head of Commodity Research, Standard Bank plc. (View Presentation Slides) View Transcript

14:45 Coffee Break

15:15 Session 8: Panel Session – Is the Bull Market Over?
Chairman: Dr Brian Lucey, Professor of Finance, Trinity College Dublin  View Transcript

Panel:
Philip Klapwijk, Managing Director, Precious Metals Insight (View Presentation Slides)
Andy Smith, Analyst (View Presentation Slides)
Marwan Shakarchi, Chairman, MKS Switzerland
Jeremy East, Global Head of Metals Trading, Standard Chartered Bank View Transcript of the Session

16:15 Session 9: Delegate Feedback & Closing Session
Chairman: Stewart Murray, Chief Executive, LBMA (View Presentation Slides)

Conference Summary
Edel Tully, Global Precious Metals Strategist, UBS (View Presentation Slides) View Transcript

The following sessions ran in parallel with the above on Day 2

Parallel Sessions

9:00 Session 5B: Jewellery (Parallel Session)
Chairman: Ms Licia Mattioli, President, Confindustria Federorafi

Italian Jewellery 
Neil Meader, Consultant, Metallis Consulting Ltd (View Presentation Slides)

Chinese Jewellery: Market Growth in an Expanding Economy
Vincent Chow, Chairman, Chow Sang Sang Group (View Presentation Slides) 

Indian Jewellery:  Trends, Characteristics and Dynamics
C K Venkataraman, Chief Executive Officer, Titan Industries (View Presentation Slides)

LBMA & RJC Responsible Gold Forum

10:45 Session A: OECD Due Diligence Implementation
Chairman: Tyler Gillard, Head of Project, OECD (View Presentation Slides)

Italian Government Perspective
Maria Benadetta Francesconi, Italian Ministry of Economic Development (View Presentation Slides)

Jewellery – Downstream Implementation
Iris Van der Veken, Manager of Corporate Affairs, Rosy Blue (View Presentation Slides)

Refiner’s Best Practice Policies & Programmes
Janet McCarthy, Group Counsel, Metalor Technologies Ltd (View Presentation Slides)

Bullion Bank Best Practice Guide
Peter Kilchenmann, Credit Suisse 

Artisanal Mining ETF
Kevin Telmer, Executive Director, Artisanal Gold Council (View Presentation Slides)

12:00 - 13:30 Lunch.

13:30 Session B: Conflict Minerals Regulation
Chairman: Fiona Solomon, Director, Standards Development, Responsible Jewellery Council

Signe Ratso, Director, Directorate-General for Trade, EU Commission (View Presentation Slides)
Philip Olden, Consultant, Signet (View Presentation Slides)
Adam Greene, Vice President, Labour Affairs and Corporate Responsibility, USCIB (View Presentation Slides) 
Cecilia Gardner, President & CEO, Jewellers Vigilance Committee (View Presentation Slides)
Neil Harby, Head of Evaluation, Rand Refinery (View Presentation Slides)

14:45 Coffee Break

15:15 Session C: Industry Initiatives 
Chairman: Ms Ruth Crowell, Deputy Chief Executive, LBMA (View Presentation Slides)

Fiona Solomon, Director, Responsible Jewellery Council (View Presentation Slides)
Terry Heymann, Director, Gold for Development, World Gold Council (View Presentation Slides)
Carolyn Duran, Intel Corporation, CFSI (EICC) (View Presentation Slides)
Patrick Schein, Executive Board Member, Alliance for Responsible Mining (View Presentation Slides)


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