Spain’s historical connection with gold and precious metals dates back to 700 BC. It still holds 18% of its total reserves in gold, the USD value of which reached a 20-year high earlier this year.
Simon Rostron’s article in this edition of the Alchemist on ‘The Votive Crown and the Unification of the Spanish People’ unveils some of Spain’s rich metallic history.
Following overwhelmingly positive feedback in 2017, LBMA, in conjunction with its friends at LPPM, has brought this year’s Conference back to Barcelona.
Its enriching programme is filled with opportunities to grow connections during networking events, informative champagne roundtables covering pertinent topics, and an opportunity to meet the speakers. Sustainability, climate change, recession risks and the impact of AI are among the themes dominating markets this year.
Many questions remain unresolved and will be explored at the Conference and in this edition of the Alchemist.
Economic and financial-market sentiment has swung between extremes of bullish and bearish in 2023, with little in the way of firm conclusions. Uncertainty about soft versus hard landings persists. A year ago recession risks were rising in the US and Europe amid cost pressures, high inflation and supply disruptions. Fast forward a year and the dollar has remained strong, monetary policy has tightened rapidly and the global economy is expected to slow as China’s recovery has also lost momentum.
Within the next year rate hikes are expected to give way to rate cuts, and elections will be back in focus. This year’s Conference will help you and your business navigate these issues and provide a forum to learn more and connect with other industry participants.
Suki Cooper, Chair of LBMA's Public Affairs Committee and Executive Director, Precious Metals Research at Standard Chartered Bank
On day 1, two prominent keynote speakers, David McWilliams, economist, and James Kynge, Global China Editor, Financial Times, present the global macro picture and risks, and a focus on China, respectively. David and James bring unparalleled knowledge and insights to set the economic background.
Shortly thereafter, John Reade will expertly moderate the investment exposure panel discussion. How have financial institutions’ exposure to precious metals evolved, given mandates in response to competing economic forces, diverging monetary policy narratives, and a shift in relative valuations due to higher interest rates?
Nicky Shiels, MKS PAMP will deep dive into the mega PGM demand trends with a panel representing Umicore, Implats and Johnson Matthey. The development of the hydrogen economy, supply’s ability to match potential demand growth and changing powertrains presents opportunities as well as challenges; and the PGMs serve an important role in addressing climate change and sustainability.
This year’s Conference will help you and your business navigate these issues and provide a forum to learn more and connect with other industry participants.
Sustainability Underpins Everything
Sustainability initiatives underpin many of the discussions taking place in Barcelona.
Sustainability – whether its sourcing, environmental awareness or social responsibility – is playing an increasingly important role within the precious metals markets and is a key challenge that must be addressed. The Alchemist’s numerous must-read articles relating to this theme include James Steel and Camila Sarmieto’s ‘Gold and climate change’ and Jon Butler’s ‘Precious Metals and Clean Energy’. Decarbonisation, energy security and climate change have an impact on our entire industry, presenting both challenges and opportunities.
Day 2’s keynote address is from Elin Hauge, on artificial intelligence: beyond the hype and hysteria. Michael DiRienzo will moderate a panel on silver’s role in the green economy, and Gregory Mthembu Salter will facilitate a session on the future of sustainability and responsible sourcing, with speakers from the OECD, US State Department, Anglo American and Metalor, after a special address from Winnie Santiago, Bangko Sentral NG Pilipinas.
We complete day 2 with a session on consumer demand during high prices and an exploration into the future of the gold market. And Ruth Crowell will also reveal the results of this year’s price poll – delegates’ optimism from last year appears to have been well placed.
We hope you will make many of the sessions; but if you miss any, James Steel and I will provide a quick and informative round-up of the Conference.
There has never been a better time to be at the forefront of market discussions.
Welcome to Barcelona, and I wish you yet another successful Conference.
There has never been a better time to be at the forefront of market discussions.
