Portugal has a rich history in precious metals, entwined with gold, spices and trade. Today, Portugal is still one of the world’s largest national holders of gold, which accounts for a hefty74% of its total reserves. Its history of hallmarking dates back more than 500 years and Portugal used precious metals as currency as far back as the 1300s. Don’t miss Great Britain and Portugal: Without Parallel in World History by Simon Rostron, in this edition of the Alchemist.
I am thrilled that this year’s LBMA/LPPM Precious Metals Conference will be in person. I am sure you are all as keen as I am to reconnect and make new connections. I’m also delighted we will finally be able to host the Conference in Lisbon. Third time’s a charm, having postponed our event twice due to COVID-19.This is not our first foray to Lisbon, however as we switched to the city of light at short notice in 2003, when the Shanghai Conference was postponed due to SARS.
We are so pleased to be partnering with our friends at LPPM to bring you a comprehensive, thought-provoking and informative programme, and we have listened to your feedback and added more opportunities to network and meet the speakers.
After the welcome reception on Sunday afternoon, Day 1 will kick off with not one but two prominent keynote speakers. Izabella Kaminska (Founder of The Blind Spot) will set the scene, covering macro risks of the past, present and future, while Dr Peter Zoellner (member of the BIS Executive Committee) will add his perspective and discuss how central bankers have responded.
TODAY, PORTUGAL IS STILL ONE OF THE WORLD’S LARGEST NATIONAL HOLDERS OF GOLD, WHICH ACCOUNTS FOR A HEFTY 74% OF ITS TOTAL RESERVES.
Peter and Izabella will join Elliot Hentov (State Street Global Advisors) and Saad Rahim (Trafigura) on our Macroeconomic and Geopolitical Outlook panel, moderated by Andrew Verity of the BBC, to help differentiate pivotal risks from noise in the coming year.
There will be no time for an afternoon siesta, as ever-knowledgeable Dr David Jollie (Anglo American Plc) will moderate The Future of PGMs panel after lunch. David will join speakers from Heraeus, AP Ventures and Tanaka to draw out the longer-term trends from the physical market, new technologies and investment products. As we approach the 50-year anniversary of the introduction of PGM autocatalysts, PGMs are set to play a pivotal role again as net zero goals are implemented.
Armed with these insights, we will all be keen to hear how investors are positioning in the market. This session will be expertly moderated by John Reade (World Gold Council), and we will hear from Pala Investments, DRW, Queen Anne’s Gate, Bluecrest and UBS. How do investors position in such choppy markets and what drivers are they watching?
Our champagne roundtables round up Day 1, so please take this opportunity to meet the keynote speakers, explore the silver market, greet some new Members, and discuss digital gold, crypto and tokenisation.
Day 2 kicks off with two keynote speakers, Peter Boyd (Yale lecturer) and Belinda Ellington (Citigroup), as we explore sustainability and ESG in this session moderated by our own Paul Fisher (Chairman, LBMA), who will be joined by Randy Smallwood of the World Gold Council and Wheaton Precious Metals. During last year’s virtual conference, ESG dominated the conference sessions, including its impact on the mining community, the carbon footprint of spent autocatalysts and the responsible sourcing of the material – particularly in Artisanal and Small-scale Mining (ASM). It will be interesting to continue those conversations about the role that precious metals will play in developing renewable energy and reducing pollutants.
After the coffee break, Sakhila Mirza (General Counsel and Executive Board Director, LBMA) will lead a session on strategic updates across ASM and technology. The last session will focus on global flows and physical demand, in which Dillon Gage, FinMet, Brinks and JPMorgan will provide insights into how logistics and physical demand have been altered by the pandemic and changing consumer needs, teased out by Nicholas Frappell (ABC Refinery).
Last year, although gold prices had dipped, the annual LBMA poll indicated further upside risk to prices and forecast that gold would trade at $1,969/oz on 17 October 2022 in Lisbon. Let’s see how accurate that optimism was, as Ruth reveals the results of this year’s poll.
Should you miss any of the programme, be sure to join me and James Steel for the Conference summary session, where we will share the key takeaways.
We wish you all a productive and fruitful Conference. Bem vindo de volta!
I AM THRILLED THAT THIS YEAR’S LBMA/LPPM PRECIOUS METALS CONFERENCE WILL BE IN PERSON. I AM SURE YOU ARE ALL AS KEEN AS I AM TO RECONNECT AND MAKE NEW CONNECTIONS.