Japan’s bullion market dates back centuries, encompassing mining, refining, fabrication, investment and jewellery. Japan is also a top-10 national holder of gold, which accounts for 7% of total reserves. It has an established precious metals futures exchange and at its peak, Japan consumed 45% of global platinum demand and 40% of palladium in the mid-1990s. You can read more from Bob Takai on Japan’s enduring association with gold on page 23 of this issue.
I’m delighted that, for this year’s Conference, we return to Kyoto. Those who attended in 2008 will recall the Global Financial Crisis unfolding at the time and concerns about the financial sector and wider economy. The crisis revived gold’s status as a safe-haven asset and source of liquidity in times of distress. It also propelled gold’s sustained move above $1,000/oz, setting successive record highs. Fast forward 17 years and gold has reaffirmed its role as a sought-after safe-haven asset, scaling record highs more than three times above the post-GFC level. Needless to say, there was no shortage of pertinent topics to cover at this year’s conference. The Public Affairs Committee and the LBMA Executive are delighted to have partnered with our friends at the LPPM to bring you an insightful and enriching agenda.
Paul Fisher will open the conference for the last time as Chairman. We are grateful for his leadership and stewardship over the past nine years (see Legacy in Motion: A Chairman’s Reflection on page 12). We are fortunate to have as our opening keynote speaker the esteemed Hiroshi Nakaso, Chairman of Daiwa Institute of Research and former Deputy Governor of the Bank of Japan.
Japan’s bullion market dates back centuries, encompassing mining, refining, fabrication, investment and jewellery.
Tariff headlines – followed by more tariff headlines, pausing, accelerating and reversing expectations – should make for a lively discussion on how investors have traded and intend to trade precious metals. Our expert moderator, John Reade (World Gold Council), will cover macro, micro, geopolitical and political risks with our esteemed global panel. Plus, we will delve into the PGMs with speakers from Tokuriki Honten and HyWealth to explore the latest developments in and prospects for PGM demand and recycling.
Richard Koo (Chief Economist, Nomura Research Institute) kicks off Day 2 with a keynote address on the ‘Three Ts’ we have become very familiar with this year: Trump, Tariffs and Trade. Nikos Kavalis (Metals Focus) will explore the Outlook for Asia Demand in a panel discussion spanning key regions and end-use sectors. This will bring us to Session 9: Metals in Motion. Adrian Ash (BullionVault) is the perfect moderator for this highly anticipated session, previewed on page 14. There is much to cover during the hour, given the spike in EFPs, the record build in Comex and Nymex warehouses, the search for clarity on custom codes, transport and storage costs, and pricing of tariff risks. I have every confidence we will walk away richer in understanding given the shared expertise of Mark Woolley (Brinks), Tim Murray (JM), Matthew O’Neill (HSBC) and Joe Stefans (MKS PAMP).
We will wrap up the day by exploring the silver market with Rhona O’Connell (StoneX) and the latest central bank views and flows with Peter Zoellner (formerly of BIS). Central bank gold buying may have slowed this year, but it is still elevated compared with the ten-year average.
Should you miss any of the programme, James Steel and I will wrap-up the conference key takeaways and what you need to know. The delegate poll will reveal audience optimism about further price gains following this year’s record high for gold, and multi-year highs across the complex.
As well as the rich programme, we know the Conference brings unparalleled opportunities to nurture existing relations and grow future partnerships. To that end, we have included ample time for networking including our Champagne Roundtables, offering the opportunity to ask questions and delve deeper.
As global dynamics continue to shift, this conference for the industry, by the industry is the best place to unpack and explore the key elements impacting the precious metals markets, and cement and grow partnerships across the industry.
Welcome to Kyoto; we wish you all another successful Conference.
As well as the rich programme, we know the Conference brings unparalleled opportunities to nurture existing relations and grow future partnerships.
