Welcome to Issue 111.

Published during this year's LBMA/LPPM Global Precious Metals Conference in Barcelona, this issue fittingly leads with an historical piece by Simon Rostron (LBMA Consultant) about the legendary Treasure of Guarrazar, an exceptionally important archaeological find in the Spanish province of Toledo which consisted of 26 crowns and gold crosses dating from the seventh century CE. Learn more about this expansive treasure, its fascinating history, and how it led to the unification of the Hispanic peoples.

Dr. Jonathan Butler (Mitsubishi Corporation) tackles precious metals and clean energy, stating, "Decarbonisation, energy security and developing the next generation of high-value manufacturing jobs are three major global-scale challenges that will increasingly dominate the economic, political and social landscape over the coming decades." In his article, Jonathan considers the challenges that will come with this, and also what steps can be taken to realise the benefits that overcoming these challenges will bring.

Ever wondered about the risks - both physical and economical - that climate change can have on gold? James Steel (Chief Precious Metals Analyst, HSBC) and Camila Sarmiento's (ESG and Climate Change Research Analyst, HSBC) insightful article examines just that, plus their approach to the analysis of these risks and how we can combat them in the future.

And in a revealing opinion piece by Lady Xiomara Lemus Gómez (Administrative Coordinator, Annual Meeting of Marmatologists) and Dr. Elizabeth Ferry (Professor of Anthropology, Brandeis University, USA), the shortcomings in small-scale gold mining are examined. But not only that, the article considers what we can learn from past mistakes and how small-scale gold mining does not have to be a problem in need of solving.

And in our Editorial, Suki Cooper (Chair of the PAC, and Executive Director, Precious Metals Research, Standard Chartered) introduces this issue with panache. She introduces some of this year's Conference themes and highlights some of the sessions our delegates will enjoy over the next few days in Barcelona.

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