
Welcome to issue 116 of the Alchemist, bringing you the latest insights in the precious metals industry.
Don't miss the following articles, and much more:

Precious Metals and Trump 2.0: A Time of Elevated Uncertainty
By Dr Jonathan Butler (Mitsubishi Corporation International (Europe) Plc)
As President Trump takes office for the second time, Dr Jonathan Butler considers what’s in store for precious metals in this new political era, amidst concerns of US import tariffs, inflation, and geopolitical relations.

Confessions of a (Possibly Reformed) Gold Sceptic
Edited by Shelly Ford (Alchemist Editor and Digital Content Manager, LBMA)
Based on his keynote speech at the Miami Global Precious Metals Conference, Robert Armstrong (US Financial Commentator, Financial Times) tells all about his deep-seated scepticism of gold and how recent world events have made him rethink this perspective.

Gold in the 21st Century: First Quarter Review
By Shelly Ford (Alchemist Editor and Digital Content Manager, LBMA)
Taken from their LBMA Annual Seminar panel session, Adrian Ash (Head of Research, BullionVault), Suki Cooper (Executive Director – Precious Metals Research, Standard Chartered Bank), and Matt Turner (Market Intelligence Manager – PGMs, Anglo American Platinum) look back at gold’s performance in the first quarter of this century and consider where it could go next.

Also featured in this issue:
A Close-Run Thing
Simon Rostron (LBMA Consultant) takes us back in time to give a thrilling recount of how gold ‘balanced the wheels’ of one of the first British railways.
Risk, Regulation, and Resilience: The 2025 Compliance Playbook
Amidst geopolitical shifts, economic volatility, regulatory developments, and rapid technological advancements reshaping the precious metals industry, Emmy Richardson (Senior Compliance Associate, LBMA) addresses how to maintain BAU compliance functions and adapt to new challenges.
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