Welcome to issue 118 of the Alchemist, bringing you the latest insights in the precious metals industry.
Don’t miss the following highlights from this issue:
Fundamental to Modern Life: Exploring the Platinum Group Metals Opportunity
By Margery Ryan (PGM Strategy and Advocacy Manager, Johnson Matthey)
Margery Ryan challenges misconceptions around platinum group metals, highlighting their unmatched efficiency, recyclability, and critical role in enabling sustainable, high-performance technologies.
Forecast Survey: Unearthing the Wisdom in the Crowd
By Dr J. Chris Lamprecht (Independent Business Analyst)
Chris Lamprecht dives into nearly three decades of LBMA forecast data to uncover surprising truths about consensus price predictions — and where true forecasting edge may lie.
Echoes of the ’80s? Gold Prices and Inflation Then and Now
By James Steel (Chief Precious Metals Analyst, HSBC Bank USA NA)
James Steel examines gold’s record-breaking rally, weighing whether today’s market forces mirror the turbulence of the 1980s or point to a different future for precious metals.
The Story of the World Famous Münze Österreich
By Eva-Maria Klement (Assistant to the Director General, Austrian Mint)
Eva-Maria Klement traces over 830 years of tradition and innovation at the Austrian Mint, from its medieval origins to its status today as a world-leading producer of iconic coins like the Vienna Philharmonic and Maria Theresa Taler.
In Remembrance: Paul Tustain
BullionVault pays tribute to Paul Tustain, Founder and Chairman, who passed away at 62. He revolutionised private gold investing by enabling everyday investors to access wholesale prices and true ownership of allocated gold. Paul’s innovations earned BullionVault a unique place in the market and LBMA membership. He remained a passionate advocate for gold and free markets until the end. A celebration of his life is planned later this year.
Also featured in this issue:
Editorial by Ruth Crowell
LBMA CEO Ruth Crowell highlights Asia’s crucial role in the global gold market and LBMA’s push for deeper regional collaboration and integrity through initiatives like the Asia Working Group and Gold Bar Integrity.
Transforming Small-Scale Gold Mining for a Sustainable Future in Ghana
LBMA CTO Neil Harby reports on efforts to increase artisanal gold from Ghana in the global supply chain - and the increasing use of the ASM Toolkit.
How Does an Early Monsoon Affect Rural India Gold Consumption?
Debajit Saha (Research Lead, LSEG) and Narasimha Rao Nalamasu (Meteorologist, LSEG) assess how early monsoons influence rural gold demand in India.
Spotlights on New Members
This issue features spotlights on new LBMA Affiliate Members: KITCO and aXedras.
Forecast Pulse Check: Analysts Forecast 15.49% Increase in Average Gold Price for 2025
A group of 13 professional analysts, recently polled by LBMA in a mid-year pulse check, have upgraded their forecasts for the average price of gold through 2025 by almost 15.5%.
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