October 28, 2025
Alchemist 119: The Enduring Role of Trust in the Precious Metals Industry & Much More
Welcome to issue 119 of the Alchemist, bringing you the latest insights in the precious metals industry.
Don’t miss the following highlights from this issue:
The Enduring Role of Trust in the Precious Metals Industry
By Stuart O'Reilly (Market Insights Manager, The Royal Mint)
For over a thousand years, trust has defined The Royal Mint’s role in the precious metals industry. From the enduring legacy of the gold Sovereign to cutting-edge security in today’s bullion bars, discover how integrity, innovation, and tradition continue to safeguard investors in 2025
Japan: The Land of Platinum Jewellery
By Hisako Hankinson (President of Platinum Guild International K.K.) & Zhenzhen Liu (Director, Global Corporate Marketing, Platinum Guild International)
Long celebrated as the “Land of Gold,” Japan has become the global leader in platinum jewellery. This article explores how platinum’s purity, craftsmanship and emotional symbolism have made it Japan’s metal of choice - from timeless bridal pieces to modern self-purchases driving new growth in 2025.
Zipangu Revisited: Japan's Rise and Retreat in the Global Gold Market
By Bob Takai (CEO of EEX Japan KK)
From ancient Kyoto’s refining roots to modern-day market shifts, Japan’s gold story is one of innovation, resilience and reinvention. Learn how the “Land of Gold” rose to global prominence, weathered economic cycles and continues to shine through its enduring craftsmanship and investment legacy.
From Volatility to Value: Industry's Pivot to Thrifting and Recycling Silver
By Elvis Chou (Metals Focus)
As silver prices soar, industries are rethinking how this vital metal is sourced and used. Explore how innovation, thrifting, and recycling are transforming silver from a volatile commodity into a model of efficiency and sustainability across technology and manufacturing.
Also featured in this issue:
Metals in Motion: How to Clear Customs in the Fog of Trump's Trade War
As Trump’s renewed trade war reshapes global bullion flows, Adrian Ash (BullionVault) explores how gold, silver and platinum markets are navigating new tariffs, liquidity shocks and unexpected opportunities across borders.
Responsible ASM Sourcing by the Good Delivery List: Encouraging News from the Philippines
Amid the challenges of artisanal gold mining, the Philippines is emerging as a model for responsible sourcing. Here, Gregory Mthembu-Salter (Phuzumoya Consulting) highlights how the Bangko Sentral ng Pilipinas and LBMA are working together to bring more ethically mined gold into the formal market
Marco Polo and the Golden Temple of Choson-ji
Marco Polo’s fabled “land of gold” may have been inspired not by myth, but by Japan’s golden Buddhist temple of Choson-ji. In another historical piece by Simon Rostron (LBMA Consultant), see how legend, faith and gold intertwined to shape Japan’s enduring aura of splendour.
Legacy in Motion: A Chairman's Reflections
After nine transformative years as LBMA’s first independent Chair, Paul Fisher reflects on the evolution of governance, responsible sourcing and market integrity - and the challenges that still lie ahead.
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