Welcome to issue 120 of the Alchemist.
Highlights from this issue:
Editorial: Strengthening Trust in Gold - A Call for Global Action
By Ruth Crowell (CEO, LBMA)
As gold prices hit record highs amid rising geopolitical risk, Ruth Crowell calls for urgent global collaboration through international bullion centres (IBCs) to combat illicit flows and strengthen trust through transparent, responsible sourcing.
A Connected Supply Chain: Understanding Emissions Beyond Mining and Refining
By Simon Rutledge (Commercial Director APAC, IBI)
Transport, long treated as a functional bridge between mining and refining, has become a critical yet underexamined contributor to emissions across the precious metals value chain. As supply chain transparency advances, this article highlights why logistics providers must play a central role in delivering credible, data-driven sustainability outcomes.
A Refuge in Uncertain Times: Insights from the Investment Panel
By Shelly Ford (Digital Content Manager, LBMA)
At the 2025 LBMA/LPPM Global Precious Metals Conference, our investment panel made a unanimous bullish case for gold, arguing that structural forces are reshaping market behaviour and portfolio allocation. The session highlighted a market defined by lasting shifts in liquidity, investor psychology and asset allocation.
Trade Wars, Strong Dollars, and the Real Roots of Today's Market Disruptions
By Richard Koo (Chief Economist, Nomura Research Institute)
Also at the 2025 Conference, Richard Koo argued in his keynote speech that persistent U.S. trade deficits are the true root of today’s economic and political tensions. He asserted that while tariffs risk entrenching inefficiency, exchange rate adjustment could reshape the dollar’s trajectory and carry profound implications for global markets, including precious metals.
Also featured in this issue:
Precious Metals Set for Volatile 2026 As Momentum Collides with Mounting Risks
According to LBMA’s 2026 Forecast Survey, analysts expect precious metals to reach record highs in 2026 while warning that stretched positioning, shifting central bank behaviour and evolving industrial trends could trigger heightened volatility.
The T-Sintermint Line: Re-Engineering the Production Workflow
Unveiled at IPMI’s 49th Annual Conference, the T-Sintermint Line – developed by Tera Automation in collaboration with ABC Bullion and Coinatec – reimagines traditional minting by replacing multi-stage rolling and striking with metal powder sintering and full robotic automation, dramatically reducing waste, streamlining production and enabling a more efficient and digitally integrated workflow.
Facing Facts: PGM Prices Supported By Ongoing Stockpiling and Strengthening Market Sentiment
Our latest Facing Facts article explores how platinum and palladium sharply outperformed gold in 2025 and considers the future, suggesting that this bullish momentum could extend into 2026.
Spotlight on Goldinvest Edelmetalle GmbH
This issue’s Spotlight focuses on Goldinvest Edelmetalle GmbH, a precious metals trading and investment specialist who has joined LBMA as an Affiliate Member.
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