Welcome to issue 121 of the Alchemist.
Highlights from this issue:
Seeing Inside the Bar: What Phased Array Ultrasonic Testing Is Teaching the Gold Industry
By Amanda Hefer (Senior Manager, Metallurgical Services, Rand Refinery Limited)
Amanda Hefer explores how Phased Array Ultrasonic Testing (PAUT) is giving the bullion market a new way to strengthen trust, while also revealing the practical challenges that come with interpreting highly sensitive scan data.
The Horse That Ran Last to First
By Nicky Shiels (Head of Metals Strategy, MKS PAMP)
Nicky Shiels investigates whether the latest surge in precious metals is being driven by durable institutional demand or a burst of retail momentum.
Why the 2026 Oil Shock Exposed the Fragility of the 60/40 Portfolio
By Daniel Marburger (Managing Director, StoneX Bullion GmbH)
Has the classic 60/40 portfolio lost its protective edge? Daniel Marburger reveals how the 2026 oil shock exposed the limits of bonds as a hedge in an inflation-constrained environment — and why gold is increasingly being viewed as part of the answer.
Also featured in this issue:
Facing Facts: Strong Investment Demand Offsets Jewellery Contraction In China And India In Q1
The latest Facing Facts article from Debajit Saha (London Stock Exchange Group) highlights how soaring gold prices reshaped consumer behaviour in China and India during Q1 2026, revealing a significant shift in sentiment across the world’s two largest physical gold markets.
Melt, Move, Repeat: Applying Aml Frameworks In The Precious Metals Market
Emmy Richardson dives into why applying traditional Anti-Money Laundering (AML) frameworks to gold requires a more practical, market-specific lens — from complex supply chains to shifting trade flows — while highlighting LBMA’s new eLearning course, building awareness of financial crime risks.
New Member Spotlights
We are pleased to welcome Hatton Garden Metals Ltd, Ledoux & Co., and Skandinaviska Enskilda Banken AB. Find out more about these organisations in the Spotlight features of this issue.
LBMA would like to thank all of our advertisers: