As is tradition, the opening session of the LBMA/LPPM Global Precious Metals Conference in Kyoto began with opening remarks from LBMA – Dr. Paul Fisher OBE (Chair) and Ruth Crowell (CEO) – and Dr. Jonathan Butler (LPPM).
Unusually, though, this year’s opening session included a metaphorical ‘passing of the baton’ as Paul Fisher stepped aside and welcomed Peter Zoellner as the new Chair. Paul remarked that he was “more than happy to hand the reins over to someone so capable,” while Ruth took the chance to thank Paul for his “wisdom, strategy, and dedication to LBMA” over an impressive nine-year stint. Peter responded with hearty congratulations, applauding Paul’s achievements and sharing his excitement for what lies ahead.
Data-Rich Keynote
In the first keynote of the Conference, Hiroshi Nakaso (Daiwa Institute of Research Ltd) explored how the shifting financial landscape is shaping the global currency system. Trends in the US dollar were discussed, how Japan’s CPI has fared, and how fiscal vulnerabilities, immigration flows, structural risks, and threats to central bank independence, as well as a hot topic set to echo throughout several upcoming sessions – reciprocal tariffs – in this data-rich session.
Bullish Investment Session
Session Two – this year’s investment session – opened with a statement of sentiment from each panellist, who were unanimously bullish on gold. Digging down further, moderator John Reade (World Gold Council) guided the conversation between the panellists – Saad Rahim (Trafigura), Amir Ravan (Jain Global) and Wayne Gordon (UBS Wealth Management) – through topics such as GDP expectations, the relative merits of gold forecasts, how there is more impact to come on goods prices thanks to tariffs, as well as key risks for global trade. The optimal amount of gold holdings was explored – “between 5% and 10%” according to Wayne Gordon – and a lively discussion followed on what circumstances would be required to create a bear argument for gold.
SGE Market Update
In Session Three, Dr Zeng Hui (Shanghai Gold Exchange) gave a market update covering gold prices, market volatility and its impact, consumption, and how gold bar and coins have jumped 24% to 265 tonnes in the region, overtaking jewellery for the first time in history. A look ahead to SGE’s next priorities followed, which included an emphasis on communication, contributing to a more inclusive and resilient global gold market, cross-border connectivity, and exploration of green gold in China.
Focus On Sustainability and Responsible Sourcing
A session focusing on Sustainability and Responsible Sourcing followed, chaired by Alan Martin (LBMA) which included Enkhjin Atarbaatar (Bank of Mongolia), Dr. Robin Kolvenbach (Argor-Heraeus SA, Mendrisio), Gregory Mthembu-Salter (Phuzumoya Consulting) and Maribeth Borja (Bangko Sentral ng Philipinas). Topics included the importance and challenges of responsible sourcing and traceability, how to incorporate ASM material into the global supply chain, engagement with Good Delivery Refiners and the part played by central banks.
A New Era of PGMs
Session 5 explored how critical Platinum Group Metals are being redefined in today’s evolving landscape as they enter a new era shaped by clean energy transitions, industrial innovation, and a growing emphasis on recycling. David Jolie (Valterra Platinum) moderated, while Lou Britton (Auris Noble), Dr. Katsuhiko Hirose (HyWealth Co), Taketomo Washida (Tokuriki Honten) and Ming Wen (Sino-Platinum Metals Co Ltd) gave presentations on various outlooks, challenges and opportunities available in this new era of PGMs.
