Why did China’s state-owned alumina and aluminium giant, Aluminum Corporation of China (Chinalco), borrow more than 10 tonnes of gold from a commercial bank in June? The deal illustrates the highly evolved nature of China’s gold lease market, as well as the challenges facing more traditional gold leasing and the constriction of other credit channels. Read full article Tom Kendall is Head of Precious Metals Strategy at ICBC Standard Bank Plc. He joined the bank in June 2015 from an independent options brokerage, LCM Metals UK LLP, where he was responsible for metals strategy. Prior to that he spent four and a half years at Credit Suisse, firstly as the bank’s precious metals analyst and subsequently as Head of Global Commodities Research. Previous roles include Precious Metals Strategist for Mitsubishi Corporation and Head of Market Research for Johnson Matthey PLC. He holds a BSc in Geology from Southampton University.