LBMA Annual Report 2025
Chair's Message
Ruth Crowell (LBMA CEO) and Peter Zoellner (LBMA Chair)
2025 has been a most exciting year for all stakeholders in the precious metals market, and remarkable also in historic terms.
Rarely have we seen price movements of this dimension, in particular for gold. This reflects the high degree of uncertainty for many investor groups with regards to the geopolitical developments and a growing number of military conflicts, friction in the global free-trade regime and unsustainable fiscal policies in some jurisdictions. Monetary policy decisions in leading economies led to lower interest rates, which also supported the sharp upward movement of the price of gold, reaching historic peaks.
Strong demand from central banks and other investor groups is driving this trend. Many observers now view gold as a strategic asset class, rather than just an asset used to optimise the risk-reward profile of an investment portfolio.
I feel greatly honoured to be elected as Chair of LBMA. My experience from former roles at the Austrian Central Bank, the Austrian Mint and the Bank for International Settlements will be useful to help shape the future strategy of LBMA for the benefit of our Members and stakeholders. We shall use the elevated attention on the precious metal markets in professional circles and in the public domain to demonstrate our values and openness for new ideas.
LBMA’s Strategic Vision for a Resilient Future
LBMA’s Three-Year Strategic Plan (2025-2027), focusing on transparency, governance and continuous improvement, will further strengthen our Members’ efforts to deliver reliable and high-quality products and services to their customers in the precious metal markets. With that in mind, I am fully supportive of LBMA’s key strategic activities: to advance responsible sourcing, increase transparency through initiatives such as the Gold Bar Integrity (GBI) database and the Refiner Transparency Roadmap, and promote gold’s recognition as a High-Quality Liquid Asset (HQLA). These initiatives demonstrate LBMA’s efforts to advance standards and promote good trading practices for Refiners, traders, banks and others operating in the global precious metals industry.
I wish to acknowledge the extraordinary contribution of Paul Fisher, whose nine-year tenure as Chair reinforced LBMA as a credible and globally respected institution. Together with the Board, Executive Committee and Ruth Crowell’s leadership team, Paul has enabled LBMA to punch well above its weight, laying down strong foundations for our future.
These initiatives demonstrate LBMA’s efforts to advance standards and promote good trading practices for Refiners, traders, banks and others operating in the global precious metals industry.
Meeting the Challenges of a Changing Market
In the coming years, as new participants will enter the precious metals industry and new trading centres will gain relevance, the global market risks becoming increasingly segmented.
Political preferences in some countries might weaken environmental and social regulations. In this environment the need to advance global standards has never been higher. LBMA must lead this communication between centres as the market landscape becomes more complicated.
My priority as Chair is to ensure that LBMA continues to operateefficiently, set the right priorities, remain relevant in this complicated globalised world, and support this industry that underpins confidence in global trade and finance.
Thank you to our Members, stakeholders, and to the LBMA staff and leadership team for their continued commitment to excellence and I look forward to working collectively with you.