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GLOBAL PRECIOUS METALS CONFERENCE: STRIVING FOR A STRONG FUTURE

By PATRICK MOOTY, Marketing Coordinator, LBMA

Singapore Bullion Market Association
The 2024 LBMA/LPPM Global Precious Metals Conference in Miami welcomed some 776 delegates, all keen to listen to a diverse range of topics, from platinum group metals (PGMs) and gold investment to the mining industry and the future of silver – via recycled metal and, of course, sustainability and responsible sourcing.

Unpacking the Issues: Day One

Singapore Bullion Market Association
Paul Fisher, John Cullen, and Ruth Crowell on stage for Day One.
The conference kicked off with opening remarks from Paul Fisher (Chairman, LBMA) and Ruth Crowell (Chief Executive, LBMA), who provided a concise overview of the macro environment and LBMA’s strategic goals. Following this, John Cullen (LPPM Chairman and Director, Johnson Matthey Plc) shed light on the crucial role PGMs play in the transition to achieving net-zero emissions.
Next, the Day One keynote featured a dynamic discussion on geopolitics. Moderated by Rhod Sharp (BBC Emeritus), Gideon Rose (Senior Adjunct Fellow, Council on Foreign Relations) and Sir Sherard Cowper-Coles (Senior Advisor, HSBC Holdings) explored the growth in China, potential outcomes of the then-upcoming US presidential election such as tariff concerns, the link between globalisation and domestic unrest, and the impact of this on the social contract.
The day continued with a series of insightful panel sessions. John Reade (Chief Market Strategist, World Gold Council) moderated a discussion on investment strategies for precious metals in turbulent times. Tim Murray (Director, Precious Metals Management, Johnson Matthey) and his panel offered a positive outlook for the PGM market; and Terrence Keeley (CEO, Impact Evaluation Lab) facilitated a panel with representatives from central banks of Mongolia, Czechia, and Mexico, exploring why the importance of gold for central bank reserves.
Day One concluded with the ever-popular Champagne Roundtables, where speakers and delegates continued their discussions on topics ranging from the automotive industry, silver and trading, to AI, gold investment and the growing importance of minor PGMs.

Day Two: Focusing on Silver and the Global Market

Day Two kicked off with a keynote address by Robert Armstrong (US Financial Commentator, Financial Times). A self-confessed gold sceptic, Armstrong acknowledged gold’s value retention over the past 30 years, and welcomed a panel comprising Mario Campos (Director of Precious Metals, Codelco), Victor Flores (Verum Metalla Advisors) and James Luke (Portfolio Manager, Schroders Global Gold) to explore the challenges and opportunities facing the global mining industry. The discussion covered ESG challenges and how utilising solar energy can reduce operational costs.
Singapore Bullion Market Association GLOBAL PRECIOUS METALS CONFERENCE: STRIVING FOR A STRONG FUTURE
Robert Armstrong giving a keynote address.
Silver took centre stage next as Dr Jonathan Butler (Head of Business Development & Strategy, Mitsubishi Corporation) moderated a diverse panel of experts, including Mitchell Krebs (Chairman, President and Chief Executive Officer, Coeur Mining), Danielle Oliari (Chief Operating Officer, CNT Depository), Matt Watson (Founder, Precious Metals Commodity Management LLC), and Darshana Thacker (Global Business Manager, Refining Services & Silver Salts, Ames Goldsmith Corporation). The discussion highlighted the optimistic outlook for silver given its diverse applications, properties and its historical connection to gold. Watson dubbed silver the “do-all metal,” while Krebs called it the “unsung hero” of the energy transition.
Following presentations from Zhang Yongtao (Vice Chairman/Secretary General, CGA) and Dr Zenghui (Vice President, Shanghai Gold Exchange), John Levin (Head of Metals Sales & Trading, TD Securities) and Zheng Feng (General Manager, China Platinum Company) joined a panel session moderated by Nikos Kavalis (Director, Metals Focus) to explore the impact of Asia on precious metals. The panel delved into green gold initiatives, central bank activity, the future of the Chinese and broader Asian market, emerging growth areas, and the long-term role of gold in the region and globally.
The final session featured Chris Harris (Senior Trader/Global Head of Precious Metals, Concord Resources Limited), Suki Cooper (Executive Director, Precious Metals Research, Standard Chartered Bank) and James Steel (Chief Precious Metals Analyst, HSBC), providing a key takeaways from the conference and the latest LBMA Gold Price Forecast. Interestingly, delegate predictions for the LBMA gold price at the time of the next conference shifted slightly from $2,894.4 on Day One to $2,941.4 by the conference’s conclusion.

Beyond the Sessions: Strategic Initiatives

Interspersed with the speaker and panel sessions were updates on LBMA’s ongoing strategic initiatives. Following Paul Fisher’s opening remarks on Day One, where he announced a donation to the American Red Cross Disaster Relief fund in response to Hurricane Milton’s devastation, Ruth Crowell unveiled LBMA’s new strategic objectives, including a focus on fostering strategic partnerships. She urged delegates to join the movement for a sustainable precious metals market across the entire value chain.
Singapore Bullion Market Association
Ruth Crowell updating delegates on key LBMA initiatives.
Concluding the conference, a special Sustainability & Responsible Sourcing Forum, jointly hosted by LBMA and the World Gold Council, continued the dialogue initiated at the Sustainability & Responsible Sourcing Summit in March 2024. Moderated by Sakhila Mirza (Deputy Chief Executive & General Counsel, LBMA) and Terry Heymann (Chief Financial Officer, World Gold Council), the Forum delved into topics like artisanal and small-scale mining (ASM), responsible sourcing and the baseline standards, and recycled gold.
A major highlight of the conference was the aXedras exhibitor booth, showcasing updates and a demo of the Gold Bar Integrity (GBI) Database, slated for launch in January 2025. The GBI Database aims to digitally trace gold and silver throughout the global supply chain, ensuring transparency and confirming provenance. More information is available at www.lbma.org.uk/gold-bar-integrity-ecosystem.
LBMA’s next Three-Year Strategy (2025-2027) launched in LBMA’s Annual Report 2024, published on 3 December 2024. It outlines the strategic objectives for LBMA over the next three years and beyond, as it strives to ensure the highest levels of leadership, integrity and transparency for the global precious metals industry by advancing standards and developing market solutions. You can read the report at www.lbma.org.uk/publications.

Find Out More

To recap the key takeaways and insights from the conference, including its implications in light of the US election, watch the dedicated webinar at www.lbma.org.uk/videos.
Registration is now open for the next LBMA/LPPM Global Precious Metals Conference, scheduled for October 26-28, 2025, in Kyoto, Japan. Find out more and book your tickets at https://www.lbma.org.uk/events/lbma-lppm-global-precious-metals-conference-2025.

Establishing a Self-Regulatory Organisation (SRO) for Gold Trading

The GTA has taken significant steps toward establishing a self-regulatory organisation (SRO) to oversee the gold trading system in Thailand. The creation of an SRO is essential for ensuring fairness, transparency, and accountability within the industry.
The SRO will play a crucial role in overseeing gold importers and exporters, ensuring that they adhere to quality standards and legal regulations. This will enhance transparency in pricing and create a more reliable system for international trade.
For jewellery manufacturers, the SRO will focus on maintaining high production standards, ensuring product transparency, and protecting consumer interests. This will also help Thai manufacturers remain competitive in the global market.

Retailers, as the final point of sale, will be monitored by the SRO to ensure transparent pricing and product quality

Retailers, as the final point of sale, will be monitored by the SRO to ensure transparent pricing and product quality. The SRO will also work to uphold ethical business practices across the retail sector, promoting trust between retailers and consumers.
Singapore Bullion Market Association GLOBAL PRECIOUS METALS CONFERENCE: STRIVING FOR A STRONG FUTURE
PATRICK MOOTY provides administrative and logistical support to the Marketing Communications team to enable the team to operate efficiently and effectively across all its activities and priorities.
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Singapore Bullion Market Association Secretariat-Lee-Jia-Yi

Lee Jia Yi

OPERATIONS & ADMIN EXECUTIVE
Before joining SBMA, Jia Yi worked as an Admin & Reporting Officer in her previous role. She holds a Diploma in Business & Social Enterprise from Ngee Ann Polytechnic. Jia Yi is responsible for managing and maintaining physical and digital files in SBMA, supporting invoicing processes, reconciling receivables and payables, coordinating meetings and conferences. Additionally, she will provide support to the team and assist the Business Director in managing the Association’s office operations and general administrative activities.

SECRETARIAT SBMA-Emily-Oh

Emily Oh

OPERATIONS & ADMIN EXECUTIVE
Emily Oh is the Operations & Admin Executive, a seasoned professional who values teamwork and effective communication. She is skilled at adapting to new challenges and takes a proactive and resourceful approach to every task. Before joining SBMA, Emily had experience coordinating international travel arrangements and spearheading community initiatives. Her role at SBMA will be providing operational and administrative support for projects and other matters to the team.

SECRETARIAT SBMA Clara-Chang

Clara Chang

MARKETING & COMMUNICATIONS EXECUTIVE
Clara Chang joins SBMA as the Marketing & Communications Executive, enriching the team with her extensive experience in content creation, social media management, and digital marketing. Prior to joining SBMA, Clara held the position of Marketing Executive at her previous job. She holds two bachelor’s degrees from the University at Buffalo, one in International Trade and another in Geographical Information Science. Her core duties will include maintaining the SBMA website, managing the quarterly Crucible newsletter, among other responsibilities.

SBMA Committee-Photo-john-levin

Mr John Levin

Global Metals
TD Securities
John Levin is the Head of Metal Sales & Trading – APAC at the Toronto Dominion Bank’s Singapore office. Prior to this role, he devoted seven years to leading precious metal sales for the ANZ banking group in his home country, Australia. Notably, from 2009 to 2011, John played a significant role on the management committee of the London Bullion Market Association while serving as the Head of Precious Metals Sales for HSBC Global Banking and Markets in the UK.

SBMA Secretariat-Fabian-Lew

Fabian Lew

MARKETING & COMMUNICATIONS OFFICER

Fabian was a Business Development and Marketing Associate before joining SBMA. He graduated from Singapore Management University with a Bachelor’s degree in Economics.

He has joined SBMA since February, 2022.

SBMA-margare-secretariat

Margaret Wong

BUSINESS DIRECTOR

Margaret Wong, Business Director at SBMA (Singapore Bullion Market Association), brought valuable experience from her previous role at the World Gold Council (WGC). Her tenure at WGC provided her with extensive exposure to the gold community in Singapore and the broader region. This background has been instrumental in establishing strong working relationships within the industry.

Margaret’s role at SBMA encompasses a diverse range of responsibilities. She oversees office management, business support processes, finance, and administrative functions essential for the smooth operation of the team and management committee. Additionally, Margaret handles membership matters, member communications, and addresses public inquiries related to SBMA.

One of Margaret’s key responsibilities is coordinating with the Event Management Company for SBMA’s prestigious annual event, the Asia Pacific Precious Metals Conference. This flagship conference plays a crucial role in the industry, making her involvement pivotal in its success.

Described as resourceful and self-motivated, Margaret Wong brings a wealth of skills and experience to her role at SBMA, ensuring efficient operations and effective engagement within the precious metals community in Singapore and beyond.

SBMA-Albert-secretariat

Albert Cheng

Chief Executive Officer

Albert Cheng joined the World Gold Council in March 1993 as a Regional Manager, becoming Managing Director, Far East in 2003. He retired at the end of March 2015 and was subsequently named its Advisor. He has also been an International Advisor to the Shanghai Gold Exchange since 2002.

His marketing career began with Dentsu Young & Rubicam, Hong Kong in the early 80’s. He began gold marketing in July 1985 when he joined the Royal Canadian Mint as a Regional Manager for Southeast Asia.

He was appointed honorary CEO of SBMA in November 2015. He is responsible for the success and strategic development of SBMA, represents the interests of the Association, and is responsible for all the legal and regulatory aspects of the work of the Association. He is the primary contact for regulators and government bodies on bullion market development.

Ms Pawan Nawawattanasub

Ms Pawan Nawawattanasub

CEO
YLG Bullion Singapore Pte Ltd

Pawan is the CEO of YLG Bullion Singapore and founder of YLG Bullion International. She has almost 40 years of experience in the jewellery industry and established YLG in Thailand in 2003. In 2012, she brought YLG to Singapore. She sits on the Board of Directors of the Thailand Gold Traders Association, the Thailand Futures Exchange’s Arbitration Committee, and the Rotary Bangkok committee. She holds a master’s degree in Political Science.

SBMA-Shaokai-Fan

Mr Shaokai Fan

Head of Asia-Pacific (ex China) and Global Head of Central Banks
World Gold Council
Shaokai Fan is the Global Head of Central Banks at the World Gold Council, responsible for advising governments on gold matters, and enhancing the gold market through engagement, dialogue, and thought leadership. He works directly with central banks and sovereign wealth funds on investment considerations. Prior to this position, Shaokai held multiple roles at Standard Chartered Bank, including Director for Asia Strategic Initiatives and Associate-Director for Public Sector coverage. Shaokai holds a Masters of Public Administration from Columbia University and the London School of Economics, and an undergraduate degree in finance and economics from New York University.

SBMA-Committee-Alan-Liew

Mr Alan Liew

Head of Bullion & Commodities Trading
United Overseas Bank Limited
Alan is Head of Bullion and Commodities Trading for Group Trading in Global Markets, United Overseas Bank (UOB). Alan joined UOB and started the bank’s commodities trading business in 2014, previously he spent eight years in Standard Chartered Bank (SCB) trading both precious and base metals. During his tenure at SCB, he obtained the SGE gold trader licence and was part of the pioneering team for the SGE business and the FX quantitative trading team. Prior to trading, he worked for Monetary Authority of Singapore in the Financial Risk Management Division. He holds a BSc (Hon) in Computer Science at National University of Singapore and a MSc in Financial Engineering at Nanyang Technological University.

SBMA-Committee-Nikos

Mr Nikos Kavalis

Managing Director
Metals Focus Singapore Pte Ltd
Nikos Kavalis is a founding partner of Metals Focus. He has over 20 years of experience in precious metals, having previously worked for the Royal Bank of Scotland and GFMS. Since September 2019, Nikos has been based in Singapore, where he also runs the local subsidiary of Metals Focus.

SBMA-Committee-khun nuttapong

Mr Nuttapong Hirunyasiri

CEO
MTS Gold Global Trading Pte Ltd
Nuttapong Hirunyasiri is the CEO of MTS Gold Group, one of Thailand’s top 10 companies and top 3 bullion companies. He started MTS Gold Group’s first overseas office in Singapore and has been expanding the group business internationally. He focuses on product development and innovation for gold investment, with the aim of being a leader in providing the full suite of gold investment services in the ASEAN region.

SBMA Committee-Photo-Raman-Walia

Mr Raman Walia

Executive Director, Head of Commodities Sales – APAC
JP Morgan Chase Bank N.A.

Raman is Executive Director and Head of Commodities Sales, APAC, for J.P. Morgan. He joined JPMorgan in 2008 in New York, moved to Singapore in 2011, and helped expand the precious metals business in the region. Raman has an MBA from Cornell University, and likes to travel in his spare time.

SBMA Committee-Photo-Andrew-Clarke

Mr Andrew Clarke

Head of Brink’s Global Services
Brink’s Global Services Pte Ltd

Andrew Clarke is the Head of BGS (Brink’s Global Services) for Singapore, Indonesia, Malaysia and Brunei. He has held various leadership positions throughout his career in secure logistics and risk management with Brink’s, which started in Hong Kong in 2010. Andrew relocated to Singapore in 2018 to expand the precious metals line of business along with Brink’s portfolio of services and industries.

SBMA Committee-Photo-Kazuya-Naoki

Mr Kazuya Naoki

Head of Metals, Asia
ICBC Standard Bank Plc, Singapore Branch

Kazuya (Kaz) Naoki is the Head of Metals, Asia of ICBC Standard Bank in Singapore and is responsible for the precious & base metals sales and trading in the region. He joined Standard Bank Plc Tokyo Branch in 2008 and was relocated to its Singapore Branch in 2013 whose controlling stake was acquired by the Industrial and Commercial Bank of China in 2015. Prior to joining Standard Bank, Kaz spent 11 years focusing on commodity trading and risk management with Mitsui & Co in Tokyo, Sydney and London. Kaz has been serving on the SBMA Management Committee since 2016.

SBMA Committee-Photo-Vinh-Nguyen

Mr Vinh Nguyen

Head of Precious Metals, Asia
StoneX APAC Pte Ltd

Vinh Nguyen joined StoneX Group in Singapore at the beginning of 2008 and responsible for its APAC precious metals activities since 2019 until now.

SBMA Committee-KL-Yap

Mr KL Yap

General Manager, Singapore Refining Business Unit
Metalor Technologies (Singapore) Pte Ltd
KL YAP is the General Manager of Metalor Technologies (Singapore) Pte Ltd’s Singapore Refining Business Unit. He joined Metalor in 2013, initially in Refining Sales. In 2014, he became Refining Business Unit Manager, leading the development of a new precious metal refinery. KL was Vice Chairman of SBMA from 2017 to 2021, now serving as Chairman. With a degree in business commerce, finance, and marketing, he brings prior experience from refinery and heavy industries.