Singapore Bullion Market Association

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By Albert Cheng, CEO, SBMA

Published on June 10, 2020

This bumper issue of Crucible was planned in conjunction with the 4th Asia Pacific Precious Metals Conference, originally scheduled for June 2020. But as dark clouds gathered earlier this year in the early stages of the pandemic, we made the difficult decision to cancel the event, and to instead focus our efforts on maintaining our services to our members and developing digital outreach strategies during this period of disruption.

We have maintained close communication with our network, and among other activities, have worked with the World Gold Council on a market survey among our members on development strategies for Singapore’s gold bullion market, and organised webinars with Singapore Exchange (SGX) as part of its Commodities Unplugged series. The panels, which focused on challenges to the supply chain amid Covid-19 and price drivers and outlook for the global precious metals markets, saw encouraging response by speakers and participants alike.

The stability of gold during the pandemic has vaulted the precious metal into the clear view of investors and markets, and only highlights its importance as part of investor portfolios in an unsure economic future. While gold mining and recycling/refining activities were curtailed due to the lockdown, the gold market’s supply chain has also shown remarkable resilience amid the disruption.

The previous issue of Crucible 13 published in March focused on the impact of Covid-19 on the sector, and provided an update to members and subscribers with an interest in this part of the world. This bumper issue, Crucible 14, is again a showcase of our connectivity, even during the pandemic, bringing together valuable insights from markets like Australia, Indonesia, Japan, Russia and South Korea, which are not often covered in the media.

The coronavirus shock is unprecedented and even sharper than the global economic crisis in 2008, but I believe a decisive policy response by governments worldwide, if delivered in a successful and timely fashion, can prevent lasting damage to the global economy. The rate of Covid-19’s growth looks to be slowing in many regions and stringent shutdown measures are gradually being lifted, including in Singapore, which has just emerged from its partial lockdown and is gradually reopening its economy in stages.

I hope we can build on the interest and momentum going forward, and I look forward to meeting with you again as we return to normality.

Albert Cheng

CEO, Singapore Bullion Market Association