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Hot Topics Under the Microscope at LBMA/LPPM Global Precious Metals Conference

By Shelly Ford, Digital Content Manager & Editor of the Alchemist, LBMA

The BBC’s Andrew Verity moderates Session 2: Macroeconomic and Geopolitical Outlook.

Inflation, stagflation, polarisation, deglobalisation, the US dollar, recession, silver and ASM were among the hot topics discussed at the LBMA/LPPM Global Precious Metals Conference in October.

More than 700 delegates from around the world assembled to hear expert panellists and keynote speakers. After welcome speeches from Dr Paul Fisher (chairman, LBMA), Ruth Crowell (chief executive, LBMA), and John Cullen (chairman, LPPM and director, Johnson Matthey Plc), Hélder Rosalina (head of board, Banco de Portugal) spoke about the role of central banks and gold as an inflation hedge. Hélder said: “Gold offers attractive returns in good times, protects the portfolio from losses in turbulent times, and offers protection against inflation in the long term”.

The Blind Spot’s Izabella Kaminska discussed how unbalanced coverage in the mainstream media has led to a groupthink problem, which, in turn, has resulted in a deep trust issue. Later, Dr Peter Zöllner (head of banking department, Bank for International Settlements – BIS) discussed the macroeconomy, central banks and gold, the dichotomy between the United States and Europe, and how stagflation risks loom large.

The Macroeconomic and Geopolitical Outlook session brought delegates the latest insights into the headwinds impacting the global economy. Moderator Andrew Verity (economics correspondent, BBC) asked the expert panel whether, given we have the highest inflation in 40 years and rising interest rates, gold has become more or less attractive?

The Future of PGMs session explored the demand for platinum group metals in areas including next-generation semiconductor technology, and precious metal catalysts for the conversion of sustainable feedstocks. The following investment session examined the current outlook and trading challenges, moderated by John Reade (chief market strategist, World Gold Council).

Declaration of Responsibility and Sustainability Principles

The second day of the conference saw the gold industry come together, convened by LBMA and World Gold Council, to sign a Declaration of Responsibility and Sustainability Principles. The declaration formally expresses a shared commitment to operating in a responsible and sustainable way based on a clear set of shared goals. Ruth Crowell (chief executive, LBMA) said: “We operate in a very complex and global industry. But we have been able to come together to define a shared pathway of progress when it comes to sustainability, human rights, the UN Sustainable Delivery Goals and climate change. This is a special moment”.

Signatories came together in person and virtually to sign the Declaration of Responsibility and Sustainability Principles.

THE SECOND DAY OF THE CONFERENCE SAW THE GOLD INDUSTRY COME TOGETHER, CONVENED BY LBMA AND WORLD GOLD COUNCIL, TO SIGN A DECLARATION OF RESPONSIBILITY AND SUSTAINABILITY PRINCIPLES.

The session on ASM demand included an update on LBMA’s strategic objectives relating to LBMA’s ESG goals. Sakhila Mirza (general counsel and executive board director, LBMA) called for more volunteers to join the ASM Task Force. On boosting ASM inclusion into mainstream supply lines, Diana Culillas (secretary general, Swiss Better Gold Association) said: “There needs to be a premium on ASM gold, and producers should be offered incentives to offset those costs”.

In the global flows and physical demand session, Mark Woolley (SVP Europe, Brink’s Global Services) explained global logistics challenges concerning sea and air freight in the context of recent geopolitical factors, and how this impacted supply, demand, and flows. Terry Hanlon (president, Dillon Gage) spoke about the flow and demand of global physical and investment products, and how recent events have “kept everybody nimble”.

TERRY HANLON (PRESIDENT, DILLON GAGE) SPOKE ABOUT THE FLOW AND DEMAND OF GLOBAL PHYSICAL AND INVESTMENT PRODUCTS, AND HOW RECENT EVENTS HAVE “KEPT EVERYBODY NIMBLE”

The wrap-up session with James Steel (chief precious metals analyst, HSBC Securities USA) and Suki Cooper (executive director, precious metals research, Standard Chartered) offered a summary of the conference sessions and discussed their key takeaways. Graham Jelf (compliance officer, LBMA) then held a Regulatory Workshop to discuss compliance, the Global Precious Metals Code, and REACH.

Ruth Crowell handed out prizes sponsored by MKS PAMP for the scavenger hunt winners, and most active participant on the conference app. Mark Woolley was voted best speaker, and received a 1 oz Gold Maple Leaf bullion coin from the Royal Canadian Mint.

Find Out More

If you’d like to find out more, you can watch a webinar, held on 27 October, dedicated to key takeaways and highlights from the conference, hosted by Rhona O’Connell (head of market analysis, EMEA and Asia, StoneX Financial), James Steel and Suki Cooper, available at www.lbma.org.uk/webinars.

Registration is now open for the next LBMA/LPPM Global Precious Metals Conference, which will take place in Barcelona, Spain, 15–17 October 2023. Find out more and book your ticket at www.lbma.org.uk/events.

SHELLY FORD

SHELLY FORD is the digital content manager and editor of the Alchemist, LBMA. She supports the head of communications to create and develop content across digital channels that engages the LBMA’s key stakeholders and supports the organisation’s vision and objectives. Shelly brings a wealth of content creation, strategy, and campaign experience from previous roles in the professional and financial service industries, as well as Lloyd’s of London insurance market and publishing houses.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Mr Nikos Kavalis

Managing Director
Metals Focus Singapore Pte Ltd
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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.

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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.

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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.

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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.

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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.

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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.