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LBMA/LPPM Conference: Gràcies Barcelona

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

Delegates from around the world convened in Barcelona for the LBMA/LPPM Global Precious Metals Conference, which ran from 15–17 October 2023.

After Sunday’s heavy morning rain, the Spanish skies cleared in time for a welcome reception at the W Barcelona, sponsored by CME Group, at which guests enjoyed networking with friends and colleagues, old and new.

Unwinding at W Barcelona’s welcome reception, courtesy of CME Group.
Unwinding at W Barcelona’s welcome reception, courtesy of CME Group.

The main conference kicked off in earnest the following morning. After welcome remarks from Paul Fisher (chairman, LBMA), John Cullen (chairman, LPPM and director, Johnson Matthey) and Ruth Crowell (CEO, LBMA), a special address by Yu Wenjian (chairman, Shanghai Gold Exchange) focused on the importance of collaboration.

Listen to the Poets

In Monday’s first keynote speech, economist David McWilliams offered delegates an unconventional view of the world through the medium of poetry. He posited that WB Yeats’ much-lauded poem “The Second Coming”, written in 1919, predicted the state of world affairs after the First World War much more accurately than so-called expert economists, journalists and policymakers at the time. “Listen to the poets”, he urged.

Economist David McWilliams takes the stage for an inspiring keynote.
Economist David McWilliams takes the stage for an inspiring keynote.

The Financial Times’ James Kynge tackled the macro-economic outlook, focusing on China, in the second keynote of the day. Against the backdrop of rising national security, protectionism, and geopolitical uncertainty, Kynge was very optimistic that China would win the technological race against the US.

Investment Panel on the Key Issues

The investment panel, moderated by the World Gold Council’s John Reade, covered the outlook on the markets, the economy, de-dollarisation, and the Chinese economy. Panellists also discussed price drivers, modelling, and trading – and how gold has held out so well in the face of a strong US dollar and rising interest rates.

“Liquidity is the biggest issue for central banks right now”, claimed Peter Zollner (Bank for International Settlements), who added that central banks will do what they can to keep reserves in line with the needs of the financial system. “It’s a relief to have gold in your portfolio when bad things happen”, asserted John Reade. James Strawson (Citadel) agreed with Zollner’s outlook of the strength of the US dollar, explaining that the US economy will likely continue to outperform the rest of the world, apart from China.

Mind the Gap

The next session, moderated by Nicky Shiels (MKS PAMP), explored the outlook for platinum group metals, with Dr Bernhard Fuchs (Umicore), Emma Townshend (Implats) and Margery Ryan (Johnson Matthey). The panel’s presentations and discussions covered the risks associated with recycling catalysts, how the future energy economy will be constrained by availability, closing the gap between supply and demand – and how the energy transition has unique implications for the PGMs, but the PGMs have unique implications for the energy transition. “Palladium is the thinking person’s nickel – there’s a huge market here still to be explored”, said Ryan, referring to the potentially huge increase in use thanks to its closed loop processing and potential pharma applications.

Delegates then moved on to the champagne roundtables, where hot topics included artificial intelligence (AI), climate change, silver and PGMs, investment, and the Asia market.

A deep dive into platinum group metals’ future with experts Nicky Shiels, Dr Bernhard Fuchs, Emma Townshend, and Margery Ryan.
A deep dive into platinum group metals’ future with experts Nicky Shiels, Dr Bernhard Fuchs, Emma Townshend, and Margery Ryan.

That evening, coaches chauffeured guests to a dinner sponsored by Metalor and TANAKA at the spectacular Poble Espanyol. Traditional Spanish dancing and street performers led guests to their tables for food and further networking opportunities, which was continued at the after-dinner drinks, sponsored by LPPM.

The elegant dinner sponsored by Metalor and TANAKA at Poble Espanyol
The elegant dinner sponsored by Metalor and TANAKA at Poble Espanyol

Machines Taking Over?

Day 2 began at 9 am sharp with the third and final keynote, this time from AI and business strategist Elin Hauge. As exhibited by the recent actors’ strike in Hollywood, people are afraid of machines taking over humanity. But it all boils down to mathematics, explained Hauge in her keynote about AI. She explored how large language models are only the foundations for context-specific applications. “AI is the natural next step – we have the data and the processes, now it makes sense to apply maths to make the data useful”, said Hague. “But we need to become better versions of humans before we can trust the machines to become better machines”.

The Green Economy

The next session of the day focused on the role of silver in the green economy. Michael DiRienzo (Silver Institute) moderated the panel featuring Phillip S. Baker, Jr. (Hecla Mining Company) and Dr Trevor Keel (Material Value Ltd), in which one of the key challenges discussed was limited supply. The panel agreed there’s yet more growth on the horizon with new technologies and innovations, compounding investor and industrial demand alongside the green transition. “Silver is still heavily researched as a solution to many issues. It’s a multifaceted metal”, noted Keel.

THE NEXT SESSION OF THE DAY FOCUSED ON THE ROLE OF SILVER IN THE GREEN ECONOMY.

The next session on sustainability explored what this means for the precious metals industry, and how LBMA is, among other measures, introducing shadow audits – about which Hannah Koep-Andrieu (OECD Centre for Responsible Business Conduct) said “we welcome very much” – as well as the increasingly in-depth reporting to increase transparency. Input from Antoine de Montmollin (Metalor) on the challenges of ASM was welcomed. Sakhila Mirza (LBMA) called for collective engagement, NGO feedback, and support from policymakers to facilitate the ecosystem and technology to enable responsible supply chains.

The final session invited the audience to consider and explore precious metal trends without discussing price. David Gornall (LBMA) led a deep dive on gold as a high-quality liquid asset (HQLA), in which Matthew Slater (UBS) said: “Gold as an HQLA is probably the biggest issue the industry faces”.

Price Forecast

At the beginning of Day 1 in Barcelona, delegates forecasted that the LBMA gold price at the time of next year’s conference in Miami will be $1,989.3. By the end of Day 2, forecasts adjusted only minimally to $1,990.3.

Wrap-up Webinar

If you would like a wrap-up of the highlights and key takeaways from the conference, you can find a webinar hosted by Rhona O‘Connell, featuring discussion from James Steel and Suki Cooper on the LBMA website. The latest issue of the Alchemist, LBMA’s flagship publication, was published for the Conference. A digital version of the magazine can be found on the LBMA website.

Register for 2024

Interested in joining the discussion next year? Registration is now open for next year’s Global Precious Metals Conference, taking place on 13–15 October 2024 in sunny and vibrant Miami, Florida, USA. Hope to see you there!

Delegate Feedback From Barcelona:

“Best and most valuable conference I’ve been to.”

“Very well-done event. Bravo and see you in Miami!”

“The conference is critical for the industry and the work and effort put in by LBMA is very much appreciated.”

SHELLY FORD

SHELLY FORD is the digital content manager and editor of LBMA’s Alchemist magazine. 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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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.