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GLOBAL GOLD PERSPECTIVES: INVESTMENT TRENDS, MARKETS AND SUSTAINABILITY AT KYOTO’S LBMA/LPPM GLOBAL PRECIOUS METALS CONFERENCE

By SHELLY FORD, Digital Content Editor, LBMA

As is tradition, the opening session of the LBMA/LPPM Global Precious Metals Conference in Kyoto began with opening remarks from LBMA – Dr. Paul Fisher OBE (chair) and Ruth Crowell (CEO) – and Dr. Jonathan Butler (TD Securities).

Unusually, though, this year’s opening session included a metaphorical “passing of the baton” as Paul stepped aside and welcomed Peter Zoellner as the new chair. Paul remarked that he was “more than happy to hand the reins over to someone so capable,” while Ruth took the chance to thank Paul for his “wisdom, strategy, and dedication to LBMA” over an impressive nine-year stint. Peter responded with hearty congratulations, applauding Paul’s achievements and sharing his excitement for what lies ahead.

Singapore Bullion Market Association Global Gold Perspectives
Peter Zoellner, LBMA’s new Chair, gives welcome remarks

Data-Rich Keynote

In the first keynote of the conference, Hiroshi Nakaso (Daiwa Institute of Research) explored how the shifting financial landscape is shaping the global currency system. Trends in the US dollar were discussed, how Japan’s CPI has fared, fiscal vulnerabilities, immigration flows, structural risks, and threats to central bank independence, as well as a hot topic that would echo throughout upcoming sessions – reciprocal tariffs – in this data-rich session.

Bullish Investment Session

Session Two, this year’s investment session, opened with a statement of sentiment from each panellist, who were unanimously bullish on gold. Digging down further, moderator John Reade (World Gold Council) guided the conversation between the panellists – Saad Rahim (Trafigura), Amir Ravan (Jain Global) and Wayne Gordon (UBS Wealth Management) – through topics such as GDP expectations, the relative merits of gold forecasts, how tariffs are expected to further affect goods prices, as well as key risks for global trade. The optimal amount of gold holdings was explored – “between 5% and 10%” according to Wayne Gordon – and a lively discussion followed on the circumstances required to create a bear argument for gold.

SGE Market Update

In Session Three, Dr Zeng Hui (Shanghai Gold Exchange) gave a market update covering gold prices, market volatility and its impact, consumption, and how gold bar and coins have jumped 24% to 265 tonnes in the region, overtaking jewellery for the first time in history. A look ahead to SGE’s next priorities followed, which included an emphasis on communication, contributing to a more inclusive and resilient global gold market, cross-border connectivity, and exploration of green gold in China.

Focus on Sustainability and Responsible Sourcing

A session focusing on sustainability and responsible sourcing followed, chaired by Alan Martin (LBMA) and including Enkhjin Atarbaatar (Bank of Mongolia), Dr. Robin Kolvenbach (Argor-Heraeus SA, Mendrisio), Gregory Mthembu-Salter (Phuzumoya Consulting) and Maribeth Borja (Bangko Sentral ng Philipinas). Topics included the importance and challenges of responsible sourcing and traceability, how to incorporate ASM material into the global supply chain, engagement with Good Delivery Refiners and the role of central banks.

A New Era of PGMs

Session 5 explored how critical Platinum Group Metals are being redefined as they enter a new era shaped by clean energy transitions, industrial innovation, and a growing emphasis on recycling. David Jolie (Valterra Platinum) moderated, while Lou Britton (Auris Noble), Dr. Katsuhiko Hirose (HyWealth Co), Taketomo Washida (Tokuriki Honten) and Ming Wen (Sino-Platinum Metals Co Ltd) gave presentations on various outlooks, challenges and opportunities available in this new era of PGMs.

Koo on Trump

Day Two began with a keynote from Richard Koo (Nomura Research Institute), which explored Japan’s trade relationship with the US in his session covering Trump, trade and tariffs. He touched on divisive economic developments and protectionist rhetoric that helped Trump to get into the White House, as well as the US trade deficit, how the strong dollar is killing free trade, and why Trump has opted for tariffs to correct trade imbalances.

Central Banks in the Hot Seat

Session 7 followed, exploring why gold is still essential for central banks. Moderator Peter Zoellner (LBMA) and panellists Heung-Soon Jung (Bank of Korea), Katarzyna Zajdel-Kurowska (World Bank), Jaime Cortina (Bank for International Settlements) and Joaquin Tapia (Banco de Mexico) examined why central banks have been buying gold, their views on liquidity and how central banks utilise the gold market.

Metals in Motion

Session 8 saw Adrian Ash (BullionVault) moderate a discussion on the flow of precious metals around the world and the challenges for carriers, vaults and others within the supply chain this year. The panellists – Mark Woolley (Brink’s Global Services), Tim Murray (Johnson Matthey), Joseph Stefans (MKS PAMP) and Steven Smith (HSBC) – ruminated on whether the market is “broken”, prices, dislocation, and, of course, tariffs.
The silver market was the subject of the next session, moderated by Rhona O’Connell (StoneX). Rhona and panellists Bart Melek (TD Securities), Nobuyasu Tsutsumi (Shoei Chemical Inc), and Jan Baczkiewicz (KGHM Polska Miedz SA) discussed market constraints, supply and demand, as well as the current silver landscape more broadly and its future prospects, and why the silver price is like Cinderella!
Asian gold demand was under the microscope in session 10, moderated by Nikos Kavalis (Metals Focus). Panellists Roland Wang (World Gold Council), Bruce Ikemizu (JBMA), Dileep Narayanan (Malabar Group) discussed seasonal demand, the divergence in jewellery demand compared to coin/bar demand, and Japanese investor enthusiasm for gold.

Wrapping Up

Finally, session 11 saw Suki Cooper (Standard Chartered Bank) and James Steel (HSBC) wrap up the two days in “Conference Talk”, with their top takeaways from each session. Ruth Crowell (LBMA) announced the winners of the various prizes up for grabs, kindly sponsored by Rand Refinery, MKS PAMP, and Royal Canadian Mint.
Delegates in the room forecast that the gold price at the time of the next LBMA conference in Sorrento, October 2026, would be $4,980.30.
LBMA would like to thank all our speakers for such engaging and insightful sessions, and special congratulations to Mark Woolley (Senior Vice President, BGS Europe, Brinks Global Services) for winning the Best Speaker Prize. Mark received a 1 oz. coin from the Royal Canadian Mint for his efforts.
Thanks also to our sponsors TANAKA and METALOR, CME Group, BMO, SAM Precious Metals, Osaka Exchange, LPPM, IPMI, Onsa Rafineri, Standard Chartered, MKS PAMP, Royal Canadian Mint, Rand Refinery, Women of StoneX, Women in PGMs, Ashoka Global, Uguras, Trafigura, Argor-Heraeus, Mitsui Bussan Commodities, Ishifuku, ICE Benchmark Administration, Tokuriki Honten, IBI International Logistics, Malca-Amit, Certiline, Asahi, Bank of China, and Vintage Bullion, as well as all of our exhibitors.
Singapore Bullion Market Association Global Gold Perspectives
From left: Ruth Crowell and Hitoshi Kosai

Wrapping Up

  1. Demand is broadening and deepening. Conversations across trading, refining, investment and central banking point to sustained, long term allocations from mainstream investors – not just in one region, but across jurisdictions. The question isn’t if the cycle endures, but how we build resilient market infrastructure to support it.
  2. Asian hubs are complementary, not zero sum. Hong Kong, Singapore and London each bring strengths, from access to regional liquidity to deep OTC connectivity. The thread that binds them is one trusted physical standard. As ever, the LBMA Good Delivery list remains the “golden thread” linking markets, enabling fungibility and integrity.
  3. Innovation is accelerating. From wholesale digital gold to advances in transparency and market integrity, the momentum is real. The focus now is scaling what works, responsibly.
I leave Kyoto inspired by the shared commitment to market integrity, responsible sourcing and innovation, and by the sense that we’re entering a new era for gold, powered by patient, long term investors who see gold as the liquid strategic asset it is.
Missed Kyoto? Watch our post-conference wrap up here and behind-the-scenes interviews on LBMA’s LinkedIn channel.
Register now for the LBMA/LPPM Global Precious Metals Conference 2026 in Sorrento, Italy.
SHELLY FORD is LBMA’s digital content manager and editor of its flagship publication, the Alchemist. She creates and develops content across digital channels that engages LBMA’s key stakeholders and supports the association’s vision and objectives. Shelly joined LBMA in 2021, bringing with her a wealth of experience in content, strategy and campaign creation from previous roles in publishing, professional and financial service industries, and other market associations.
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Mr Bernard Sin

Regional Director, Greater China
MKS PAMP (Singapore) Pte Ltd
Regional Director of Greater China since 2020, and previously Head of Trading. Bernard joined MKS PAMP as a country representative of Singapore in 1996 and moved to Switzerland in 1997. He holds an MBA in International Business from the European University in Geneva. Prior to joining MKS PAMP, Bernard worked 6 years for Standard Chartered Bank in Singapore and Hong Kong as an FX and Bullion Dealer.

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 in partner with the Chairman and the Management Committee. Also, he is responsible for maintaining accountability to and the quality of, the Association’s Membership and the annual Asia Pacific Precious Metals Conference (APPMC) as well as representing the interests of the Association in relation to regulators, investors, media and international precious metal markets, and also responsible for all the legal and regulatory aspects of the work of the Association.

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 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.

Ms Crystal Xu

Vice President
TD Securities
Based in Singapore, Crystal has over a decade of experience in the metals market, specializing in trading, structuring, and delivering solutions for institutional and commercial clients across Asia. She leads initiatives spanning both physical and derivative products and plays a central role in advancing TD’s regional metals strategy. With deep expertise in market dynamics and strong cross-functional collaboration, she helps drive business growth, product innovation, and risk-informed decision making across the firm’s Asia-Pacific platform.

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.

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.

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.

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-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.

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-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-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-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-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-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.