Singapore Bullion Market Association

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SBMA has been collaborating with the World Platinum Investment Council – WPIC®, providing them with tailor-made marketing services aimed at enhancing the visibility of their news, reports, and events.

Known as the Platinum Corner on our website, you will be able to find valuable insights on Platinum based on four categories:

  • 60 Seconds in Platinum: A thematic, retail-focused publication, up to three times each month.
  • Platinum Essentials: In-depth exploration of topics affecting platinum as an asset class.
  • Platinum Perspectives: A monthly, concise focus on one asset affecting supply/demand.
  • Platinum Quarterly: A unique quarterly supply/demand analysis.

Scroll down to explore these curated resources, designed to cater to a wide range of interests and information needs in the realm of platinum investments.

platinum corner
Platinum Quarterly
Platinum Perspectives
Platinum Essentials
60 Seconds in Platinum
Seminar/Event
WPIC_Platinum_Quarterly_Q3_2024

PLATINUM QUARTERLY

26 November 2024

2024f Deficit Decreases to 682 Koz, Equivalent to 9% of Projected Annual Demand

The market is expected to reach a deficit of 682 koz in 2024, as the exceptionally strong demand from the previous year is sustained, reaching 7,951 koz (flat year-on-year) and again exceeding supply, which remains constrained at 7,269 koz—a 2% increase year-on-year.

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PLATINUM QUARTERLY

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26 November 2024

Q3 2024

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10 September 2024

Q2 2024

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13 May 2024

Q1 2024

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6 March 2024

Q4 2023

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21 November 2023

Q3 2023

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6 September 2023

Q2 2023

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15 May 2023

Q1 2023

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08 March 2023

Q4 2022

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22 November 2022

Q3 2022

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5 September 2022

Q2 2022

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16 May 2022

Q1 2022

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9 March 2022

Q4 2021

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24 November 2021

Q3 2021

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9 September 2021

Q2 2021

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17 May 2021

Q1 2021

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10 March 2021

Q4 2020

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18 November 2020

Q3 2020

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8 September 2020

Q2 2020

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18 May 2020

Q1 2020

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4 March 2020

Q4 2019

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21 November 2019

Q3 2019

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PLATINUM PERSPECTIVES

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15 October 2024

Can platinum market deficits be met by ETFs?

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15 August 2024

Policy certainty is accelerating hydrogen electrolyser approvals and supporting platinum’s investment case

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18 July 2024

Shanghai Platinum Week 2024: Key take aways from China’s dynamic platinum market

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19 June 2024

Politics and policy changes could further benefit the investment case for platinum

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04 June 2024

Any delays to forecast recycling recovery will prolong larger deficits in the palladium market

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17 May 2024

London Platinum Week’s key themes risk deepening deficits, supporting the compelling investment case

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02 May 2024

Hybrid and EREV market share growth overtaking BEV supports higher-for-longer automotive PGM demand

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18 April 2024

Latest Russia Sanctions Unlikely to Impact Near-term PGM Markets, but There May Be Longer Term Benefits

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March 2024 (II)

Revised US emission timelines support higher for longer PGM demand

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March 2024 (I)

Platinum’s supply risks cannot be overlooked as PGM prices remain weak and miners reduce capex

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February 2024

With palladium oversold and platinum’s attractive fundamentals, both metals have upside

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January 2024

Platinum for palladium substitution is embedded into automotive demand and unlikely to reverse swiftly

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December 2023 (II)

South Korea’s H2 plans support future platinum demand

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December 2023 (I)

Sustained recycling challenges could deepen platinum supply-demand deficits

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October 2023

Hydrogen Tech Expo: Evidence of growing momentum, with platinum set for key role as a transition metal

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September 2023 (II)

China’s demand for glass fibre to continues to grow, supporting ongoing platinum industrial demand growth

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September 2023 (I)

Punitive tariffs against Chinese automakers could slow European BEV adoption and boost platinum demand

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August 2023

Projected platinum supply/demand deficits should provide price support through economic down-cycle

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July 2023

Shanghai Platinum Week 2023

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June 2023 (II)

Iridium availability is not a bottleneck to PEM electrolyser ramp-up; platinum demand from PEM electrolysers could reach >500 koz p.a. within 10 years

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June 2023 (I)

ETF investment returns: Growing investor appetite for platinum could deepen market deficit

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May 2023

How to solve an almost 1 Moz platinum market deficit

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April 2023

China’s economic data gradually improved each month through Q1, resulting in Q1 2023 GDP growth of 4.5% exceeding consensus forecasts of 4.0%

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PLATINUM ESSENTIALS

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October 2024

WPIC’s platinum price attribution model examines the factors that establish platinum value in the market

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September 2024

Sep‘24, 2-5 year platinum supply/demand outlook: Robust demand and limited supply drive larger market deficits.

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July 2024

The slowdown in BEV market growth is driving investor interest in platinum on a higher-for-longer ICE automotive thesis; are budget BEVs a threat to this outlook?

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May 2024

Updated palladium supply/demand outlook: Reduced supply and stronger near-term demand prolong larger deficits

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April 2024 (II)

Unpacking the economics of the hydrogen economy reinforces conviction that platinum demand will benefit from a major new emerging end-market.

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April 2024 (I)

Hydrogen 101 – An introduction for investors.

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January 2024

Updating WPIC’s two- to five-year supply demand outlook: Multi-year deficits expected

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December 2023

Platinum’s consecutive market deficits could deepen as lower PGM prices increase mine supply risks

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September 2023

Palladium’s five-year supply/demand outlook and its role in liberating platinum for the hydrogen economy

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August 2023

Steady, strong growth in platinum chemical demand highlights the benefits of platinum’s diversity of end uses

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July 2023

Prioritising hybrid ICE technology would minimise life cycle CO2 emissions and avoid a critical minerals shortage, versus the current “BEV first” strategy

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June 2023

Updating WPIC’s two- to five-year supply demand outlook: Consecutive years of deficits

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March 2023

Updating WPIC’s two- to five-year supply demand outlook: Supply side risks raise conviction on deficits

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December 2022

Updating WPIC’s two- to five-year supply/demand outlook: Sustained platinum deficits

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September 2022

Updating WPIC’s two- to five-year supply/demand outlook

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July 2022

Higher substitution and loadings more than offset vehicle production risks to platinum automotive demand

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June 2022 (II)

WPIC inaugural two- to five-year platinum supply/demand outlook

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June 2022 (I)

Automotive drivetrain outlook and the implications for sustained long term platinum demand

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March 2022 (II)

Fuel cell electric vehicles a key driver of long-term demand growth for platinum

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March 2022 (I)

Sanctions against Russia and Russian entities on supply and demand of platinum group metals

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January 2022

The nature of platinum industrial demand

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60 SECONDS IN PLATINUM

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13 November 2024

INTRODUCING SILVER BULLION

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4 November 2024

PLATINUM INVESTMENT MARKET TRANSFORMATION

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4 October 2024

COSTCO PLATINUM

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1 October 2024

HYDROGEN DEMAND

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25 September 2024

ETF DEVELOPMENTS IN JAPAN

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4 September 2024

PLATINUM SUPERCHARGER

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8 August 2024

PLATINUM FUTURES

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31 July 2024

BULLION BOOST

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24 July 2024

PEM USA

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10 July 2024

Introducing Metalor Suzhou

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19 June 2024

Introducing Inoveo Platinum

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05 June 2024

Shanghai Platinum Week 2024

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29 May 2024

Higher-for-Longer

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08 May 2024

Platinum Platters

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10 April 2024

Plug-in with Platinum

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21 March 2024

Platinum on Film

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14 March 2024

Hydrogen in South Korea

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29 February 2024

UK Hydrogen Week 2024

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21 February 2024

Hydrogen Refuelling in Europe

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31 January 2024

Spotlight on South Korea

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SEMINAR/EVENT

7-9 July 2025

Shanghai Platinum Week 2025

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8-11 July 2024

Shanghai Platinum Week 2024

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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.