Page 35 - Bullion World Issue 11 Volume 05 November 2025

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Conference 2025:

Kyoto Reflections

The LBMA/LPPM Global Precious Metals Conference Sustainability and responsible sourcing, moderated
2025 in Kyoto, as per tradition, began with remarks by Alan Martin (LBMA), brought together Enkhjin
from Dr Paul Fisher OBE (Chair), Ruth Crowell (CEO), Atarbaatar (Bank of Mongolia), Dr Robin Kolvenbach
and Dr Jonathan Butler (LPPM). This year was marked (Argor-Heraeus), Gregory Mthembu-Salter
by a symbolic ‘passing of the baton’ as Paul Fisher (Phuzumoya Consulting), and Maribeth Borja (Bangko
welcomed Peter Zoellner as the new LBMA Chair. Paul Sentral ng Philipinas). The session examined
expressed his confidence in Peter’s leadership, while responsible sourcing, traceability, ASM integration,
Ruth lauded Paul’s nine years of wisdom, strategy, and engagement with Good Delivery refiners, and the role
dedication. Peter Zoellner praised Paul’s achievements of central banks.
and voiced excitement for the future.
Session 5, moderated by David Jolie (Valterra
The conference’s first keynote by Hiroshi Nakaso Platinum), delved into the changing PGM landscape,
(Daiwa Institute of Research) analyzed the shifting with speakers discussing clean energy, industrial
global currency landscape, US dollar trends, Japan’s innovation, and recycling opportunities.
CPI, and macroeconomic pressures ranging from
tariffs to central bank independence and structural Day Two’s keynote from Richard Koo (Nomura)
risks. explored Japan–US trade, Trump-era tariff strategies,
the US trade deficit, and the impact of a strong dollar.
Session Two’s investment panel, moderated by John Session 7 looked at gold’s essential role for central
Reade (World Gold Council), featured Saad Rahim banks, followed by logistics challenges in the global
(Trafigura), Amir Ravan (Jain Global), and Wayne metal supply chain in Session 8.
Gordon (UBS Wealth Management). All were bullish
on gold. Discussions covered GDP expectations, the The silver market, discussed by Rhona O’Connell
impacts of tariffs on goods prices, global trade risks, (StoneX) and panellists, addressed constraints,
and the ideal 5–10% gold allocation. The debate also demand-supply, and its “Cinderella” status. Asian
touched on scenarios that might justify a bearish view gold demand and shifting consumer patterns were
on gold. also explored. The closing session summarized key
takeaways, announced prize winners, and revealed a
Dr Zeng Hui (Shanghai Gold Exchange) delivered a bold gold forecast for Sorrento 2026: $4980.30.
market update for Session Three, highlighting a 24%
jump in regional gold bar and coin demand to 265 Source:
tonnes—overtaking jewellery for the first time. SGE’s https://www.lbma.org.uk/articles/global-precious-
new priorities include improving communication, metals-conference-2025-kyoto-reflections
bolstering inclusion and resilience, advancing cross-
border connectivity, and exploring China’s “green
gold” sector.

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