Gold Forum Europe

Keynote Speakers

Co-Founder & CEO

Robin Lee, HelloGold

Co-Founder & CEO
Tuesday, Apr 9 8:15 AM
Ballroom 2-3
Emerging Markets: The New ‘Old’ Frontier for Gold Demand

Everyone knows that the emerging market (and not just India and China) has an insatiable appetite for physical gold. But the latent demand is significantly greater than what has been seen to date. In our journey to date, potential partners from Asia to Africa and beyond have talked to HelloGold about how the right kind of digitised gold product, when marketed and delivered in the right way, can catalyse a whole new customer segment. This hypothesis has been reaffirmed in the market studies that we have conducted in our launch markets.

Sakhila Mirza

Executive Board Director & General Counsel, London Bullion Market Association (LBMA)

Sakhila Mirza, LBMA

Executive Board Director & General Counsel, London Bullion Market Association (LBMA)
Tuesday, Apr 9 8:40 AM
Ballroom 2-3
From past to present, an overview of the Global OTC Market for Gold
  • 100 years of the London Gold Price, from the former ‘fixes’ to the present day auctions
    • What has changed and how it remains the international price
  • Enhanced transparency
    • Increased data
    • Market Participants (eg Banks, Refiners) reporting requirements
  • Raising standards
    • Good Delivery List
    • Responsible Sourcing
    • Global Precious Metals Code
Partner I Basic Materials Institute (BMI)

Oliver Ramsbottom, McKinsey & Co.

Partner I Basic Materials Institute (BMI)
Tuesday, Apr 9 12:45 PM
Ballroom 2
Innovations In Organic Exploration, M&A Strategies, & Technology Enabled Transformations As Key Growth Drivers in the Gold Industry

The gold industry finds itself at an inflection point between the recent era of cost-out initiatives and balance sheet deleveraging, and an increasing need to focus on growth and the replenishment of depleting gold reserves. After a period of impairments, write-downs and value destruction, shareholders in search of improved returns and greater management accountability are unlikely to support significant M&A programs. The future strategic options to drive growth will differ across industry players but all will need to consider a mix of organic and inorganic approaches if they want to return to growth in an economic and sustainable way.

  • After prices peaked above USD 1,900/oz gold companies have undergone a rapid transition of aggressive downsizing to reduce bloated cost structures and – for some – to avoid potential insolvency
  • Between 2012 and 2017 gold reserves by large gold companies declined 26% from 967Moz to 713Moz, while the average life-of-mine dropped from 19 to 16.5 years
  • Gold discoveries peaked in 2006 at ~206Moz, and since then seen a slow decline in the number of new discoveries and contained gold – reflecting a structural change for the industry
  • In the face of recent write-downs and impairments, strategies to replenish gold reserves that relied primarily on acquisitions will likely be out of favor
  • Gold companies will need to improve traditional inorganic approaches as well as leverage new methods and technologies offered by digital and advanced analytics
Managing Partner, Incrementum Liechtenstein

Ronald-Peter Stöferle, Incrementum Funds

Managing Partner, Incrementum Liechtenstein
Tuesday, Apr 9 8:30 AM
Ballroom 2-3
Gold in 2019: A New Bull Market Forming?

The Tides They Are a-Changin’”: This slightly adjusted title of Bob Dylan’s famous song is a fitting opening to our summary of this year’s In Gold we Trust report.

Quantitative tightening, de-dollarization, and cryptocurrencies seem to be echoing the strains of R.E.M.’s “It’s the End of the World as We Know It”. Whether we find this changing of the tide good or bad is of no relevance to the phenomenon itself.

What is unfolding will affect our lives either way. But the better we brace ourselves for these fundamental changes, the more we will be able to benefit from them. The key findings may be summarized in terms of the following three changings of the tide:

  • Change of tide in monetary policy: From QE to QT (and back again?)
  • Change of tide in the global monetary order: De-Dollarization
  • Change of tide in technology: Cryptocurrencies: Friends or foes of gold?

Daniel Litvin

  • Presentation not available for download.
Founder & Managing Director

Daniel Litvin, Critical Resource

Founder & Managing Director
Wednesday, Apr 10 8:05 AM
Ballroom 2
Securing Stakeholder Outcomes: The Seven Habits of Highly Effective Mining Executives

Increased stakeholder and investor pressures, as well as civil society scrutiny, critically impact decision-making and project development in the extractive industry. ‘Securing stakeholder outcomes: the seven habits of highly effective executives’ looks at examples of how good ‘habits’ can achieve positive political and stakeholder outcomes in the mining sector, and protect or enhance project value in uncertain, volatile or otherwise complex contexts.

Key takeaways:

  • Good ‘habits’ or practices can help mining executives secure project and stakeholder outcomes, such as obtaining key permits and permissions, winning broad community support, protecting against regulatory, policy and tax shocks, and building trust with civil society.
  • To secure key permits and permissions, mining companies should approach negotiations strategically, rather than transactionally.
  • Mining executives can better protect  themselves against regulatory, policy and tax shocks by engaging with broad and dynamic networks to avoid receiving just one set of perspectives and missing important developments.
  • Social investment is more effective in securing community support if approached not as ‘how much should we pay?’ but as ‘what can we achieve?’.
  • Partnerships with selected groups should be considered as powerful and cost-effective ways of leveraging expertise and capacity, winning stakeholder support and making reputational gains.