LBMA 2026 Conference: Short-Term Cautious, Long-Term Bulls

AI desk brief

At the LBMA/LPPM conference in Sorrento, delegates and central bankers broadly framed gold as a short-term rate-sensitive asset but a long-term beneficiary of continued official-sector buying. Bundesbank President Joachim Nagel said higher government bond yields have improved debt’s relative attractiveness, but rising debt burdens and geopolitical risk keep the case for diversification into gold strong; Poland’s central bank reiterated its push toward a 700-tonne reserve target, with gold already at 673 tonnes last month.

The investment panel emphasized that debasement concerns have helped drive the recent precious-metals rally, while some speakers argued U.S. institutional investors remain underexposed. The conference price poll turned more bullish over the two days, with the average 12-month gold forecast rising from $4,895/oz on Monday to $5,013/oz by Tuesday afternoon.