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Welcome back to Ruth Crowell (Chief Executive) and Emmy Richardson (Senior Compliance Associate), following a productive trip to the World Money Fair Berlin.
The event provided a vital opportunity to engage directly with Members and partners, offering a clear "pulse check" on the global physical metals market. Following a series of high-level meetings and floor discussions, several key themes emerged that define the current landscape:
- Exceptional silver demand: The prevailing question among dealers and mints was: “Who has silver?” Retail demand remains exceptionally strong, marking a highly successful - and intense - period for the market.
- Operational capacity: There is a palpable sense of momentum across the industry. Many firms are currently operating at peak capacity across nearly all functions to keep pace with the current surge, reflecting both the health of the sector and the hard work of those within it.
- Shifting market sentiment: Conversations often touched upon broader macroeconomic trends, including the ongoing topic of de-dollarisation, as participants navigate an evolving global financial environment.
The atmosphere in Berlin was one of high energy and excitement. In fact, a recurring sentiment among attendees was that the market is moving so quickly that the challenge isn't finding demand, but keeping up with it.
Thank you to everyone who took the time to meet with Ruth and Emmy. These conversations ensure that LBMA remains closely aligned with the operational realities and opportunities facing our Members today.