Reports & PublicationsMarch 03, 2026Alchemist 120: Understanding Emissions Beyond Mining and RefiningDon't miss our latest publication, featuring the latest insights from the precious metals industry.

LBMA’s Alchemist Issue 120 (dated Mar 3, 2026) flags a 2026 setup of potential record highs across precious metals but with heightened volatility risk, per the LBMA 2026 Forecast Survey. The key tradeable takeaway is the warning that stretched positioning, shifting central-bank behaviour and changing industrial trends could amplify drawdowns and spike vol even as the broader direction remains constructive. From the 2025 LBMA/LPPM conference, the investment panel is described as unanimously bullish on gold, arguing structural changes in liquidity, investor psychology and asset allocation are reshaping how portfolios treat gold as a refuge. Separately, Nomura Research Institute’s Richard Koo links current market disruptions to persistent US trade deficits, suggesting FX adjustment (and a potentially altered dollar path) could have “profound implications” for global markets including precious metals. On PGMs, LBMA’s “Facing Facts” piece says platinum and palladium “sharply outperformed gold” in 2025 and attributes support to ongoing stockpiling and improving sentiment, with the possibility that momentum extends into 2026. For metals supply-chain themes, the issue highlights logistics/transport emissions as an underexamined contributor to precious-metals value-chain carbon footprints—relevant for refiners, brands and any future sustainability-linked sourcing premia. Near-term watchpoints for traders: (1) evidence of positioning stress (CTAs/ETF flows) versus the survey’s bullish baseline, (2) signals of central-bank demand shifts (esp. EM reserve managers), and (3) USD regime changes implied by trade/FX adjustment narratives. The piece is a publication overview rather than a single data-heavy market report, so it’s more directional on themes than actionable on levels/targets.