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SUERF BAFFI Bocconi e-Lecture

The surge of gold

Calendar Oct 01, 2020 Schedule15:00 - 17:30 CET (UTC+01:00)

About the webinar
The gold price has over recent months reached new record highs. Among investors, gold appears to have gained attractiveness as an investment class. What are the reasons? Is this trend here to stay or just temporary, what are possible side effects, are rising demand and the elevated valuations of gold sustainable? What are policy implications? To shed light on these questions, this e-conference addresses the following questions:

  • To better understand the market for gold, its supply and demand structure, and the factors (fundamental, market dynamics) driving the gold price in the short and long run.
  • To understand the various instruments and vehicles through which players in the gold market can participate (types of gold investments, including physical gold, bullion coins, gold mining stocks, gold derivates, gold-linked ETFs, etc.).
  • To bring together different perspectives on the theme (central banks in their functions of official reserve holders and managers, monetary policy makers and financial stability authorities, institutional and retail investors, financial intermediaries, gold producers, major intermediaries in the gold market).
  • To get an idea of the factors underlying the current valuation of gold: is the surge in the gold price extraordinary? Is it sustainable? Is it a cause for concern?
  • To address the environmental impact of gold production in general, and the surge in the price of gold more specifically.

Scientific coordination: Fabian Eser, ECB and SUERF, Ernest Gnan, OeNB and SUERF

Webinar programme

15:00-15:10    Welcome
                      Ernest Gnan, SUERF and OeNB
                      Introduction and moderation
                      Beat Siegenthaler, Global Macro Advisor, UBS

15:10-16:00   Session 1: The structure of the gold market, and implications for price trends and outlook

                      The strategic case for gold, recent market developments and outlook for gold
                      John Reade, Chief Market Strategist, World Gold Council                      


                      Drivers of the gold market - implications for price trends and outlook
                      James Steel, Chief Precious Metals Analyst, HSBC Securities (USA) Inc


16:00-16:25   Session 2: Trends in the gold market from a central banker’s perspective

                      Recent and longer-term developments in the gold market: a central banking perspective

                      Benoit Gilson, Head of Foreign Exchange and Gold, BIS

16:25-17:30   Session 3: Gold as an investment vehicle – opportunities and risks, pros and cons

                      Gold from an investor’s perspective
                      Andrew Matthews, Global Head of Precious Metals Distribution, UBS


                      The market for gold bullion coins
                      Gerhard Starsich, CEO, Austrian Mint                     

                      Gold equity funds

                     Thomas Holl, Director, Natural Resources, BlackRock

17:30             End


With friendly support of the Intesa Sanpaolo Chair in Economics of Financial Regulation, Bocconi University.
SUERF gratefully acknowledges professional technical support of SUERF online events by the OeNB’s Information Management and Services Division.

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