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
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
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
Gold equity funds
Thomas Holl, Director, Natural Resources, BlackRock
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.