LBMA News by Stewart Murray, Chief Executive, LBMA
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THE LONDON BULLION MARKET ASSOCIATION LBMA News By Stewart Murray, Chief Executive, LBMA COMMITTEES also continues. Two versions of photo gallery from both the permitted companies to become Management the new scale are now available Annual Party and the 2008 Affiliate members at a reduced The Management Committee met for comparative weighing tests in Conference in Kyoto should be level of annual subscription but in February and April. The latter the vaults of LBMA members and made available to Members, requiring that they waive certain meeting was notable as the last it is hoped that the promising Associates and those who rights, including most one to be attended by Jeremy indications from an initial attended. In order to view the importantly the right to vote and Charles, who has announced that examination of the scales will lead photo galleries, it is necessary to also the right to sponsor he will step down as LBMA to them being accepted as obtain a link from the Executive applications which are also Chairman and a member of the alternatives to the beam balance ([email protected]). sponsored by the related company Committee at the AGM in June. in due course. However which is already a Member. Watch out for his account of considerable further testing will Membership three years in the hot seat in the be necessary which, given the The Membership Committee met Finance next edition of the Alchemist . high level of activity in the vaults in February and March. As well The Finance Committee met As usual, the Committee’s at present, means that it will be as reviewing a number of in April to review the draft work consists mostly of reviewing several months before the next applications for Membership and audited accounts for the year and taking decisions on the phase of the project can be Associateship, the Committee ended 31 December, 2008. This recommendations of the Sub- completed. The Physical provided guidance to the was a challenging year financially Committees. Noting the Committee is also responsible for Management Committee on the for the LBMA and Richard discussions at the Assaying and overseeing the issue of VAT within best way of treating applications England, the Chairman of the Refining Seminar about a possible the bullion market and it noted for Affiliate Membership. Affiliate Committee addresses the issues proficiency testing scheme for the with satisfaction that a recent ad Membership is not a separate related to the accounts in the Good Delivery refiners, it was hoc working group of HM form of Membership as per the Editorial on page 26. agreed that the Executive should Revenue and Customs had Constitution. Instead, it is a form explore the possibility of setting decided that unallocated supplies of ordinary Membership which up such a scheme. The idea (i.e. sales of precious metals to applies when more than two would be to allow (but not metal account) would be companies from the same group require) refiners to test their fire excluded from the requirement to wish to be members. The assaying capability for gold on an declare these on European sales Management Committee has annual basis. list reports. Based on a recommendation from the Public Affairs Public Affairs LBMA Annual General Meeting - Committee, it was agreed to The Public Affairs Committee 5:30pm on 11 June support the athletic efforts of met in February and March. With three bullion market participants just over six months to go to the Ironmongers’ Hall, London to raise funds for charities (see Edinburgh conference, the page 17 for details). Committee’s work is now The twenty-first AGM will b e held at Ironmongers’ The Committee reviewed the intensively focused on the Hall at 5:30pm on 11 June. The Hall is located in the possible venues for the 2010 programme as well as the extra- Barbican and its entrance is on Aldersgate near the conference and after looking at mural events associated with the junction with London Wall. All Members and various alternatives decided that Conference. Suggestions for Associates are cordially invited to attend. This will be the previous decision to hold the topics and speakers have come a an ideal opportunity to find out about the conference in Berlin (at a date to from a new informal panel of multifarious activities of the LBMA carried out in the be announced) should be advisors that has been set up for past year as well as to meet other Members during the maintained. this purpose but it is not too late drinks reception following the meeting. for readers to make their own Physical suggestions. Any ideas should be The formal papers for the meeting (including The Physical Committee met in sent to [email protected]. nomination forms for the Management Committee) February and April. This has been The Committee is also will be circulated on 1 May to the LBMA contact in a busy period for the physical working on ways of distributing each Member and Associate company. All members of aspect of the LBMA’s work with the Alchemist more cost effectively the Committee stand down at the AGM but may be re- the Assaying and Refining Seminar by email. At present a pdf elected. This year the agenda will include a motion in late March (see article on page version of the Alchemist is sent by proposed by the Management Committee to change 11) and the Reference Materials email to those who have clause 60(g) of the LBMA’s Articles to allow members Project approaching the final requested this but in future it is of the Committee to serve on it continuously for up to phase (see page 18). hoped to have a fully electronic 10 years. At present, this article states that members The project to evaluate a new version with links to other can serve continuously for up to five years unless they technology electronic scale for content. are the Chairman in which case the period can be the weighing of large gold bars The PAC also decided that the extended to seven years. page 24 ALCHEMIST ISSUE FIFTY FOUR Annual Party include the Alchemist , the website, DIARY OF EVENTS The LBMA’s annual party for staff general membership admin as at Members and Associates was well as press contacts. held at the Eight Club on 26 MAY JUNE February. In spite of the fact that Assaying and Refining the event was not free-of-charge Seminar 7 2-4 this year, almost 200 attended, Almost 100 representatives of FT Gold Investment Summit World Mining Investment Congress representing all parts of the Members, Associates and Good London London bullion market in London and Delivery refiners attended the T: +44 20 7775 6653 T: +44 207 827 4171 including a number of visitors third in the series of Assaying F: +44 20 7775 6413 F: +44 207 242 1508 from overseas. The theme was a seminars organised by the LBMA www.ftglobalevents.com www.terrapinn.com Venetian Masquerade (which from 23 –25 March. A full report [email protected] [email protected] traditionally heralded the end of can be found on page 11 and all winter and the arrival of spring). the papers presented are already 11 See a selection of the photos on the website; a transcript of the LBMA Annual General Meeting taken on page 13. A full gallery Q&A sessions will be added to London of photographs can be viewed (by the website shortly. T: +44 20 7796 3067 Members and Associates only) on F: +44 20 7796 2112 a special website. Please ask REACH www.lbma.org.uk [email protected] for A further seminar will be held in [email protected] the link to the gallery. London in May to allow representatives of those Members 13-16 LBMA Staffing which have pre-registered with IPMI 33rd Annual Conference The Executive is delighted to the European Chemicals Agency Orlando, Florida announce a new member of staff: to meet representatives of the T: +1 850 476 1156 Ms Rionne Preuveneers joined EPMF Precious Metals F: +1 850 476 1548 the Executive team as Public Consortium. This should help the www.ipmi.org Relations and Media Assistant on Members to decide whether [email protected] 27 April. Rionne (pronounced as joining the Consortium would be in Leon) will be the first point of the best way of obtaining the data contact for those phoning the dossier necessary for final Executive and her responsibilities registration. n The conference by the industry for the industry The LBMA Precious Metals Conference 2009 1–3 November 2009 The LBMA is delighted to announce that the Balmoral Hotel has been selected as the Balmoral Hotel venue for the tenth annual LBMA Precious Metals Conference. Situated in the heart of Edinburgh, Scotland Edinburgh at 1 Princes Street, the Balmoral (formerly known as the North British) is one of Britain’s great railway hotels and is a landmark in its own right. The hotel is just 25 minutes from the airport and if you arrive by train a Balmoral porter can be on the platform to welcome you to Edinburgh. Will investors continue to see gold as a safe haven? How will jewellery markets be affected if the high gold prices seen recently are sustained? How will the slump in the auto industry affect PGMs? Will producers return to hedging and if so how will central banks respond? There’s a place for all market players at the LBMA Conference - registration opens late July 2009.