Gold has ruled the world for centuries — a metal beyond borders, faiths, and politics. Nowhere was that more evident than at the LBMA Global Precious Metals Conference 2025, held in Kyoto, Japan. The event once again brought together the global bullion fraternity under one roof, reaffirming that while economies differ and policies divide, gold unites the world.
As I walked through the bustling corridors of the conference venue, it was impossible not to notice the sense of camaraderie. Bullion Traders, miners, refiners, investors, jewellers and analyst from across continents greeted each other as if they’d known one another for decades. What happens among nations may vary — trade tensions, geopolitical disputes, or currency wars — but gold, the eternal asset, remains the common ground. It neither perishes nor discriminates; it simply changes hands through the ages.
In many ways, gold is like God — remove one letter, and the meaning transforms but the reverence remains. Across the world, it commands respect and devotion beyond nationality or belief. In India, for example, gold is worshipped during Diwali as the embodiment of Goddess Lakshmi, the divine symbol of wealth and prosperity.
The Kyoto conference, held in the last week of October, gathered the who’s who of the global bullion industry to reflect on the year gone by and to debate what lies ahead. A key sentiment echoed through every panel and corridor: tariff uncertainty remains a major concern, not just for gold but for the global economy. Yet, amid that concern, there was an undercurrent of optimism that such headwinds may ease in 2026.
A Global Market, A Global Mindset
LBMA CEO Ruth Crowell captured the spirit of this transformation:
“We’ve all seen the price climb, but I think another aspect to look at is the volume. The volume of trading in London has also grown with the price. But also, the volume of participants is growing. I’ve spent some time over the last few days asking, where are these investors coming from? And truly, the answer is global. It’s not just one geography. There are significant investors around the world who want to understand not just how they can take advantage of the short-term price rally, but also how they can add gold as a strategic asset — not just as a safe haven.”
Crowell further added that the perception of gold is evolving beyond the traditional view of safety and liquidity:
Industry Outlook: Stronger Miners, Busier Refiners
On the supply side, miners appear to have regained strength after several lean years. The past 18 months have been among the busiest for refineries — particularly those in Switzerland, which benefited most from the tariff uncertainty. Bullion dealers were equally buoyant, driven by record-high prices.
However, jewelry manufacturers faced headwinds as high gold prices dampened demand. The clear winners of this cycle have been investors — both retail and institutional — who enjoyed handsome returns from gold and silver’s remarkable rally.
Central banks, particularly in emerging markets, continue to accumulate gold, though the pace may moderate in the coming quarters. In contrast, the big Western central banks appear less inclined to increase their reserves at current levels.
The 3Ds Driving Gold: Debasement, De-dollarization, Diversification
According to Nikki Shells, Research Head at MKS PAMP, the current cycle is being powered by three overlapping structural trends:
“Your 60-40 portfolio is now being reworked, and we’re looking at potentially upping allocations. People have talked about a 20% allocation to gold — it’s massive. But the fact is investors just don’t trust US bonds, not even just US, but generally G7 bonds. So that diversification, de-dollarization, and debasement trade are all happening at the same time. They’re linked. And I think that’s what’s keeping gold in vogue.”
Market Forecasts: A Bright Year Ahead
The LBMA Global Precious Metals Conference Annual Survey revealed that the outlook for 2026 remains positive across the precious metals spectrum.
Conclusion: Gold — The Eternal Monarch
As the conference concluded, one thought stayed with me — gold is not just a metal; it is a bridge that connects nations and centuries.
From Kyoto’s tranquil temples to the trading floors of London and Mumbai, gold’s influence transcends boundaries. Whether held by central banks, investors, or worshipped by families on Diwali, it remains a universal symbol of trust and value.
In the end, one truth stands firm — gold is the only ruler of the world.
If you possess gold, you already hold a kingdom in your hands.
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