DAY 1 VOTING
INTRODUCTORY REMARKS Ruth Crowell LBMA Chief Executive 19 October 2015
LBMA CONFERENCE 2015 16 (No. conferences) 682 (No. delegates) 290 (Different companies attended by delegates?) 49 (No. speakers)
WHAT SECTOR OF THE PRECIOUS METALS MARKET DO YOU REPRESENT? Press to submit your answer Choice Description Response 2015 Response 2013 1 Commercial Banks 59 86 2 Traders (excluding banks) 30 45 3 Official Sector (incl. central banks, regulators) 18 22 4 Miners 18 12 5 Refiners 42 59 6 Fabricators 11 13 7 Investors 7 6 8 Security transport carriers or custodians 4 9 9 Exchanges 13 15 10 Consultants 11 9 11 Media 8 8 12 Other 9 17 Total 230
CONFERENCE LBMA GOLD PRICE FORECASTS Please enter your forecast for 17 th October, 2016 (Allowed range $500 to $2,000) Press to submit your answer Conference Date Latest PM Price Forecast Date Forecast Actual Edinburgh 3-Nov-09 $1,058 27-Sep-10 $1,181 $1,298 Berlin 27-Sep-10 $1,298 19-Sep-11 $1,450 $1,817 Montreal 19-Sep-11 $1,817 9-Nov-12 $2,074 $1,738 Hong Kong 9-Nov-12 $1,738 30-Sep-13 $1,914 $1,341 Rome 01-Oct-13 $1,295 11-Nov-14 $1,405 $1,155 Lima 11-Nov-14 $1,155 19-Oct-15 $1,200 $1,181 Vienna 19-Oct-15 $1,181 17-Oct-16 Today s result was: 1216.47
RATE THE SESSION Session 1 Opening Session 1 Excellent 2 Good 3 Adequate 4 Poor 0.60% 14.37% 37.13% 47.90%
RATE THE SESSION Session 2 Precious Metals Investment Panel 1 Excellent 2 Good 3 Adequate 4 Poor 1.19% 14.29% 40.48% 44.05%
RATE THE SESSION LBMA Update 1 Excellent 2 Good 3 Adequate 4 Poor 2.05% 18.49% 39.73% 39.73%
DO YOU SEE GOLD DEMAND FROM THE OFFICIAL SECTOR INCREASING OVER THE NEXT 12 MONTHS? 1 Yes 60.78% 2 No 39.22%
DOES THE BACKDROP OF DEFLATIONARY PRESSURES AND CONTINUED QE TO COUNTER IT, CHANGE THE CENTRAL BANKS APPROACH TO GOLD? 1 Yes 2 No 48.08% 51.92%
RATE THE SESSION Session 3 Official Sector Session 1 Excellent 2 Good 3 Adequate 4 Poor 3.85% 19.23% 35.58% 41.35%
IF YOU WERE A MINING CEO WOULD YOU BE CONSIDERING HEDGING NOW? 1 Yes 61.29% 2 No 38.71% DATA CAPTURED
WHAT LEVEL OF GOLD PRICE COULD MAKE HEDGING ATTRACTIVE? 1 $900 2 $1,000 3 $1,100 4 $1,200 5 $1,300 6 Over $1,400 12.50% 15.63% 15.63% 17.71% 18.75% 19.79%
WHICH REGION IS LIKELY TO HAVE THE MOST ACTIVE HEDGERS, ASSUMING FURTHER US $ CURRENCY APPRECIATION? 1 North America 2 South America 3 Africa 4 Russia 5 Australia 6 China 7. Asia 28.71% 9.90% 12.87% 7.92% 26.73% 6.93% 6.93%
IF YOU WERE A MINING CEO WOULD YOU BE CONSIDERING HEDGING NOW? 1 Yes 53.91% 2 No 46.09%
IF YOU WERE A MINING CEO WOULD YOU BE CONSIDERING HEDGING NOW? 1 Yes 2 No 1st Vote 2nd Vote 38.71% 46.09% 53.91% 61.29%
RATE THE SESSION Session 4 Producer Hedging/Price Risk Management 1 Excellent 2 Good 3 Adequate 4 Poor 3.45% 12.07% 35.34% 49.14%
DAY 2 VOTING
SESSION 5
WHAT WILL HAPPEN TO INSTITUTIONAL INTEREST IN PHYSICAL GOLD? 1 Return to limited volumes 2 Fall slightly 3 Stay the same 4 Grow modestly 5 Expand greatly 6.71% 15.44% 13.42% 24.16% 40.27%
DO YOU THINK CHINA S AND INDIA S PHYSICAL DEMAND IS THE MAIN DRIVING FORCE IN DETERMINING THE GOLD PRICE? 1 Yes 38.41% 2 No 61.59%
RATE THE SESSION Session 5 Outlook for Precious Metals 1 Excellent 2 Good 3 Adequate 4 Poor 3.82% 9.55% 42.04% 44.59%
SESSION 6
RATE THE SESSION Session 6 PGMs 1 Excellent 2 Good 3 Adequate 4 Poor 1.72% 20.69% 34.48% 43.10%
SESSION 7
ARE YOU SUPPORTIVE OF THE LBMA EXPANDING IT S ROLE IN RESPECT OF REGULATION AND NEW SERVICES? 1 Yes 82.03% 2 No 17.97%
IS IT TIME FOR THE LBMA TO EXPAND IT S SERVICES GLOBALLY AND BECOME THE WORLD S BULLION MARKET ASSOCATION? 1 Yes 75.36% 2 No 24.64%
RATE THE SESSION Session 7 Evolution of the Precious Metals Market 1 Excellent 2 Good 3 Adequate 4 Poor 0.73% 21.90% 24.82% 52.55%
SESSION 8
WHAT WILL BE THE BEST PERFORMING PRECIOUS METAL IN 2016? 1 Gold 2 Silver 3 Platinum 4 Palladium 28.00% 23.43% 25.71% 22.86%
CONFERENCE LBMA GOLD PRICE FORECASTS Please enter your forecast for 17 th October, 2016 (Allowed range $500 to $2,000) Press to submit your answer Conference Date Latest PM Price Forecast Date Forecast Actual Edinburgh 3-Nov-09 $1,058 27-Sep-10 $1,181 $1,298 Berlin 27-Sep-10 $1,298 19-Sep-11 $1,450 $1,817 Montreal 19-Sep-11 $1,817 9-Nov-12 $2,074 $1,738 Hong Kong 9-Nov-12 $1,738 30-Sep-13 $1,914 $1,341 Rome 01-Oct-13 $1,295 11-Nov-14 $1,405 $1,155 Lima 11-Nov-14 $1,155 19-Oct-15 $1,200 $1,181 Vienna 19-Oct-15 $1,181 17-Oct-16 Yesterday s result was: 1216.47 And today s prediction is: 1159.88
AT THE TIME OF THE NEXT LBMA / LPPM CONFERENCE (17 th OCTOBER 2016) WHAT WILL THE LBMA SILVER PRICE BE? Please enter your response in US $ in the range of $0-$50 and press to submit 35% 17% 19% 0% 0% 4% 7% 6% 5% 1% 3% 1% 0% 2% 1% 2% 0% 0 2 5 8 11 14 17 20 23 26 29 32 35 38 41 44 47 50 Average: 18
AT THE TIME OF THE NEXT LBMA / LPPM CONFERENCE (17 th OCTOBER 2016) WHAT WILL THE LBMA PLATINUM PRICE BE? Please enter your response in US $ in the range of $500-$2000 and press to submit 23% 17% 14% 9% 7% 8% 5% 3% 1% 4% 4% 4% 0% 2% 1% 0% 1% 0% 0% 500 578 657 736 815 894 973 1052 1131 1210 1289 1368 1447 1526 1605 1684 1763 1842 1921 2000 Average: 1072
AT THE TIME OF THE NEXT LBMA / LPPM CONFERENCE (17 th OCTOBER 2016) WHAT WILL THE LBMA PALLADIUM PRICE BE? Please enter your response in US $ in the range of $300-$1500 and press to submit 27% 11% 16% 14% 7% 2% 2% 2% 3% 3% 4% 1% 2% 1% 1% 2% 300 375 450 525 600 675 750 825 900 975 1050 1125 1200 1275 1350 1425 1500 Average: 844
WHAT WAS YOUR FAVOURITE SESSION? 1 Session 1 - Opening Session 9.09% 2 Session 2 - Precious Metals Investment Panel 3 Session 3 - Official Sector 16.36% 10.91% 4 Session 4 - Producer Hedging / Price Risk Management Panel 5 Session 5 - Outlook for Precious Metals 6 Session 6 - PGMs 8.48% 16.97% 22.42% 7 Session 7 - Evolution of the Precious Metals Market Panel 6.67% 8 Session 8 Delegate Feedback & Closing Session 9.09%
YOUR FAVOURITE SPEAKER WAS? Press to submit your answer Choice Speaker Choice Speaker 1 Grant Angwin 1.94% 19 Philip Klapwijk 1.29% 2 Gerald Ashley 0.65% 20 Andrea Lang 3.87% 3 John Authers 7.74% 21 Courtney Lynn 3.87% 4 Vaishali Banerjee 1.94% 22 Neil Meader 2.58% 5 Roger Baxter 0.00% 23 Peter Mooslechener 1.29% 6 Vikas Chamaria 1.94% 24 Charlie Morris 3.23% 7 Albert Cheng 1.94% 25 Lord Gus O Donnell 7.74% 8 Anne Dennison 0.65% 26 Diego Parrilla 5.16% 9 Peter Duncan 3.87% 27 Franz Partsch 0.00% 10 Jeremy East 0.65% 28 John Reade 2.58% 11 Alexandre Gautier 3.23% 29 Sean Russo 0.65% 12 Peter Griep 0.65% 30 Gerry Schubert 0.65% 13 Peter Hambro 1.94% 31 Michael Sheehan 5.16% 14 Matthew Hunt 0.65% 32 Jiang Shu 12.90% 15 Hilton Ingram 0.65% 33 Jonathan Spall 1.29% 16 David Jollie 9.68% 34 Jim Steel 5.16% 17 Tom Kendall 1.94% 35 William Tankard 1.94% 18 Raymond Key 0.65%
Jiang Shu Speaker prize donated by
FEEDBACK - OVERALL IMPRESSION HOW WOULD YOU RATE THE 2015 CONFERENCE? 1 Excellent 2 Good 3 Adequate 4 Poor 3.70% 7.94% 42.86% 45.50%
Next years conference will be in Singapore (16 October 18 October 2016) What would be your preferred venue for 2017? Please use your keypad to text in your response Edinburgh - 2009 San Francisco - 2002 Montreal - 2011 Austria 2015 Lisbon - 2003 Rome - 2013 Berlin - 2010 Montreux 2006 Istanbul - 2001 Dubai - 2000 Mumbai - 2007 Kyoto - 2008 Shanghai - 2004 Hong Kong - 2012 Lima - 2014 Singapore - 2016 Johannesburg - 2005
RATE THE SESSION Session 8 Delegate Feedback & Closing Session 1 Excellent 2 Good 3 Adequate 4 Poor 5.67% 9.28% 39.69% 45.36%