{"id":15403,"date":"2026-04-23T04:05:14","date_gmt":"2026-04-23T04:05:14","guid":{"rendered":"https:\/\/zukunftsforum-edelmetalle.de\/?page_id=15403"},"modified":"2026-05-13T02:36:12","modified_gmt":"2026-05-13T02:36:12","slug":"vortraege-2026","status":"publish","type":"page","link":"https:\/\/zukunftsforum-edelmetalle.de\/en\/vortraege-2026\/","title":{"rendered":"Lectures 2026"},"content":{"rendered":"
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Lectures 2026<\/h1>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t
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Our keynote speakers<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Dr. J\u00fcrgen Michels - Chief Economist, BayernLB<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Frikadelle or ground meat? Why Europe's future depends on cohesion<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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The global economy is facing a period of profound structural change. Geopolitical tensions, rising interest rates, and new industrial policy priorities are shifting the balance of economic power \u2013 with direct implications for Europe and the precious metals markets. J\u00fcrgen Michels' presentation will show how closely economic stability will be linked to strategic cohesion in the future. <\/em><\/p>

\u00a0<\/em>When it comes to the future of the European economy, Dr. J\u00fcrgen Michels uses a culinary comparison that sticks in your mind: Europe must come together like a \u201efrikadelle\u201c (meatball) to withstand the massive external pressure. If the continent is instead pushed apart like loose \u201eminced meat,\u201c nothing will be left of it in the geopolitical pincer between the USA and China.<\/p>

In his lecture \u201eWho Sees Light at the End...? The Situation in the Country and the World,\u201c given at the second Future Forum Precious Metals in March 2026, the Chief Economist of BayernLB painted a complex picture of the global economy. His conclusion: Light at the end of the tunnel is currently hard to find, as we are in a phase of profound structural changes, which Michels summarizes under the \u201e6Ds.\u201c.<\/p>

According to Michels, these six megatrends \u2013 demographics, deglobalization, digitalization, decarbonization, as well as the newly added factors of defense and debt \u2013 form the framework within which governments and companies must operate today. Unlike previous crises, which could often be resolved by simple wage adjustments, today's challenges require a much deeper transformation of competitiveness.<\/p>

The economist paid particular attention to the current energy crisis and its impact on the precious metals markets. In an environment where the price of oil is climbing to $112, one would traditionally expect gold to serve as a strong hedge against inflation. But the reality is different: Since gold does not pay interest, it is suffering massively from the sharp rise in yields on the bond market, where 10-year U.S. Treasuries are heading toward the 4.5% mark.<\/p>

Michels explained that markets are currently no longer pricing in interest rate cuts, but are even preparing for further increases by the US Federal Reserve. This creates enormous headwinds for gold, which, despite geopolitical panic, has not yet experienced the expected upward \u201eshake-out moment.\u201c Nevertheless, he warns: Should the current conflict in the Middle East not remain contained, a stagflation scenario, including recession, threatens over the course of the year.<\/p>

After all, there are bright spots for Germany in its energy supply. Through the expansion of renewable energies and greater diversification in gas, dependence on individual pipelines has decreased. On days with a lot of wind and sun, the electricity price now falls even when the gas price rises \u2013 a flexibility that makes us more robust against physical supply stoppages than during the Ukraine war.<\/p>

Nevertheless, Europe's geopolitical sandwich position remains precarious. While militarily dependent on the USA, the economic ties to China for rare earths and intermediate products remain an Achilles' heel. Michels calls for a unified European stance here, as was briefly achieved in Davos, to counter the protectionist endeavors of the Trump administration.<\/p>

Interestingly, the chief economist also sees an opportunity for technological growth in rising defense spending. Investments in satellite technology or missile systems could have positive spillover effects for civilian areas such as autonomous driving. However, the prerequisite is that these innovations take place in Europe and are not just imported as a \u201ekeyword Silicon Valley.\u201c.<\/p>

Looking at the USA, Michels warned of an erosion of institutions. Should the Fed lose its independence and only lower interest rates according to the president's political will, a massive loss of credibility would threaten. Such a scenario would weaken the US dollar and could drive the euro-dollar exchange rate to 1.35 in the medium term.<\/p>

The expert is also concerned about the lack of transparency in the financial sector, particularly regarding \u201eprivate credit.\u201c As banks are subject to stricter regulations, lending has shifted to unregulated channels, which could lead to unpredictable disruptions in capital markets in the event of a crisis. The relentlessly rising government debt in the US and Germany also remains a latent risk.<\/p>

For the years 2027 and 2028, Michels forecasts a major stock market correction. He assumes that the enormous investments in artificial intelligence will have to prove their profitability by then. If the hoped-for productivity gains do not materialize, the bursting of this hype bubble could burden markets worldwide.<\/p>

Despite these dark clouds, Michels concluded his presentation with a spark of hope. While we'll still be in the dark for a while and have to make difficult decisions, \u201eenlightenment\u201c lies in our collective strength. If Europe can present itself as a united front and resolutely tackle its structural reforms, there's a chance it can weather this stormy phase stably.<\/p>

Biography: Dr. J\u00fcrgen Michels is Chief Economist and Head of Research at BayernLB in Munich and has held this position since October 2013. He previously worked at Citigroup in London, most recently as Lead Euro Area Economist (from 2008), after having worked there as an economist since 2002. Prior to that, he worked as an economist at Sal. Oppenheim and at the Institute for International Economic Policy at the University of Bonn.<\/em><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Stefan M\u00fcller - CEO, DGWA<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Too slow, too hesitant: Germany's raw materials strategy under criticism<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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In the global competition for strategic raw materials, Germany is increasingly coming under pressure. Slow decision-making processes, a lack of state strategies, and intense international competition are making access to critical resources more difficult. The analysis shows that economic performance and raw material policy are more closely linked today than ever before.<\/span><\/i><\/p>

In Brazil, it sometimes takes four months for a simple non-disclosure agreement (NDA) to be signed with German authorities. Meanwhile, Chinese investors don't hesitate, use the time, and simply buy up the entire project. This anecdote from Stefan M\u00fcller drastically illustrates the pace at which Germany is currently losing ground in the global commodity poker game.<\/span><\/p>

In his presentation \u201eIs it over? Germany and its raw materials situation\u201c at the second Precious Metals Future Forum in March 2026, the CEO of DGWA GmbH painted an unvarnished picture of the situation. He made it clear that the Federal Republic has largely gambled away its strategic access to critical resources.<\/span><\/p>

Raw materials are long since being used as political weapons today, but according to M\u00fcller, this war is not being fought with soldiers, but with checkbooks. Whoever provides capital the fastest secures access to tomorrow's key technologies. China has perfected this and now controls seven percent of the entire African landmass, including ports and mines.<\/span><\/p>

M\u00fcller emphasized that Germany is the most raw material-dependent industrialized nation in the world, but it persistently suppresses the potential for crisis. While countries like Japan were already building state structures for raw material security in 2010, Europe had absolutely missed the crucial train.<\/span><\/p>

The situation is particularly critical for raw materials used in future technologies such as artificial intelligence, modern defense systems, and space exploration. While the oil market has passed its peak, the market for critical minerals is extremely tight due to China's enormous domestic demand and the rapid rise of India.<\/span><\/p>

One core problem, according to the expert, is the short-term nature of German politics, which primarily thinks in election cycles. Since mining projects often require a lead time of ten years, political leaders lack the incentive to make painful investment decisions today.<\/span><\/p>

The German Mittelstand is particularly at risk, as it often only requires small quantities of specific raw materials. A mechanical engineer might need only 50 kilograms of tungsten per year for his drilling tools, but if these supplies are interrupted, the entire production comes to a standstill.<\/span><\/p>

M\u00fcller accused the government of unilaterally shifting the responsibility for securing raw materials onto industry. He argued that Germany lacks the necessary government frameworks for financing and hedging the enormous risks associated with such projects.<\/span><\/p>

According to M\u00fcller, the European level currently offers little cause for hope and resembles a black hole for billions. In Brussels, 45,000 people sit in countless working groups while five different commissioners pursue five different, uncoordinated raw material strategies.<\/span><\/p>

M\u00fcller sharply criticized German foreign policy, stating that it too often gets lost in moral sentiments. He argued that it's not very helpful to merely open Goethe Institutes in resource-rich countries when competitors from the USA, Russia, or China are securing deals with substantial investment pledges. His conclusion: we are in an extremely tough geo-economic competition where in the future, players like India or emerging African nations will also use their resources as a factor of power. This will make the global struggle for resources more irreconcilable and, above all, significantly more expensive.<\/span><\/p>

M\u00fcller concluded with the forecast that it would likely take a \u201eblack swan event\u201c to force a real rethink in Germany. Only once everyday products like children's tablets can no longer be produced and there is a large public outcry will the necessary energy for genuine reforms emerge.<\/span><\/p>

Biography: Stefan M\u00fcller is CEO of DGWA, a Frankfurt-based investment banking company active in the global commodities business. He has around 30 years of experience in the structuring, development and financing of raw materials and mining projects. He also works as a consultant for politicians, associations and global companies on the development of a German and European raw materials policy.<\/em><\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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John Reade - Senior Marketing Strategist, World Gold Council<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Gold 2026: Why Volatility Will Become the New Normal<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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The gold market has fundamentally changed in recent years: record prices, strong corrections, and new centers of demand characterize the landscape. Behind the short-term fluctuations lies a structural shift that redefines the role of the precious metal in the global financial system.<\/span><\/i><\/p>

It's a situation that even a seasoned market strategist like John Reade pauses at: never before in his decades-long career has he had to give a presentation on the stability of gold while the price of the very same metal had plummeted by a staggering $400 that same morning. This dramatic opening immediately highlighted what an extraordinary market phase we are in during the spring of 2026.<\/i><\/span><\/p>

In his report on the \u201ecurrent situation on the gold market,\u201c presented at\u00a0<\/span>Second Precious Metals Future Forum in March 2026<\/span><\/strong>,<\/b> The Senior Market Strategist for the World Gold Council analyzed the driving forces behind the record highs and recent turbulence. Reade made it clear that behind the facade of bare numbers lies a fundamental structural change that has permanently altered the mechanisms of price formation.<\/span><\/p>

A look back at recent performance reveals a rollercoaster ride of epic proportions: After gold posted a spectacular 67% increase in value in U.S. dollars in 2025, January 2026 marked the provisional peak with an all-time high of $5,600 per ounce. However, the subsequent correction to a level between $4,200 and $4,300 demonstrates just how nervously market participants are reacting to changing market conditions.<\/span><\/p>

Historically speaking, the expected long-term return on gold has been about two to three percent above the U.S. inflation rate. However, the fact that we have seen gains of 19%, 26%, and finally 67% over the past three years underscores, according to Reade, that there is far more at work here than just a traditional hedge against inflation. Today, the market is no longer dominated primarily by the jewelry industry, but rather overwhelmingly by investment demand.<\/span><\/p>

A key factor driving this trend is the geographical shift in demand toward emerging markets. Today, China, India, and Southeast Asia account for approximately 70% of global consumer demand. Gold is therefore no longer a \u201eWestern\u201c asset, but is instead driven primarily by the savings and need for security among Asian investors.<\/span><\/p>

This is also reflected in the behavior of central banks, which have exclusively acted as buyers in emerging markets over the past 15 years. Although central bank purchases have recently decreased somewhat due to extremely high prices, as many institutions have already reached their strategic target quotas in their portfolios, they remain a stabilizing force in the background.<\/span><\/p>

On the supply side, the market faces nearly static mine production, which has not grown significantly since 2018. Even record prices are not leading to a rapid increase in production, as new projects require years of lead time. Recycling, which usually surges with high prices, has also fallen short of expectations recently, further tightening supply.<\/span><\/p>

The current geopolitical escalation between the US, Israel, and Iran has further complicated the situation in the spring of 2026. Instead of acting as a \u201esafe haven,\u201c gold was ironically sold off in the initial shock of the military confrontations to generate liquidity for other portfolio losses. Investors divested from their \u201ewinners\u201c to plug holes in falling stocks and bonds.<\/span><\/p>

Reade points out that the drivers of 2025 \u2013 namely concerns about the US deficit and the Fed's independence \u2013 will be overshadowed by new problems in 2026. The looming scarcity of energy products like diesel as a result of the war and the associated new wave of inflation are fundamentally changing investors' calculations. We are moving away from a purely monetary policy discussion towards a tangible supply crisis.<\/span><\/p>

If this conflict continues, the global economy is heading for a classic stagflation scenario: stagnant growth with high inflation. Historically, the stagflation of the 1970s was the period of strongest performance for gold. However, before this effect fully takes hold, speculative positions that bet on a different scenario must first be flushed out of the market.<\/span><\/p>

For strategic asset allocation, this calls for a shift away from the traditional 60\/40 portfolio of stocks and bonds. Since government bonds are losing their role as a diversifier in an inflationary environment, leading strategists are now calling for a gold allocation of up to 20%. Gold is thus becoming an indispensable counterweight in an unstable financial architecture.<\/span><\/p>

Despite the current price slump, Reade remains optimistic about the long-term role of gold. While volatility will persist and could push prices to unexpected levels, these dips present strategic entry opportunities. In a world of \u201eStagflation 2026,\u201c gold remains the ultimate insurance policy asset, even if the path forward remains rocky.<\/span><\/p>

Biography: John Reade is a veteran of the global gold industry and is now Senior Market Strategist at the World Gold Council. He has more than 35 years of experience in the gold industry. He joined the World Gold Council in February 2017, having previously worked as a Global Gold Strategist at US hedge fund Paulson & Co. Before moving to the investor side, he was head of the precious metals analysis department at Swiss UBS for over 13 years. In his role, he publishes market analyses and strategic assessments of gold and the gold market.<\/em><\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Philip Vorndran - Partner, Flossbach von Storch Asset Management<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Diversification instead of fear: Strategies for volatile times<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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Long-term investment success is not achieved through short-term market forecasts, but through disciplined diversification and consistent risk management. In an environment of high debt, geopolitical shifts, and structural inflation, gold remains an important anchor of stability \u2013 but only as part of a balanced portfolio.<\/span><\/i><\/p>

Those who regularly \u201esend their gold to the hairdresser\u201c have usually done everything right. What sounds like a bizarre wellness treatment for precious metals is, for Philipp Vorndran, a partner at the renowned asset manager Flossbach von Storch, a vivid description for a disciplined rebalancing strategy. If the gold price rises significantly, the position is trimmed to restore the original weighting in the portfolio \u2013 a procedure that has been necessary more often in the last turbulent 18 months.<\/span><\/p>

In his presentation \u201eThe View on the Current Situation,\u201c given at the second Future Forum Precious Metals in March 2026, Vorndran analyzed the profound structural breaks in the global economy. He made it clear that for professional investors, it is not about the short-term success of individual asset classes, but rather about the \u201eking discipline\u201c: preventing people from acting incorrectly at the wrong time out of panic through smart diversification.<\/span><\/p>

Vorndran sees a key problem in the German mindset, which is heavily influenced by fear\u2014the worry that \u201ethe sky will fall tomorrow.\u201c This, he argues, makes Germany a nation of savers rather than entrepreneurs, which in turn slows economic momentum. Ironically, it is precisely wealthy Germans who, out of mistrust of the state, tend toward massive \u201econcentrated risks\u201c and hold as much as 50% of their assets in precious metals, which in turn makes them vulnerable to government measures such as expropriation or special taxes.<\/span><\/p>

Vorndran outlined a world in flux, where the decades-long global dominance of the USA is eroding, and the baton of power will be redistributed in the next 15 to 20 years. Europe finds itself in a precarious \u201emillstone situation\u201c between the major blocs. These geopolitical shifts are far more relevant to long-term wealth preservation than the question of how long a single regional conflict lasts.<\/span><\/p>

He particularly criticized global debt in unbacked paper currencies, so-called fiat money. What politicians today euphemistically declare as \u201especial assets\u201c are in reality \u201especial debts\u201c created out of thin air. If states undermine confidence in the store-of-value function of their money on such a broad scale, the flight to real assets is the logical and compelling consequence for Vorndran.<\/span><\/p>

According to Vorndran, the causes of this trend are deeply rooted in demographics, a topic he already addressed 14 years ago in his book \u201eThe Debt Avalanche.\u201c Since demographic development is not a surprise but has been established since the 1990s, he accuses politicians of inaction. The longer reforms to the pension and healthcare systems are postponed, the more painful they will become for the growing number of voters whose cash flow is directly threatened by them.<\/span><\/p>

Despite the often critical view of the USA, Vorndran sees the \u201eeconomy booming there.\u201c In contrast to Europe, the Americans manage to better handle their demographic problems, as their retirement provision is not based on a pay-as-you-go statutory pension but on capital market investments. In his view, technological leadership and a more stable population structure make the US economy the clear favorite over a struggling Europe.<\/span><\/p>

To illustrate the significance of different asset classes, Vorndran posed the \u201eone-million-euro question\u201c: How much would have had to be invested 40 years ago to be a millionaire today? While with short-term savings accounts, the Germans\u201e \u201cfavorite investment,\" a proud 340,000 euros would have had to be invested, significantly lower sums were sufficient with the DAX or MSCI World. Gold, with a required investment of 110,000 euros, was clearly ahead of federal bonds but could not beat participation in the real economy.<\/span><\/p>

He issued a particularly stark warning about Germans\u201e \u201cblind faith in guarantees.\u201d A guarantee that loses value when adjusted for inflation is worthless. Since the purchasing power of one million euros 40 years ago is equivalent to only about 450,000 euros today, preserving capital in real terms is the real challenge. Vorndran emphasized that even with seemingly moderate inflation of 2\u20133%, wealth is being gradually eroded.<\/span><\/p>

He illustrated that gold nevertheless remains an indispensable anchor using the dramatic example of the Turkish lira, where the price of gold has literally skyrocketed in nominal terms. Even though we do not yet face Turkish-style conditions in continental Europe, the trajectory of government debt is heading in a similar direction. Anyone who trusts that inflation will remain stable at 2\u20133 percent while taxes and social security contributions simultaneously erode the real returns on bonds is committing a dangerous fallacy.<\/span><\/p>

For Vorndran, stagflation is the most likely future scenario, in which gold can shine as a portfolio stabilizer. Nevertheless, one should not forget that gold does not generate dividends and there can be decades in which the precious metal does not record any significant gains. A portfolio based solely on gold is therefore just as risky as foregoing it.<\/span><\/p>

In conclusion, he offered a clear recommendation for portfolio allocation with an investment horizon of more than ten years: 80 % should be allocated to global equities in order to participate in the value creation of the global economy. The remaining 20% is divided into 10% physical gold as a hedge against crises and 10% liquid \u201emaneuvering capital\u201c for opportunities. Only in this way can inflation be beaten in real terms and solid provisions be made for life after retirement.<\/span><\/p>

Biography: Philipp Vorndran has been a partner at Flossbach von Storch since 2021 and has been with the company since 2009. Previously, he was Global Chief Strategist at Credit Suisse Asset Management and CEO of Credit Suisse Asset Management Germany. He began his career at Julius Baer and studied business administration at the University of W\u00fcrzburg.<\/em><\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Lukas Braun, QS Manager, SOLAR MATERIALS GmbH<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Silver from Solar Modules: How \u201eUrban Mining\u201c Becomes a Strategic Resource<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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Disused solar modules are increasingly becoming a relevant source of raw materials \u2013 especially for silver, which remains indispensable in photovoltaics. As millions of installations worldwide reach the end of their life cycle, Europe faces the challenge of establishing efficient recycling structures. New technological approaches show that this not only offers environmental potential but also industrial policy benefits.<\/span><\/i><\/p>

The idea that the world's richest silver mine is not deep underground but on our rooftops may sound populist at first, but it is based on solid data from the photovoltaic industry. Lukas Braun, QS Manager at SOLAR MATERIALS GmbH, explained in his presentation at the second Future Forum Precious Metals in March 2026 that processing obsolete solar modules is a global challenge that presents a huge technological opportunity for Europe and Germany alike.<\/span><\/p>

The young company SOLAR MATERIALS was founded five years ago at the University of Braunschweig and is now based in Magdeburg. With a workforce of over 65 people, the company operates a specialized recycling line, whose capacity has been doubled from 7,000 to 14,000 tons within one year. Currently, a further doubling to 28,000 tons is being aimed for, which corresponds to the processing of approximately 2,000 modules per day.<\/span><\/p>

The modules available for recycling either come from reaching the end of their technical lifespan after approximately 15 to 20 years, or they are victims of manufacturing defects and weather damage. A growing factor is also \u201erepowering,\u201c where operators dismantle still-functioning plants prematurely to replace them with modern, more powerful modules. This practice flushes large quantities of material into the recycling loops even before the original lifespan has expired.<\/span><\/p>

A solar module is a complex layered system, with silicon solar cells forming the core. Copper conductor paths and a printed silver layer in the form of extremely thin \u201efingers\u201c are embedded in these cells. While modern cells have grid lines on the front and back, older models typically have a silver grid on the front and a full-surface aluminum coating on the back.<\/span><\/p>

Although silver accounts for less than 0.1% by weight in older modules\u2014which corresponds to about 10 grams per 20-kilogram module\u2014the precious metal is one of the main cost drivers in production. Despite technological advances that have significantly reduced the silver content per cell since 2013 through improved pastes and precision printing processes, the photovoltaic industry now consumes about 10 to 20 % of global silver production due to its enormous growth.<\/span><\/p>

A complete discontinuation of silver in the solar industry is hardly realistic in the short term. Although manufacturers are researching copper-based foils, these are not yet market-ready as they have lower efficiency and, above all, raise concerns regarding durability. Since a module must withstand wind and weather for 25 to 30 years, silver will likely remain the indispensable contact material for at least another 5 to 10 years.<\/span><\/p>

The potential for so-called urban mining in Germany is enormous, as the country pioneered the expansion of solar energy worldwide from 2004 onwards. In the \u201egolden years\u201c between 2009 and 2012, around 30 million modules were installed annually. In total, over 120 million modules are in use in Germany, the majority of which will reach the end of their life cycle in the coming years and will be recycled.<\/span><\/p>

Based solely on the modules installed in Germany by 2012, approximately 1,000 tons of silver can be recovered. Globally, the amount is many times larger, as the expansion of photovoltaics has gained massive speed worldwide. This underscores the urgent need for scalable and highly efficient industrial processes to prevent these valuable resources from being lost.<\/span><\/p>

Common recycling approaches like thermal or chemical processes often reach their limits when scaling up. While burning polymers (thermal) or dissolving them with solvents (chemical) provide clean materials and glass for industry, the throughput times are very long, ranging from minutes to hours, and the costs are high. The mechanical method \u2013 simple shredding \u2013 is fast and inexpensive, but it produces a low-quality mixed material from which silver can only be extracted with difficulty.<\/span><\/p>

SOLAR MATERIALS has developed its own thermomechanical process for this purpose, which combines the advantages of different worlds. This process makes it possible to recover materials such as glass very cleanly, so that they can flow directly back into the melt, while simultaneously separating the silver efficiently. For recyclers, silver recovery is economically crucial, as the material value of the silver is almost as high as that of all other components combined.<\/span><\/p>

For private individuals with household quantities (less than 50 modules), recycling is practically possible by dropping them off at the local recycling center. The company SOLAR MATERIALS receives a fee from the manufacturer or developer for the recycling and generates additional income through the sale of recovered secondary raw materials. However, the end consumer does not currently receive any direct financial compensation for the silver contained within.<\/span><\/p>

The market for high-quality solar recycling is still in its infancy in Europe, with SOLAR MATERIALS being one of only about five players with innovative approaches. Given the impending surge in end-of-life modules, the current infrastructure is far from sufficient. The goal must therefore be technological leadership in this sector in order to keep valuable precious metals in circulation within Europe and to make the solar industry sustainable.<\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Marco Brunsendorf, Aurubis AG<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Between sustainability and price pressure: The new reality in precious metal recycling<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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The recovery of precious metals from discarded devices is rapidly developing into a central pillar of raw material supply. Increasing return volumes, high prices, and new material flows are driving recycling forward, while at the same time, capacities, financing, and regulatory requirements are reaching their limits.<\/em>\u00a0<\/em><\/p>

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When a global market leader needs three to five years of preparation just to get approval to build a new recycling plant, while the actual construction only takes three years, that illustrates the enormous administrative hurdles of the modern raw materials economy. Marco Brunsendorf of Aurubis AG used this example from the USA to show that technological expertise alone is not enough to solve global supply bottlenecks.<\/p>

\u00a0<\/p>

In his interview on \u201eRecycling Boom: Good for the Environment, Bad for Prices?\u201c at the second Future Forum for Precious Metals in March 2026, Brunsendorf painted a picture of an industry undergoing a radical transformation. He emphasized that recycling is no longer just an ecological niche topic, but has become an existential \u201esecond major mine\u201c for Europe, securing the continent's strategic capacity to act.<\/p>

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The urgency of this transformation is driven by the massive megatrends of our time. Whether it\u2019s electrification, artificial intelligence, or renewable energy\u2014all these technologies require enormous quantities of copper, precious metals, and so-called minor metals. The demand forecasts are impressive: While Aurubis anticipates growth of 22% for copper, an increase of over 25% is expected for gold and over 10% for silver.<\/p>

\u00a0<\/p>

Brunsendorf vividly described how vulnerable global supply chains are. Aurubis itself imports around two and a half million tons of copper concentrates annually from South America, Africa, and other parts of the world. However, the crises of recent years have taught us that a focus on local markets and locally available recycled materials can be the only answer to disruptive market developments.<\/p>

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A central building block of Aurubis's strategy is the \u201eClosing the Loop\u201c principle. The company relies on close cooperation with original equipment manufacturers (OEMs), especially from the automotive industry. The goal is not only to sell precious metals and copper but to form partnerships that ensure resources flow back to Aurubis for reprocessing after the product's \u201eend of life.\u201c.<\/p>

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Despite this strategic foresight, global recycling faces enormous challenges. One of the most critical is the outflow of recycling streams abroad. Brunsendorf warned that valuable materials are being massively diverted from the USA and Europe and taken to China. Every country without its own raw material deposits is currently trying to secure these resources through protective measures.<\/p>

\u00a0<\/p>

Here, the expert sees the legislator as being obligated. According to Brunsendorf, Germany and Europe must pursue a significantly more active policy to prevent the outflow of scrap metal and prioritize local processing. It requires not only faster approval processes for new facilities but also investments in infrastructure to favor secondary materials over primary streams.<\/p>

\u00a0<\/p>

Brunsendorf answered the frequently asked question of whether the recycling boom could put pressure on precious metal prices with a clear no. In his assessment, recycling acts more as a price supporter, as rising demand can no longer be met by primary extraction alone. There is simply a shortage of available material to satisfy the industry's hunger for raw materials.<\/p>

\u00a0<\/p>

Brunsendorf also pointed out that precious metal prices are primarily driven by financial instruments and macroeconomic factors today. While the physical market is fundamental for industry and retail, price discovery occurs on a different level, characterized by geopolitical disruptions and interest rate policies.<\/p>

\u00a0<\/p>

There were also interesting insights into the world of rarer metals. When asked about defense-relevant materials like gallium or germanium, Brunsendorf explained that these are hardly found in the processed copper ores. Nevertheless, Aurubis is constantly checking whether the extraction of further by-products is economically viable. A current example of this is iridium, which is currently still bound in intermediate products and could be increasingly recovered in the future.<\/p>

\u00a0<\/p>

However, material losses during e-waste collection remain a sore point in the chain. To increase societal resilience, the efficiency of collecting old devices must be massively improved. Only then can the \u201ePowerful Duo\u201c of primary and secondary production become stable enough to sustainably satisfy the demand of future technologies.<\/p>

\u00a0<\/p>

Marco Brunsendorf's closing remarks were an appeal to European sovereignty: there should be no \u201eeither-or\u201c between primary extraction and recycling, but rather a symbiosis. Only through this holistic approach can Europe remain resilient to geopolitical currents and ensure that the raw material demand of AI and the energy transition does not become a stumbling block for the domestic economy.<\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Beresford Clarke - Managing Director, SFA Oxford<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Raw Materials as a Factor of Power: Why Platinum Group Metals Are Becoming a Strategic Currency<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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The platinum group metals markets have undergone fundamental changes in recent years: extreme price fluctuations, geopolitical interventions, and new trading hubs are increasingly shaping events. Industrial demand, strategic stock policies, and structural supply problems are overshadowing traditional market mechanisms, making the sector one of the most volatile commodity markets worldwide.\u00a0<\/span><\/span><\/i><\/p>

Anyone who armed themselves with a handsaw in 2021 and lay down under a parked car usually had a very specific target in mind: the catalytic converter. What sounds like a bizarre episode from crime statistics was the direct consequence of a market that had completely gone off the rails: the price of the rare platinum metal rhodium had shot up to an astronomical $30,000 per ounce at the time, suddenly making old car parts more valuable than gold.<\/span><\/p>

In his presentation \u201ePlatinum Group Metals \u2013 The Current Market Situation and an Outlook on the Future\u201c at the second Future Forum Precious Metals in March 2026, Beresford Clarke, Managing Director of SFA (Oxford) Ltd., shed light on the fascinating, but also \u201ecrazy\u201c world of platinum group metals (PGMs). Clarke made it clear that this sector is far more than a niche market \u2013 it is a highly complex interplay of geopolitics, technological transformation, and industrial necessity.<\/span><\/p>

The PGM market is fundamentally different from gold, as investors are dealing with a veritable \u201ecocktail\u201c of metals. Besides platinum and palladium, rhodium, iridium, and ruthenium play a crucial role, with byproducts such as nickel and copper often contributing significantly to mine profitability. This complexity makes price formation a challenge for any expert.<\/span><\/p>

A key driver of the recent turmoil, according to Clarke, was the return of Donald Trump to the presidency and the associated trade policy. The fear of trade barriers caused inventories on the New York Commodity Exchange Comex to explode from around 200,000 to over 630,000 ounces of platinum in a very short period. The metal was suddenly stored in the wrong places, leading to a massive liquidity squeeze.<\/span><\/p>

For industrial users, such as German chemical companies, the situation turned into an \u201eabsolute nightmare\u201c last year. The so-called lease rates for platinum skyrocketed to as high as 36 %. Those who had to lease metal for their production paid exorbitant interest rates, making the costs of catalysts and chemical processes impossible to predict.<\/span><\/p>

At the same time, the market's center of power continued to shift further towards the Far East. The new Guangzhou Futures Exchange (GFEX) for platinum and palladium opened in China at the end of 2025. The fact that hundreds of tons were traded there on Christmas Day, while the rest of the world was eating turkey, caused a price explosion that left Clarke and his colleagues dumbfounded \u2013 a classic case of the \u201etail wagging the dog.\u201c.<\/span><\/p>

In the debate over the future of mobility, Clarke gave the all-clear regarding demand for precious metals: \u201eThe internal combustion engine is not dead.\u201c While sales of pure electric cars in the U.S. actually fell by 4% following the expiration of tax incentives, hybrids and vehicles with optimized exhaust systems are experiencing a renaissance. Chinese auto exports, in particular, are now filling the gaps left by European manufacturers.<\/span><\/p>

An interesting aspect of this is global regulation. As China increasingly exports its cars to Europe and Great Britain, these vehicles must meet stricter emissions standards than in the Chinese domestic market. Paradoxically, this leads to significantly more platinum, palladium, and rhodium having to be incorporated per exported vehicle, which further supports industrial demand.<\/span><\/p>

However, the industry faces enormous hurdles on the supply side. The large mines in South Africa are in \u201edepletion mode\u201c \u2013 they are up to 2,000 meters deep, and extraction is becoming increasingly difficult and expensive. Despite the currently high prices, the companies are hesitant to dig new shafts, as such projects cost billions and would not pay for themselves until well into the 2030s.<\/span><\/p>

A completely new chapter is currently being written in national security policy. Platinum group metals have transformed from a purely commercial concern to a defense strategy priority. South Korea is building a 100-day buffer for critical minerals, the EU is allocating billions for stockpiling, and the US is investing around 12 billion euros in strategic reserves under \u201eProject Vault.\u201c.<\/span><\/p>

For the remainder of 2026, Clarke forecasts a continuation of extreme volatility. The price ranges are wider than usual: he sees an average of $1,950 for platinum but considers peaks of up to $3,000 to be possible. Geopolitical events, such as the future of NATO or new tariffs, will repeatedly overshadow the market's fundamentals.<\/span><\/p>

Clarke's conclusion was like a warning of a \u201eroller coaster ride.\u201c With mine production remaining conservative and the industry rebuilding its buffer stocks for fear of price spikes, the market remains extremely tight. In a world where platinum group metals are no longer just jewelry or industrial goods, but a political weapon, the industry must learn to live with uncertainty as the new constant. <\/span><\/p>

Biography: <\/span>Beresford Clarke is Managing Director (Technical & Research) at SFA Oxford. He studied at Imperial College London and, after a brief foray into the oil industry, has been a metals market analyst for over 20 years.<\/span><\/em><\/p>

He led research projects on platinum group metals (PGMs), battery metals and other strategic raw materials along the value chain.<\/span><\/em><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Ruth Crowell - CEO, London Bullion Market Association<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Transparency as a Stability Anchor: How the LBMA is Reshaping the Gold Market<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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The global gold market is undergoing profound changes. Geopolitical tensions, massive capital flows, and new transparency demands are testing established structures. At the same time, technological innovations and stricter standards are driving the development toward an understandable and more resilient trading system.<\/span><\/i><\/p>

Sometimes, what experts have called \u201eunsexy\u201c for years becomes the most important lifeline for an entire market in times of crisis. Ruth Crowell, head of the London Bullion Market Association (LBMA), reminded us in her talk in Frankfurt how the publication of vault data was still dismissed as a niche topic for conspiracy theorists in 2017 \u2013 until nervous markets in 2025 demanded transparency and verifiable facts like never before.<\/span><\/p>

In her welcoming address and situation report on the international precious metals trade at the second Future Forum Precious Metals in March 2026, Crowell highlighted the massive upheavals of recent months. She made it clear that the London market remains the core of global gold trading, but is undergoing a phase of radical technological and regulatory renewal.<\/span><\/p>

The raw numbers presented by Crowell underscore the enormous liquidity of this asset class: In February 2026 alone, the average daily trading volume was a staggering $462 billion. London holds about half of the global market, with a daily volume of $219 billion, far surpassing markets like British government bonds in terms of liquidity.<\/span><\/p>

Crowell's recap of last year's \u201eGreat Gold Migration,\u201c triggered by Donald Trump's election in November 2024, was particularly exciting. As market participants anticipated universal tariffs of at least 10 percent on gold imports, a massive exodus of physical metal flowed from London vaults towards New York in an unprecedented flight.<\/span><\/p>

This movement was paradoxical in the sense that New York primarily functions as a paper market and normally holds hardly any significant physical inventory. It was only when the US administration clarified over the past twelve months that gold would remain exempt from tariffs that the countermovement began, a movement that continues to keep logistics giants like Brinks and Loomis on their toes to this day.<\/span><\/p>

Despite these turbulences, gold reserves worth around 1.5 trillion US dollars are held in London's vaults today. Crowell sees the fact that these reserves have even grown slightly compared to the previous year as a success of her transparency offensive: data creates trust, and trust prevents panic when speculation about a supposed gold shortage circulates in London.<\/span><\/p>

The LBMA chief identified central banks as the main price drivers, who continue to act as a \u201estrong force\u201c in the market. The gold price was particularly sensitive to political influence on the independence of the US Federal Reserve, which caused massive volatility in both the first quarter of 2025 and in late summer.<\/span><\/p>

An interesting phenomenon in the current bull market is the so-called \u201emacro tourists.\u201c As many other asset classes like stocks or bonds weaken, institutional investors were forced to sell their \u201ewinners\u201c \u2013 gold \u2013 to offset losses in other portfolio areas, which briefly triggered paradoxical price reactions.<\/span><\/p>

Technologically, the industry is facing a quantum leap with the \u201eGold Bar Integrity Database.\u201c Crowell proudly announced that all 100 certified gold and silver refineries worldwide are now connected to this database, forming the basis for a complete digital record of every single bar.<\/span><\/p>

The strategic priority is now shifting from purely annual reporting to a monthly dialogue about the origin of the material. The goal is complete traceability, where refineries will be required to explicitly disclose the mines their gold comes from in the future \u2013 a process intended to encompass all mines worldwide as early as next year.<\/span><\/p>

In doing so, the LBMA doesn't forget the weakest links in the chain: artisanal and small-scale mining (ASM). The new Version 10 of the Responsible Sourcing Guidance aims to strengthen the legal gold flow from these often vulnerable communities, while simultaneously drying up the channels for illegal gold.<\/span><\/p>

To conclude, Crowell made an urgent appeal to governments and market participants to intensify the fight against \u201egold laundering.\u201c In times of global conflict, such as in Ukraine, Russia, or Sudan, sanctioned or illegally mined gold has no place in a professional market, making unified standards and consistent enforcement vital for survival. <\/span><\/p>

Biography: Ruth Crowell is Chief Executive of the London Bullion Market Association (LBMA) and was appointed in January 2014. In her role, she is responsible for the strategic development of the industry association and represents its interests to members, good delivery intermediaries, regulators, investors and the media. Previously, she was Deputy Chief Executive of the LBMA, among other positions, and has worked for the organization in various roles since 2006.<\/em><\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Prof. Dr. Carsten Drebenstedt, TU Freiberg<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Space Mining: A Reality Check: Between Technology, Costs, and Perspective<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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The extraction of raw materials in space is considered one of the great future visions of industry \u2013 but its economic reality is still a long way off. While transport costs and technological hurdles currently preclude its use for supplying Earth, the utilization of local resources in space for infrastructure and space travel is gaining increasing importance. This shifts the focus from resource extraction to the logistical basis of future space missions.<\/span><\/i><\/p>

Whether the extraction of raw materials in space is a topic for the coming years or rather for the coming decades cannot be answered with a simple year. Prof. Dr. Carsten Drebenstedt from the TU Bergakademie Freiberg clarified in his lecture at the second Future Forum Precious Metals in March 2026 that we are on a technological and economic journey here, reaching deep into the creation history of the universe.<\/span><\/p>

The basis for today's understanding of space mining lies in nucleosynthesis, which began around 14.3 billion years ago with the Big Bang. Initially, simple elements like hydrogen, helium, and some lithium were formed. It was only through the life cycles of massive generations of stars and their explosions as supernovae that heavier metals like titanium, gold, or platinum were created and distributed throughout the universe.<\/span><\/p>

Our own solar system, which formed about 4.5 billion years ago, benefited from this cosmic cycle. In the rotating dust disk around the young sun, solid, silicate- and iron-rich particles concentrated in the inner regions, from which the rocky planets Mercury, Venus, Earth, and Mars emerged. Further out, beyond the so-called frost line, gases and ice, on the other hand, collected to form the giant gas and ice planets.<\/span><\/p>

Particularly interesting for future mining activities is the\u00a0<\/span>Asteroid belt<\/span><\/strong>\u00a0<\/span>between Mars and Jupiter. It is considered an \u201eunfinished planet\u201c whose matter could not merge into a celestial body due to Jupiter's enormous gravitational forces. Therefore, these fragments contain gold, platinum, and other metals in concentrations that are sometimes significantly higher than in the Earth's crust.<\/span><\/p>

Despite this wealth, Drebenstedt, as a geoengineer, faces the fundamental question of necessity. He holds the view that we do not currently need resources from space to supply Earth, as our own planet has so far only been rudimentary explored. Enormous resources are hidden in the depths of the continents as well as in the deep sea, which can be made accessible with modern exploration methods.<\/span><\/p>

A critical obstacle to space mining is\u00a0<\/span>immense costs<\/span><\/strong>. Currently, the transport costs from Earth to space amount to approximately\u00a0<\/span>$20,000 per kilogram<\/span><\/strong>. Given that many metal-rich asteroids are located about three astronomical units away (three times the Earth-Sun distance), mining them for transport back to Earth does not currently appear economically viable or necessary.<\/span><\/p>

However, the perspective changes drastically when considering NASA's plans for a permanent presence on the Moon. Here, the concept of In-Situ Resource Utilization (ISRU) comes into focus \u2013 the use of raw materials directly on-site. Instead of expensively flying building materials from Earth, lunar resources are to be used for the construction and operation of stations.<\/span><\/p>

Technologically, we are already capable of\u00a0<\/span>Moon Dust (Regolith)<\/span><\/strong>\u00a0<\/span>to extract iron and oxygen. Water is also present on the Moon, from which hydrogen and oxygen can be extracted through electrolysis. While the fine, electrostatically charged lunar dust presents a challenge, it can be bound and made usable through sintering processes.<\/span><\/p>

A fascinating field of application is 3D printing in space. Drebenstedt pointed to projects where complex components and architectures are printed directly on-site from local metals. This makes it possible to autonomously build infrastructures on the Moon or later on Mars, without being reliant on massive supplies from Earth.<\/span><\/p>

A realistic economic scenario for the near future is in-space fuel production. Since it takes about 30 times less energy to get into Earth orbit from the Moon than from Earth, producing rocket fuel from lunar water is considered one of the key components for future space exploration. This could make the Moon a strategic refueling station in the solar system.<\/span><\/p>

Legally and ethically, space mining operates within the framework of the Outer Space Treaty, which defines outer space as a common heritage of all humankind. It does not provide for the enrichment of individual states or companies but emphasizes utilization for research purposes. In the tradition of Kennedy's Apollo program, the goal is to pool the best intellectual and technological resources to explore this new realm of human activity.<\/span><\/p>

In summary, while mining precious metals in space for Earth's needs is likely decades away, the use of local resources for space infrastructure will become a reality in the coming years. Space mining will therefore not begin as an import business, but as a logistical foundation for humanity's journey to the stars.<\/span><\/p>

Biography: Prof. Dr. Carsten Drebenstedt was Professor of Opencast Mining at the Technical University Bergakademie Freiberg until September 2026. The mining engineer previously worked for many years in the East German lignite industry, including as a production and staff manager in open-cast mines and as head of an engineering office. Since his appointment to Freiberg in 1999, he has shaped research and teaching on topics such as mine planning, recultivation and the relationship between mining, the environment and society and has held positions including Vice-Rector for Research and Dean. He is a member of the Saxon Academy of Sciences and has an international network in mining research.<\/em><\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Joachim D\u00fcnkelmann, Managing Director, Federal Association of Jewelers, Watchmakers and Jewelry Stores e.V.<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Gold prices, online retail, China: The challenges of the jewelry industry<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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The jewelry industry is surprisingly stable despite high gold prices and global uncertainties. However, behind the ongoing luxury boom lie structural challenges: unfair competition from imports, rising costs, and increasing market concentration are putting owner-managed businesses under pressure in particular. At the same time, jewelry remains a business characterized less by function and more by emotion and trust.<\/em><\/p>

When an association leader begins his presentation with the confession of representing an industry that sells products \u201ethat nobody needs,\u201c he is sure to get the audience's attention. Joachim D\u00fcnkelmann, managing director of the Federal Association of Jewelers, Jewelry and Watch Retailers (BVJ), used this paradox to clarify the core of his business: In the world of jewelry, no utilitarian objects are traded, but rather emotions such as gratitude, love, and congratulations.<\/p>

In his report on \u201eThe State of the Jewelry Industry Amidst High Prices and Crazy Volatility\u201c at the second Future Forum Precious Metals in March 2026, D\u00fcnkelmann painted a picture oscillating between an opulent luxury boom and existential challenges from unfair competition. Despite global crisis hotspots and an exploding gold price, the market is showing surprising resilience, as consumers have largely accepted the price increases so far.<\/p>

However, before D\u00fcnkelmann shed light on the industry's shiny aspects, he descended into the market's \u201eshady corner\u201c: the massive import of tax-free small shipments from outside of Europe. Nearly 500 million packages land in Germany alone each year, mostly by airfreight from China, declared under the 150-euro limit and therefore not subject to VAT. This, he says, is not only an ecological madness but also a massive distortion of competition for domestic trade.<\/p>

According to D\u00fcnkelmann, the problem is not a lack of regulation, but a lack of enforcement. At Frankfurt Airport, only four customs officers try to inspect up to 600,000 packages daily; in Cologne, there are only two officers for all night flights. During the few inspections that do take place, 60 percent of the products have issues \u2013 ranging from safety defects and toxic substances to massive trademark infringements that also directly impact the jewelry industry.<\/p>

However, Chinese competitors are no longer content with parcel shipping; they have long been physically present in Europe. The launch of the online marketplace Joy Buy and the acquisition of Media Markt Saturn by the Chinese giant JD.com have clearly demonstrated the impact of Asian investors. D\u00fcnkelmann reported that there is hardly a month that goes by without Chinese financial investors inquiring with the association about which German jewelers are currently for sale.<\/p>

Despite the digital offensive, jewelry remains a predominantly brick-and-mortar business, as the online share remains stable at only about 12 percent. After a temporary increase to 25 percent during the Corona pandemic, customers quickly returned to stores because the emotional experience of shopping on screen simply doesn't work. An espresso or a glass of champagne and personal expert advice cannot be replaced digitally.<\/p>

Structurally, the industry in Germany is uniquely characterized by owner-managed companies, which generate 54 percent of the revenue. Traditional corporations or large chain stores play a subordinate role; even well-known names like Wempe or Bucherer are owner-managed businesses at their core. However, the industry is struggling with a massive succession problem, leading to approximately 100 jewelers closing their businesses annually, even though they are often economically sound.<\/p>

Meanwhile, revenue development is showing an upward trend, which D\u00fcnkelmann also attributes to the increased average prices. Interestingly, the recent trade fairs in Munich and Vicenza exceeded all expectations. The current trend is towards \u201eever thicker, larger, and more opulent.\u201c While unit sales are declining, buyers are increasingly opting for significantly higher-quality products and finer alloys, such as 750 gold, especially during the crisis.<\/p>

The association observes a worrying loss of the middle segment. While high-end fine jewelry and very affordable fashion jewelry are doing well, the middle segment is collapsing. The affluent clientele, who purchase a bracelet for 30,000 euros, operate largely independently of the economic cycle. However, this \u201elucky dip effect\u201c carries risks, as the predictability of business \u2013 for example, due to the previously reliable Christmas business \u2013 has been almost completely lost since Corona.<\/p>

The development of gold prices acts like a double-edged sword: on the one hand, it increases customers' perception of the material's value, but on the other hand, it massively burdens the liquidity of dealers. Jewelers have a low inventory turnover rate of about 0.8 to 1.2 per year, meaning a piece of jewelry often sits for a year before it is sold. If the goods are not recalculated during the year when prices are rising, there is simply a lack of capital for repurchase.<\/p>

Additional pressure comes from the tax authorities and rising security costs. Tax offices tend to value inventory not at the purchase price, but based on the current precious metal price, which could financially overwhelm many businesses. At the same time, the media's focus on the high gold price increases criminal intent, leading to more petty thefts and burglaries, and driving up insurance premiums.<\/p>

Finally, D\u00fcnkelmann pointed to the sensitive effects of geopolitics. The anti-corruption laws in China and the absence of affluent tourists from the Emirates or Australia, for example due to blocked airspace, directly hurt jewelers in German city centers. In a world without fixed cycles, the jewelry industry remains a haven for emotions but must assert itself daily against global market distortions and logistical uncertainties.<\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Hans-Werner Grunow, Managing Director, Capmarcon GmbH<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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\u201eGreen Gold\u201c at no extra charge? The Paradox of Sustainability in the Precious Metals Market<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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Sustainability is considered a central guiding principle of the modern economy \u2013 yet in the precious metals sector, there is a clear discrepancy between aspiration and willingness to pay. Despite regulatory setbacks, ESG remains a crucial factor for risk management, financing, and reputation. Companies face the task of translating complex requirements into practicable structures and demonstrably implementing them along the entire supply chain.<\/em><\/p>

\u00a0<\/p>

Everyone wants to act sustainably today, but when it comes to checkout, the enthusiasm often stops abruptly. Hans-Werner Grunow, Managing Director of Capmarcon GmbH, drew this sobering conclusion at the beginning of his analysis of the tension between ecological demands and economic reality. According to Grunow, there is a clear paradox in the industry: while customers and investors are loudly calling for \u201egreen\u201c products, hardly any market player is willing to pay a surcharge for ESG-compliant gold or sustainable steel.<\/p>

\u00a0<\/p>

In his presentation \u201eIndustry: How important is ESG to industrial customers and investors today, what do product providers need to pay attention to?\u201c, delivered at the second Future Forum Precious Metals in March 2026, the expert illuminated the eventful history and current status quo of sustainability regulation. His central message: Despite a temporary political setback at the end of 2024, ESG remains an indispensable risk management tool that goes far beyond mere marketing.<\/p>

\u00a0<\/p>

For a long time, sustainability was a purely marginal issue for state institutions before the first major companies began voluntarily producing marketing reports on their environmental behavior in the late 2000s. Grunow described how this developed into a veritable reporting industry, driven by a powerful lobby group of energy consultants and auditors who successfully pushed for stricter standards in Brussels. This eventually culminated in the far-reaching CSRD directive, which, however, went far beyond a healthy level of bureaucratic effort.<\/p>

\u00a0<\/p>

However, the regulatory euphoria came to an abrupt end in late 2024 when the implementation of the CSRD directive spectacularly failed in the Legal Affairs Committee of the German Bundestag. This \u201ebig bang\u201c forced the EU Commission to backtrack in early 2025 and announce various relief packages. Nevertheless, according to Grunow, it would be a fatal mistake to believe that the issue is settled: there are currently 28 relevant regulations and laws in the raw materials sector alone that affect ESG aspects and carry severe sanctions if disregarded.<\/p>

\u00a0<\/p>

A key driver for continued relevance are financiers, as banks and financial service providers are forced by the European SFDR regulation to disclose detailed sustainability data of their borrowers and investments. This data sovereignty of banks means that companies in the precious metals sector must proactively prove today that they have examined their supply chains for ecological and social risks. Grunow emphasized that banks are less concerned with the absolute size of a risk and more with whether a functional risk management system actually exists.<\/p>

\u00a0<\/p>

Grunow illustrated the importance of ESG for reputation with the example of a Moroccan copper mine that made headlines due to inadequate occupational safety, also putting the buyer BMW in a difficult position. Such incidents show that the primary concern with sustainability is avoiding reputational risks. Business partners today want to read in black and white that no ethical or environmental taboos are being broken along the entire chain \u2013 from extraction in the mine to transport.<\/p>

\u00a0<\/p>

The \u201efavorite child of the Germans\u201c is particularly in focus: energy and emissions. Grunow presented drastic figures on gold's carbon footprint. While the extraction of one kilogram of gold from classic mining operations (Earth Mining) emits around 15,000 kilograms of CO2, this value is reduced to just 500 kilograms for recycling (Urban Mining). Despite this enormous ecological superiority, sales of \u201eGreen Gold\u201c in the industrial sector often fail due to price, as industrial customers, unlike some private customers, are hardly willing to dig deeper into their pockets for climate protection.<\/p>

\u00a0<\/p>

In addition to the ecological pillar, social aspects such as working conditions and human rights are gaining importance, especially when collaborating with artisanal and small-scale mining operations. Approximately 15 to 20 million people worldwide work in such small mines, which often operate far below the safety standards of large corporations. It is therefore essential for German precious metal companies to be able to prove the origin of their materials without gaps, in order to nip accusations of child labor or land grabbing from indigenous peoples in the bud.<\/p>

\u00a0<\/p>

An often underestimated but crucial area for ratings is so-called governance. While journalists prefer to focus on eye-catching environmental topics, corporate governance often accounts for 40 to 50 percent of the overall score in professional sustainability assessments. This is about the hard substance: Does the company have active control mechanisms for the supply chain? Are the products traceable to their origin? How transparent is management when dealing with accidents or irregularities?<\/p>

\u00a0<\/p>

For product suppliers in the precious metals market, this means they must navigate the jungle of certificates \u2013 from Fairtrade to Fairmined \u2013 to find the one that best meets their customers' specific needs. A jewelry customer is usually only interested in a clean proof of origin without child labor, while technology customers tend to focus on formal certifications from their suppliers. Investors, in turn, require standardized data to fulfill their own reporting obligations to regulatory authorities.<\/p>

\u00a0<\/p>

To make ESG operational within the company, Grunow recommended a clear inventory: What information is already available and what still needs to be systematically recorded? The biggest hurdle is often internal responsibility, as employees rarely volunteer for this complex task. Management is called upon to formalize the process and make it an integral part of risk management in order to minimize future effort through standardization.<\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Dr. Christoph Hein, Journalist, Head of FAZ PRO Global Economy, former FAZ Correspondent for Southeast Asia\/China\/Australia<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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China's Raw Material Strategy: Long-Term Power Politics with Global Impact<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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Raw materials are increasingly becoming a central instrument of geopolitical power politics. While major players like the US and China strategically and financially compete for access to critical resources, Europe \u2013 and Germany in particular \u2013 is coming under increasing pressure to act. Current developments show that economic security and raw material supply are inextricably linked.<\/span><\/i><\/p>

While Western politicians often think in short election cycles of a few years, Beijing operates on entirely different time horizons. Dr. Christoph Hein illustrated in his lecture at the second Future Forum Precious Metals in March 2026 that this strategic foresight gives China a massive advantage in the global struggle for resources. He pointed out that this type of strategic alignment was formulated by Chinese leaders 20 years ago and has been consistently pursued ever since.<\/span><\/p>

An impressive testament to this expansionist policy is the fact that China now controls around seven percent of Africa's total landmass. These are by no means worthless areas or mere desert, but deliberately chosen territories of high strategic relevance. For a country like Germany, such a dimension of land acquisition is almost unimaginable.<\/span><\/p>

This property includes strategically placed ports, massive resource projects, and even entire Chinese villages. China often brings its own workers for these ventures to build the necessary infrastructure to autarkically access future resources. These villages are usually built directly next to the large projects, ensuring on-site operational control.<\/span><\/p>

China's foresight is also evident in South America, where Beijing has been buying up land on a large scale for 20 to 25 years. The primary goal here is the long-term securing of food supplies for its own population. A particular focus of these investments is large-scale cattle ranching.<\/span><\/p>

Beyond the classic raw materials sector, China is focused on the global struggle for protein, proteins, and fish stocks. These issues are consistently viewed by Beijing as part of a comprehensive resource strategy and have been pursued with great persistence for decades. Hein emphasized that the term commodities is understood much more broadly in Beijing than in the West.<\/span><\/p>

On the diplomatic world stage, China is acting extremely skillfully, according to Hein, strategically positioning itself as the new \u201egood guy.\u201c While the US under Donald Trump is weakening international organizations and letting them \u201erun into ruin,\u201c China is rhetorically presenting itself as a reliable counterweight. Beijing often holds back, letting other actors make the mistakes.<\/span><\/p>

Beijing is deliberately exploiting the vacuum created by the American withdrawal, making global promises of solidarity, reliability, and a secure world order. Hein noted that these are precisely the promises that would have previously been associated with Americans. Whether actual actions align with these narratives plays a subordinate role as long as the messages resonate internationally.<\/span><\/p>

A striking example of this process is the World Trade Organization (WTO), which is being \u201eburst\u201c by the U.S. little by little. China, on the other hand, demonstratively emphasizes its commitment, declares itself a partner of the organization, and consistently fills the emerging gaps in the global power structure. Beijing has occupied this space on the world stage excellently so far.<\/span><\/p>

The foundation of these successes is a strictly defined raw materials strategy, firmly anchored in China's Five-Year Plans. Hein explicitly pointed out that these plans are implemented with a consistency and discipline that are rarely found in Western democracies today. Every decision in Beijing is examined from the perspective of long-term sustainability for its own strategy.<\/span><\/p>

Hein illustrated the dilemma of other resource-rich nations with the example of Australia, which is deeply torn. On the one hand, China is simply indispensable to the Australian economy as its largest export market and a significant supplier of students. China represents one of the most important economic factors for Australia overall.<\/span><\/p>

On the other hand, concern about Chinese espionage is growing in Australia, while the US is increasingly perceived as unreliable as a traditional security partner. This dilemma between economic dependence and security interests shapes the entire region and leads to a permanent political tug-of-war. The US \u201esecurity ticket\u201c is massively losing value in the eyes of Australians.<\/span><\/p>

Heins\u201e conclusion for Europe was critical: Although problems in the arms industry and in the area of raw materials had been identified, the speed of implementation remained an \u201cabsolute misery.\" He pointed out that Ursula von der Leyen was simultaneously negotiating the latest free trade agreement in Australia, but that Europe's slowness to date repeatedly threw it back on its weaknesses. Europe urgently needed to learn to speak with one voice on trade issues in order to survive in tough competition.<\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Erik Kirschbaum - Journalist, Los Angeles Times<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Uncertainty as a System: How US Policy Influences Precious Metals Markets<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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US policy under Donald Trump is shaping global commodity markets more than many classic influencing factors. Geopolitical decisions, protectionist measures, and strategic interventions are creating uncertainty \u2013 and thus new dynamics for gold and other precious metals. The analysis shows how closely political power and commodity markets are now intertwined.<\/span><\/i><\/p>

In the dazzling world of financial markets, there is hardly a constant that is as paradoxical as Donald Trump's relationship with gold. According to correspondent Erik Kirschbaum, the US president rarely mentions the gold price in his speeches; he prefers to talk about the Federal Reserve or a weaker dollar. Yet, it is precisely this silence, combined with his unpredictable policies, that ironically makes him one of the most powerful price drivers for the precious metal, as the global uncertainty he triggers causes investors to flee massively into safe havens.<\/span><\/p>

In his analysis \u201eThe View on the USA\u201c at the second Future Forum on Precious Metals in March 2026, the experienced journalist from the Los Angeles Times and WELT explained that for Trump, almost everything is a \u201epolitical weapon.\u201c This perspective consequently extends to precious metals and strategic raw materials. Trump understood how this geopolitical mechanism works, at the latest, when China pressured him with an export ban on rare earth elements a few years ago, forcing him to back down on his tariff threats.<\/span><\/p>

Kirschbaum sketched a Washington in which resource policy is no longer purely economic, but increasingly driven by national security principles and \u201egeopolitical\u201c calculations. Trump accepts that his harsh tariff policy \u2013 such as the so-called \u201eLiberation Day Tariff\u201c \u2013 fuels inflation at home and causes shortages of raw materials. The fact that he is partly unintentionally turning these weapons against his own economy seems secondary to him compared to the goal of forcing \u201eMake America Great Again\u201c through protectionism and the preservation of domestic jobs.<\/span><\/p>

Kirschbaum particularly vividly described the US government's surprisingly early focus on Venezuela. While many observers assumed Trump wanted to avoid foreign wars, his Secretary of State, Marco Rubio, and a deep hatred of international drug trafficking drove him to a spectacular coup. The seizure of Nicol\u00e1s Maduro's regime was so successful because someone from his inner circle betrayed him, which the US could now consider a blueprint for future operations, for example in Iran.<\/span><\/p>

The correspondent criticized German media coverage, which he described as too one-sided and often \u201eTrump-bashing.\u201c German journalists often overlook the deeper reasons for Trump's actions, such as the 100,000 drug deaths per year in the US or the six million Venezuelan refugees, many of whom seek protection in the United States. In the US, the actions in Venezuela are therefore perceived far less as a violation of international law and more as a necessary step to stabilize the region.<\/span><\/p>

According to Kirschbaum, a fundamental difference between Europe and the US lies in their understanding of international law. While in Germany, outcry over breaches of law is made a big deal of, most Americans can do little with the term \u201einternational law,\u201c as in their eyes there is neither a world police force nor an enforceable world court. In a world without a referee, economic and military strength are of primary importance to the US administration.<\/span><\/p>

According to Kirschbaum, China is skillfully exploiting this US withdrawal from international organizations such as the World Trade Organization (WTO). Beijing is presenting itself on the world stage as the new \u201egood guy,\u201c standing for solidarity and a reliable world order, while pursuing a ruthless raw materials strategy in the background. The fact that the Chinese reality often doesn't align with these promises plays a subordinate role, as long as it successfully fills the gaps in the global power structure left by Trump.<\/span><\/p>

However, Kirschbaum also attributed a certain foresight to Trump in the area of resource security, which Europe has so far lacked. He stated that the US government had already begun to actively stop the \u201ehoarding\u201c of resource projects by China and Russia, particularly in Africa. Trump had recognized the signs of the times and was acting decisively accordingly\u2014albeit often too extremely for European tastes\u2014to cement US supply security for the future.<\/span><\/p>

Kirschbaum also offered interesting insights into the power structure within the Republican Party. He does not see Vice President JD Vance on the same level as Trump at the moment. While Vance has a loyal group of supporters, he lacks the phenomenal charisma and broad base that defines Trump. The journalist considered it unlikely that Vance could replace Trump as the defining figure in the short term, even though Vance has remained tactfully reserved in recent weeks.<\/span><\/p>

Regarding economic strength, Kirschbaum sees the USA as remaining in a favored position over Europe, despite all political turmoil. The U.S. economy benefits from its technological leadership and a more robust demographic structure. Because Americans base their retirement provision more on capital market investments than on a pay-as-you-go pension system, they can manage demographic problems far more agilely than crisis-ridden Europe, which is like a \u201emillstone.\u201c.<\/span><\/p>

For gold investors, the situation in the US thus remains a double-edged sword: on the one hand, uncertainty strengthens the price of gold; on the other hand, the US dollar often proves to be an even stronger \u201esafe haven\u201c in times of crisis, which can dampen the attractiveness of gold in the short term. Nevertheless, the trend towards \u201ede-dollarization\u201c and the flight into real assets is undeniable, as long as global debt in unbacked fiat currencies continues to skyrocket.<\/span><\/p>

Erik Kirschbaum's conclusion in Frankfurt was clear: One should take Trump seriously, but not weigh every blustering word on a gold scale. The crucial thing, he said, is to measure actions by their actual consequences, rather than getting lost in moral discussions. In a world where raw materials have become weapons, actors must learn to price in the new reality of \u201eStagflation 2026\u201c and the hard-nosed geopolitical power shifts into their strategies.<\/span><\/p>

Biography:\u00a0Erik Kirschbaum is an American journalist and foreign correspondent and a friend of open exchange. He has been working as a freelance journalist since 2015, including for the Los Angeles Times. Previously, he worked for Reuters for many years, including in Frankfurt and Berlin, focusing on reporting on politics and business.<\/em><\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Sven Kuhlbrodt, Senior Investor Relations, Baker Steel Capital Managers LLP<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Underrated and in demand: Why gold mining stocks are gaining importance<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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Gold mining stocks are increasingly coming into the focus of institutional investors, as they could benefit from structural supply deficits and a potential sector rotation. Despite solid fundamentals, many companies are considered undervalued. The approach of combining financial analysis with geological expertise opens up new perspectives for valuation and investment selection.\u00a0<\/span><\/span><\/i><\/p>

Sometimes, it's not the calculator that determines investment success, but the geologist's hammer. While traditional fund managers in the glass towers of financial metropolises primarily stare at Excel spreadsheets, Sven Kuhlbrodt of Baker Steel Capital Managers prefers to send experts directly underground. In a world where balance sheets are patient, the physical condition of a mine offers the final, incorruptible truth.<\/span><\/p>

In his presentation \u201eGold Mining Stocks and Funds: A Successful Investment Alternative,\u201c held at the\u00a0<\/span>Second Precious Metals Future Forum in March 2026<\/span><\/strong>, the Senior Investor Relations Manager dispelled the dusty image of the mining industry. He presented the sector not as a risky adventure, but as a highly efficient, currently massively undervalued interface between the real economy and crisis preparedness.<\/span><\/p>

The decisive advantage \u2013 the so-called \u201eedge\u201c \u2013 of Baker Steel lies in its team composition: Here, not only CFAs and economists work, but above all, trained geologists and metallurgists. In a market that is significantly more inefficient than the broad stock index, this expertise enables outperformance that is often unattainable for purely data-driven models.<\/span><\/p>

Kuhlbrodt sketched a picture of the \u201eindustrial renaissance.\u201c Driven by megatrends such as artificial intelligence, the energy transition, and robotics, a tremendous hunger for raw materials is emerging, going far beyond mere value preservation. Precious metals like silver and platinum benefit from structural deficits in this context, as industrial demand increasingly exceeds supply.<\/span><\/p>

From a macroeconomic perspective, the expert sees a massive sector rotation on the horizon. While institutional investors in the 1950s to 70s often held over ten percent of their portfolios in commodity stocks, this figure is a meager one percent today. Even a small shift back into real assets could literally boost the mining sector due to its comparatively small market capitalization.<\/span><\/p>

Kuhlbrodt had clear words regarding the current weakness in gold prices. The sharp setback in spring 2026 was mainly due to \u201emargin calls\u201c in the general stock markets: investors sell gold as their most liquid asset to offset losses in other portfolio areas. Gold often acts as a source of liquidity in the first phase of a crisis before later fully playing its role as a safe haven.<\/span><\/p>

Baker Steel considers the risk of stagflation \u2013 economic stagnation with high inflation \u2013 to be very real if current global conflicts continue to escalate. In such an environment, gold mining producers are particularly attractive as they can offer protection as part of a diversified portfolio in a stagflation scenario.<\/span><\/p>

A look at the bare numbers vindicates the expert: With production costs (AISC) averaging $1,600 to $1,700 per ounce, companies are making handsome profits even with revised gold prices of around $4,270. Mine management today operates much more professionally than in previous boom phases; instead of blind growth, debt reduction, capital discipline, and dividends for shareholders are the focus.<\/span><\/p>

Despite these strong fundamental data, mining stocks remain historically undervalued compared to the broader market. While the \u201eMajors\u201c trade at an average price-to-net asset value of 0.75, the \u201eJuniors\u201c are even lower at 0.51 \u2013 far from the peaks of previous cycles. For counter-cyclical investors, this offers an attractive entry point, according to Kuhlbrodt.<\/span><\/p>

The investment process at Baker Steel combines modern technology with rigorous field research. A specialized database has been cataloging all mines worldwide for over 20 years, supported by artificial intelligence to accelerate complex cash flow analyses and valuations. Nevertheless, personal contact remains crucial: regular site visits and direct communication with management are mandatory to assess operational realities.<\/span><\/p>

The topic of ESG (Environmental, Social, and Governance) is also a hard performance factor for Kuhlbrodt. Today, considering sustainability aspects is essential for a stock's value development. Baker Steel uses an integrated research model for this purpose, which assesses risks and opportunities and identifies catalysts for price movements.<\/span><\/p>

In conclusion, the expert emphasized the importance of strategic allocation: While physical gold forms the foundation, mining stocks are the return lever. Baker Steel itself is currently increasing the allocation to precious metal stocks to up to 50 percent in its diversified strategies, as these are expected to outperform other industrial metal producers in the coming years.<\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Junlu Liang - Senior Analyst, Metals Focus<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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The \u201emost restless\u201c metal: Why silver is becoming the hot spot of commodity markets<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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The silver market has fundamentally changed in a short period of time: extreme price fluctuations, a structural supply deficit, and strongly growing industrial demand characterize the current picture. At the same time, the metal is increasingly coming into focus for geopolitical strategies, as it is indispensable for central future technologies. <\/span><\/i><\/p>

Imagine waking up one morning to see the silver price skyrocket by a staggering ten US dollars in just a few hours. What used to represent an entire year's trading range has, by Spring 2026, become the nail-biting reality of a single morning. This extreme volatility clearly indicates that the silver market has long left its leisurely days behind and has become one of the most closely watched arenas in global commodity politics.<\/span><\/p>

In her presentation \u201eSilver \u2013 The Current Market Situation and What the Superpowers USA and China Are Planning?\u201c, Junlu Liang, Senior Analyst at Metals Focus Ltd., analyzed the fundamental shifts in this asset class at the second ZukunftsForum Edelmetalle (Precious Metals Future Forum) in March 2026. She illustrated that silver is far more than just the \u201elittle brother\u201c of gold and, due to its dual role as a monetary metal and an indispensable industrial raw material, is in a historically unique supply squeeze.<\/span><\/p>

Looking back at 2025, it reads like a superlative success story, with silver successively reaching new all-time highs and significantly outperforming most other industrial metals. Despite a sharp correction at the beginning of 2026, the price is still at a level that would have been considered astronomical twelve months ago. Liang emphasized that we are now in a phase where price volatility is becoming the new normal.<\/span><\/p>

A key indicator of this dynamic remains the gold-silver ratio, which has experienced a wild rollercoaster ride over the past two years. While the ratio temporarily shot above the 100 mark after the announcement of new US tariffs in spring 2024, the silver boom pushed it down to almost 40 at the beginning of 2026. The ratio is currently stabilizing at around 60, which Liang interprets as a sign of some resilience, as silver typically comes under significantly more pressure than gold during periods of stress.<\/span><\/p>

The fundamental basis for price strength is a chronic deficit: Since 2021, global demand has exceeded mine production and recycling supply every year. In 2026, a fifth consecutive year of deficit is expected, which means the market will have to draw heavily on existing inventories. This creates enormous incentives for the owners of these stockpiles to bring the material to market only at ever-increasing prices.<\/span><\/p>

The reason supply cannot simply keep pace with demand lies in the unique structure of silver production. About 70% of the world\u2019s silver is produced solely as a byproduct of gold, copper, lead, or zinc mining. Consequently, expanding production cannot be driven solely by the price of silver, and bringing new primary mines online often requires many years of lead time.<\/span><\/p>

On the demand side, China acts as the all-dominating engine that propels silver into industrial modernity. Whether it's photovoltaic modules, vehicle electrification, the expansion of 5G networks, or the current boom in artificial intelligence \u2013 silver is indispensable everywhere due to its conductivity. Liang pointed out that industrial demand barely faltered even during the pandemic and has reached record highs today, driven almost exclusively by Beijing.<\/span><\/p>

However, success also carries risks, as extreme price increases and volatility could trigger \u201edemand destruction.\u201c Especially in the solar industry, manufacturers are working feverishly to reduce the silver content of their panels or replace the metal with cheaper alternatives like copper. Once a technology is silver-free and efficient, the industry will be unlikely to return to the precious metal even if prices fall.<\/span><\/p>

Meanwhile, silver is increasingly being viewed as a national security interest in Washington after being added to the critical minerals list last year. Despite the US administration's protectionist rhetoric, Liang considers blanket tariffs on silver to be unlikely. The US is heavily reliant on imports from Mexico and Canada, and artificially inflated silver prices would also affect an important Republican voter group: buyers of investment bars and coins.<\/span><\/p>

China, in turn, is solidifying its role as the global \u201esavior\u201c of liquidity by continuing to export considerable amounts of refined silver, despite its own enormous domestic demand. Rumors of a possible export ban recently caused panic in the markets, but Liang provided reassurance: the Chinese government's routine review of export licenses was often misinterpreted. So far, there are no indications that Beijing wants to actively prevent the global flow of the metal.<\/span><\/p>

For investors, however, the situation remains tense, as physical availability in major trading hubs such as London is at a historic low. Nearly 80% of the local inventory is tied up in physically backed ETFs and is not available on the open market. This shortage has led to record amounts flowing into silver ETFs in 2025, as investors attempt to position themselves in an increasingly tight market.<\/span><\/p>

To conclude, Liang ventured a forecast that reflects the overall uncertainty of the current global situation: The prognosis corridors for the silver price in 2026 are wider than ever before. Depending on geopolitical developments in conflict regions such as Iran and the success of technological substitutions, she considers both a pullback to $50 and a jump back to $80 to be possible. Only one thing is certain: silver remains the \u201emost unsettled\u201c metal in the portfolios of superpowers.<\/span><\/p>

Biography: Junlu has 18 years\u2019 precious metals experience and is responsible for investment research in Europe, the official sector and PGM chemical and petroleum demand. Junlu previously worked for GFMS undertaking official sector and investment research. Junlu holds a MSc in Economics from the London School of Economics and Political Science.<\/em><\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Constantin Prinz zu Salm-Salm - Managing Partner,\nSalm-Salm & Partner GmbH<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Forests instead of securities: Real assets for generations<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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Real assets like forests and agriculture offer long-term perspectives beyond traditional financial investments. They combine stable returns with real intrinsic value and are particularly suitable for intergenerational wealth strategies. Combined with gold, they create robust portfolios for an increasingly uncertain world.<\/span><\/i><\/p>

In the tranquil community of Wallhausen stands a red oak that breathes history. It was planted by the current owner's great-grandfather, and only now, four generations later, is it approaching its harvest time. Anyone who cares for a single tree for over a century inevitably thinks not in quarterly figures or euro amounts, but in hectares, cubic meters of wood, and above all, generations.<\/span><\/p>

Constantin Prinz zu Salm-Salm, managing partner of Salm-Salm Asset Management, demonstrated that real assets can be far more than shining metal in a safe during his keynote speech, \u201eWhen it should be more than gold: Investments in forestry and agriculture,\u201c at the second Future Forum Precious Metals in March 2026. He described forests as a \u201esilent factory\u201c and an ideal portfolio anchor for high-net-worth clients looking beyond traditional asset classes.<\/span><\/p>

For the Prince, the forest is far more than a mere asset class; he calls it \u201ethe best teacher there is.\u201c It teaches the next generation the value of work and humility in the face of biological growth \u2013 that trees do not, in fact, grow to the sky. At the same time, it offers a rare opportunity to preserve wealth over centuries in an inflation-protected manner, without spoiling heirs with excessive liquidity, as cash returns are stable, albeit moderate.<\/span><\/p>

Salm-Salm draws a fascinating parallel to gold: both asset classes share the characteristic that they do not constantly need to reinvent themselves. While a company has to transform its business model every five to ten years, and a property often requires a complete renovation after three decades, land remains constant in its function. It simply continues to produce, year after year, without the owner having to actively invest in technological innovations.<\/span><\/p>

The economic power behind the greenery lies in biological growth, which yields a natural return of about 5 % per year. The speaker illustrated this with a calculation: One hectare of forest produces about ten cubic meters of wood annually. Just three hectares are enough to generate a full truckload of raw material every year\u2014and this can continue for generations. This \u201esilent factory\u201c requires only competent forest management to deliver yields that are crucial for the long term.<\/span><\/p>

Despite its deep roots in forests and gold, Salm-Salm emphasizes that there is no way around stocks for an attractive return in the liquid asset segment. In the house's asset management, there is a consistent focus on investments in listed companies in the real economy. However, a value-oriented approach is pursued, placing responsible stewardship of people, nature, and \u201ecreation\u201c at its center.<\/span><\/p>

The family's investment philosophy is strict: in the Prince's view, one should physically own two things \u2013 land and forestry, as well as gold. While gold serves as absolute crisis protection for direct access, forest areas function as a productive tangible asset. At the Salm-Salm house, gold is therefore treated more according to the motto \u201ebuy and forget\u201c and not revalued daily, similar to how one would treat their own forest.<\/span><\/p>

According to Salm-Salm, the biggest risk for forest investors is not the volatility of timber prices or natural disasters like the storms \u201eWiebke\u201c or \u201eKyrill,\u201c which can be managed forestry-wise. The real danger is \u201eexpropriation fantasies,\u201c which repeatedly surface geopolitically. If property protection disappears, the stewardship of a tree over four generations loses all economic foundation.<\/span><\/p>

Consequently, the geographical allocation of its holdings focuses on regions with the highest legal certainty: North America, Europe, and Oceania. The question of whether an investor risks expropriation is paramount when choosing a location, even before biological growth potential or market proximity for timber products. Security clearly takes precedence over maximum profit optimization in politically unstable zones.<\/span><\/p>

Looking back at the last 20 years, the prince identified five waves of investor interest in his sector. Starting from the loss of confidence in the financial system after the 2008 crisis, through the low-interest-rate environment, up to the current trend. Today, he primarily observes large family offices that want to massively diversify their assets \u2013 a trend that is causing capital to flow away from the uncertainties of Europe towards America and New Zealand.<\/span><\/p>

For clients who do not wish to manage the forest themselves, his firm offers an \u201eall-round carefree package.\u201c From due diligence during the purchase to the annual preparation of balance sheets and profit and loss statements, the team takes over the complete operational management. In total, Salm-Salm now manages around 140,000 hectares of agricultural and forestry land worldwide for its clients.<\/span><\/p>

In the end, selection counts in the forest too: on average, only one out of ten offered objects is purchased, to avoid bringing a qualitative \u201ejunkyard facility\u201c into the portfolio. This discipline and the experience from a family business over 800 years old \u2013 the oldest family-run winery in Germany \u2013 form the foundation for customer trust. In a volatile world, forests and gold thus offer the necessary grounding for the wealth of the generation after next.<\/span><\/p>

Biography: Constantin Prinz zu Salm-Salm is, among other things, Managing Partner of the independent asset manager Salm-Salm & Partner, founded by his father Prince Michael in 1989 and based in Wallhausen in Rhineland-Palatinate. The Salm-Salm family can look back on over 800 years of history and, among other things, runs what is proven to be the oldest family-owned vineyard in Germany.<\/em><\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Dr. Philip Reisert - Co-CEO, C. Hafner<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Between Vault and Token: The Future of Gold Ownership<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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The tokenization of gold combines the physical stability of the precious metal with the speed of digital transactions. Through blockchain technology and clear regulatory frameworks, a new market is emerging that fundamentally improves efficiency, transparency, and divisibility. This could ultimately change the way gold is handled as significantly as the financial sector as a whole.<\/span><\/i><\/p>

Warren Buffett, the \u201eOracle of Omaha,\u201c likes to call gold a useless cube that is painstakingly dug out of the earth, only to be reburied elsewhere and expensively guarded by people who basically just stand around. However, Dr. Philipp Reisert counters: Although gold does not yield any dividends, it has enjoyed collective trust as a store of value for 5,000 years, something that paper currencies, which are actually born out of nothing, often lack.<\/span><\/p>

In his presentation \u201eThe Tokenization of Gold \u2013 Is This the Future?\u201c at the second Future Forum Precious Metals in March 2026, the managing partner of C.Hafner GmbH & Co. KG clarified that while the metal is fascinatingly stable, it is essentially technologically outdated. While an email travels around the world in milliseconds today, the settlement of a physical gold transaction often still takes days, which seems hardly contemporary in a digitized world.<\/span><\/p>

According to Reisert, the solution to this efficiency problem is tokenization, which can be understood as a \u201edigital twin\u201c of a real object. In this process, an exact digital replica of a physical gold bar, securely stored in an audited high-security vault, is created on the blockchain.<\/span><\/p>

Whoever holds the token in their digital wallet is the rightful owner of the deposited gold. The key advantage of this technology lies in its speed: ownership can be transferred worldwide in seconds, while the heavy gold bar itself does not need to move an inch.<\/span><\/p>

The blockchain serves as the technical backbone, which Reisert describes as a decentralized, tamper-proof ledger that is traceable by every participant at any time. This system is complemented by so-called smart contracts, which function like a digital notary and automatically trigger the transfer of ownership as soon as a specific condition, such as receipt of payment, is met.<\/span><\/p>

Reisert expressly emphasized that tokenized gold must not be confused with speculative cryptocurrencies like Bitcoin. While Bitcoin has no intrinsic value and is subject to extreme price fluctuations, a gold token is an \u201easset-referenced token\u201c that is backed one-to-one by physical metal and reflects its volatility one-to-one.<\/span><\/p>

Europe is taking a global lead with the MiCA regulation, which came into effect at the end of 2025, providing the necessary legal certainty for such digital products for the first time. In contrast to the regulatory \u201epatchwork\u201c in the USA, the EU now has clear rules for transparency, regular audits, and the guaranteed right to physical redemption.<\/span><\/p>

A central concern of technology is overcoming the massive inefficiencies of today's physical trading. Currently, investors often have to pay high markups for minting and distribution, and when planning a sale, they have to laboriously transport the metal to the dealer, which incurs additional time and high insurance costs.<\/span><\/p>

Another often underestimated issue in traditional banking is counterparty risk associated with unallocated accounts, which currently account for over 90% of the market. In this case, the investor is merely a creditor of the bank; with tokenization, however, the token represents true separate ownership, as the gold is technically always firmly allocated on the blockchain.<\/span><\/p>

Through digital fractionation, gold is also fundamentally \u201edemocratized\u201c as it is now infinitely divisible. Investors can easily own and transfer smallest amounts, such as a tenth of a gram, making gold as liquid as cash in everyday life without losing its characteristic store of value.<\/span><\/p>

Reisert described the economic potential of this development as immense, pointing to experts like Larry Fink of BlackRock, who sees tokenization as the next stage of development for financial markets. Estimates suggest that real assets worth $16 trillion could be tokenized by 2030, with gold being the perfect candidate for this process due to its standardization.<\/span><\/p>

Although the gold market traditionally operates extremely conservatively and changes often take decades, Reisert sees \u201eGeneration Z\u201c as the decisive driver for this shift. The era of \u201eprogrammable gold\u201c based on blockchain has begun, and even if the adoption process takes time, the way we use, trade, and store the precious metal will radically improve.<\/span><\/p>

Biography: Dr. Philipp Reisert is the fifth generation co-CEO of C.HAFNER, which was founded in 1850 and is still family-run today, together with Birgitta Hafner. He is also the current Deputy Chairman of the German Precious Metals Association (FVEM). He holds an MBA and a PhD in Production Controlling from the University of St. Gallen.<\/em><\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Dierk Schaffer - Managing Director, Stuttgart Commodities Exchange<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Exchange Traded Commodities combine the security of physically backed gold with the flexibility of modern financial markets. In an increasingly volatile environment, these instruments are gaining importance as they offer liquidity, transparency, and rapid responsiveness without sacrificing their physical basis.\u00a0<\/span><\/span><\/p>

Imagine yourself in 14th-century Venice: you deposit your gold coins with a merchant and receive only a written promise of performance in return, to have the same amount paid out to you weeks later in distant Bruges. What began then as a risky trust experiment to avoid robberies on trade routes forms today the fundamental backbone of a highly efficient, global market.<\/span><\/p>

Dierk Schaffer, Managing Director of Boerse Stuttgart Commodities GmbH, drew this historical parallel in his keynote speech \u201eGold on Paper \u2013 An Alternative?\u201c at the second Future Forum Precious Metals in March 2026. In a time when volatility keeps markets breathless, Schaffer highlighted the role of Exchange Traded Commodities (ETCs) as a technological and regulatory bridge between the tangible security of physical gold bars and the speed of modern finance.<\/span><\/p>

The core problem for European investors is often regulatory in nature: According to EU law, a classic ETF (Exchange Traded Fund) is not allowed to contain a \u201esingle asset\u201c \u2013 meaning a fund solely focused on gold is legally impossible. The solution is the ETC setup, a bearer bond via a special purpose vehicle (SPV) that encapsulates the risk. Schaffer pointed out that his company alone manages over five billion euros in client funds through this method, with trust in the issuer and the underlying structure remaining the most valuable asset.<\/span><\/p>

Sch\u00e4ffer dispelled the prejudice that physically-backed gold ETFs are merely a \u201egambling instrument.\u201c While leveraged products on rising or falling prices are indeed often uncovered, ETCs attempt to combine the best of both worlds: transparency and daily valuation based on the London fixing, combined with the security of physical gold stored in high-security vaults. Investors gain the flexibility of a security without having to worry about storage or insurance themselves.<\/span><\/p>

According to Schaffer, an interesting aspect of risk perception intensified over the 2025 Christmas holidays. Break-ins into bank vaults made the general public aware that even a physical safe deposit box is not 100% secure, and questions about insurance coverage often remain unanswered. Here, ETCs offer industry-wide protection through professional partners like Brink\u2019s\u2014a level of security that would be nearly impossible for individual investors to achieve on their own.<\/span><\/p>

In terms of liquidity, paper gold plays its trump cards to the fullest. Schaffer explained that through the \u201ecreation-redemption processes\u201c with large gold banks, volumes of 500 million to one billion euros can be moved daily without significantly influencing the market price. This is a crucial advantage for institutional investors who need to react to geopolitical shocks in a matter of seconds.<\/span><\/p>

For the German market, there is also a tax special feature that makes ETCs particularly attractive: the option of physical delivery. This ensures tax parity with physical gold, provided the product is structured accordingly. This means \u201epaper gold\u201c remains not just a theoretical claim for German savers, but a vested right to the real metal.<\/span><\/p>

Looking at the global map, it's clear that Europe is currently facing a strong growth trend from Asia. While the US dominates with gigantic products like the \u201eSpider ETF,\u201c locations like Singapore and Indonesia are rapidly developing into new gold hubs, creating their own regulations for gold banks and private investors. China is also massively driving the market through state-affiliated asset managers and innovative products.<\/span><\/p>

However, the real revolution is yet to come: tokenization. Schaffer has been working on this topic for ten years, but only now does the mass market seem within reach. Through \u201edigital twins\u201c of gold bars on the blockchain, ownership could be transferred at the speed of light while the metal remains securely stored \u2013 a process that will now be legally permissible thanks to the new MiCA regulation in Europe [121].<\/span><\/p>

Closely linked to tokenization is the trend towards 24\/7 trading. In a globally interconnected world, it increasingly seems anachronistic that gold trading pauses on weekends. Schaffer predicts that we will inevitably move from current settlement cycles (T+2) through T+1 towards T+0, which poses enormous logistical challenges for the industry in terms of real-time physical backing.<\/span><\/p>

Another \u201etender seedling\u201c that is gaining importance, according to Schaffer, is the demand for transparent origin (Provenance Gold). Family offices and institutional investors, in particular, are now demanding detailed proof of the supply chain. Thanks to initiatives by the World Gold Council and the LBMA, it is now possible to document the journey of gold from mine to bar seamlessly and digitally.<\/span><\/p>

Finally, Schaffer noted that gold is not merely a fallback option on paper but a highly efficient addition to physical assets. In a market environment driven by investor \u201egreed or fear,\u201c these products offer the necessary maneuverability to dynamically manage portfolios. The conclusion in Frankfurt was clear: those who leverage the opportunities of digitalization without neglecting their physical foundation are well-equipped for the storms of 2026.<\/span><\/p>

Biography: Dierk Schaffer has been Managing Director of Boerse Stuttgart Commodities GmbH since 2021. As CEO of the issuing company of the EUWAX gold products, he is responsible for the strategic direction, operations, product development and sales.<\/em><\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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R\u00fcdiger Schmitt, journalist and communications consultant<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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GEO instead of SEO: How marketing in precious metals trading is changing<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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Artificial intelligence is fundamentally changing how trust is built and information is evaluated. For the precious metals and financial industry, this means a paradigm shift: perception is no longer shaped by traditional media or advisors, but by algorithmically generated content. Companies are thus faced with the challenge of specifically optimizing their visibility and narrative for AI systems.<\/em><\/p>

\u00a0<\/p>

When one's five-year-old son grows up with the firm belief that it's not his father who knows everything, but ChatGPT, that's more than just a charming family anecdote. For communications consultant R\u00fcdiger Schmidt, it is the symbol of a fundamental generational shift. In a world where the next generation of heirs makes financial decisions based on algorithms, the rules for marketing in the precious metals industry must change radically.<\/p>

\u00a0<\/p>

In his presentation on the future of marketing for the precious metals and financial industry, held at the second Future Forum Precious Metals in March 2026, Schmidt highlighted how Artificial Intelligence (AI) is redefining customer trust. His central message: The era of the classic \u201egatekeeper\u201c \u2013 the journalist or advisor who decides which information reaches the public \u2013 is irrevocably over.<\/p>

\u00a0<\/p>

Trust remains the primary currency for any precious metals dealer. Customers need to trust that an ingot is genuine, that transactions are secure, and that their money is safe before placing an online order. However, how this trust is built today increasingly depends on what an AI churns out about a company in an \u201eAI Overview.\u201c.<\/p>

\u00a0<\/p>

According to Schmidt, the \u201ePandora's Box\u201c was already opened in March 2025 when Google began placing AI-generated summaries at the top of its search results. The problem: it doesn't matter if the retailer uses this technology itself \u2013 what matters is that their customers will. The traditional sandstone gatekeeper controlling the flow of knowledge is obsolete.<\/p>

\u00a0<\/p>

Schmidt illustrated the dynamics of this development with a curve that astonishingly resembles the steep rise in the price of gold in recent years. While gold prices broke records, AI usage rose just as rapidly \u2013 with the difference that this curve will inevitably aim for the 100 percent mark. In the meantime, there are already more AI models and assistants on the market than cryptocurrencies.<\/p>

\u00a0<\/p>

A particularly interesting aspect for the industry is the way different models work. While many search engines are based purely on training knowledge, the AI Perplexity, which is popular with journalists, for example, works on the basis of website knowledge and explicitly names its sources. This allows users to verify information directly \u2013 a feature that Google has also integrated.<\/p>

\u00a0<\/p>

Schmidt showed the audience how quickly content is generated today: In just ten minutes, a financial influencer can create a market-moving statement complete with a slick infographic using AI. The crucial question for every company is therefore: Are the criteria that the AI spits out about you exactly the narrative you would like to hear about yourself?<\/p>

\u00a0<\/p>

Here comes the new magic word: GEO (Generative Engine Optimization). GEO is replacing traditional Search Engine Optimization (SEO). It's no longer just about being found, but about how an AI categorizes and presents brand perception, products, and a company's trustworthiness.<\/p>

\u00a0<\/p>

In doing so, the AI reads media in four categories: online media that actively block AI crawlers, media behind a paywall (of which often only the \u201eclickbait\u201c teaser is read), publicly accessible articles, and finally, large publishing houses that have concluded special deals with AI providers. Anyone who is not present in these sources with their desired narrative simply does not exist for the AI.<\/p>

\u00a0<\/p>

The good news for companies: their own website is regaining massive relevance. However, it must be technically so \u201etidy\u201c that crawlers can index it without problems. Wikipedia entries are also important, as AI assigns them particularly high authority due to the community's strict editorial control.<\/p>

\u00a0<\/p>

Further levers for a sharp narrative include YouTube explainer videos\u2014provided they contain a transcript that the AI can read\u2014as well as expert articles on platforms like LinkedIn. A nasty detail on the side: currently, the AI cannot yet distinguish between editorial content and paid \u201eadvertorials\u201c; it reads both as equivalent content.<\/p>

\u00a0<\/p>

Finally, however, Schmidt warned of the risks: AI has an \u201eelephant's memory.\u201c While negative Google search results could previously be pushed down by new information, an AI hardly forgets old mistakes or crisis reports. For successful GEO marketing, he therefore recommended absolute technical discipline: content should be provided in HTML instead of PDF, and ideally also be available in English to avoid content loss during translation by the mostly American AI models.<\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Tim Schwerdtfeger, Commodity and Foreign Exchange Trader, Volkswagen AG<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Industry under Volatility Pressure: Precious Metal Strategy of an Automotive Group<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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Extreme price fluctuations and geopolitical dependencies make precious metals a critical factor for the automotive industry. Using Volkswagen as an example, this illustrates how large industrial consumers secure their supply and simultaneously control the impact of volatile markets through strategic warehousing, long-term contracts, and financial hedging instruments.<\/span><\/i><\/p>

In the world of commodity markets, a doubling of prices is often headline-worthy, but for automotive giant Volkswagen, such fluctuations were almost harmless compared to what the company experienced in 2021. At that time, the price of\u00a0<\/span>Rhodium<\/span><\/strong>\u00a0<\/span>astronomical\u00a0<\/span>30,000 US dollars<\/span><\/strong>, which corresponded to an increase of several thousand percent and shook the calculations of entire model series.<\/span><\/p>

Tim Schwerdtfeger, commodity and currency trader at Volkswagen AG, explained how a global industrial group tames such turbulence in his lecture \u201eIndustry: Managing Precious Metal Risks at Volkswagen AG\u201c at the second Future Forum Precious Metals in March 2026. He clarified that VW feels very well-positioned in the precious metals sector and draws a clear distinction between operational needs and market observation.<\/span><\/p>

The group's central philosophy is very simple: Volkswagen participates\u00a0<\/span>never for speculative purposes<\/span><\/strong>\u00a0<\/span>or as an investor in the precious metals market. The primary goal of the Wolfsburg Treasury is to create planning security for production, stabilize operating results, and reduce price volatility as much as possible.<\/span><\/p>

Particular attention is paid to platinum group metals, namely\u00a0<\/span>Platinum,<\/span> <\/strong>Palladium and Rhodium<\/span><\/strong>, which are essential for exhaust gas purification. While the importance of platinum has been declining since 2015 due to falling diesel shares, the automotive industry is by far the dominant player for palladium and rhodium, accounting for around 85 percent of global demand.<\/span><\/p>

For Schwerdtfeger, that means\u00a0<\/span>Availability risk<\/span><\/strong>\u00a0<\/span>even before the price risk, as a production stoppage due to a lack of small quantities of precious metals would have devastating consequences for the company's finances. Experience from the chip crisis has taught the company that physical control over raw materials must be an absolute top priority to keep production lines running.<\/span><\/p>

To achieve this goal, Volkswagen consciously decided against simply purchasing finished components and opted for the\u00a0<\/span>Building your own physical inventory<\/span><\/strong>\u00a0<\/span>decided. This approach significantly reduces external dependencies, especially since palladium is primarily mined in Russia and platinum and rhodium in South Africa.<\/span><\/p>

The Corporate Treasury takes on a\u00a0<\/span>Hybrid role<\/span><\/strong>, which goes beyond the classic hedging of currency and interest rate risks and includes operational responsibility for material availability. VW utilizes synergies with its existing trading infrastructure, as foreign exchange and commodity transactions can often be handled with similar partners.<\/span><\/p>

The procurement strategy rests on three stable pillars: long-term supply contracts ensure a basic supply, while on the futures market,\u00a0<\/span>Forwards<\/span><\/strong>\u00a0<\/b><\/span>additional quantities and prices are to be fixed. The remaining difference quantities will be covered by monthly spot purchases to ensure for each production cycle a\u00a0<\/span>100% material coverage<\/span><\/strong>\u00a0<\/span>to guarantee.<\/span><\/p>

In the logistics process, VW acts as a so-called\u00a0<\/b><\/span>physical side table<\/span><\/strong>, which supplies the metal to external coating companies that refine it into ceramic monoliths. These are then passed on to exhaust system manufacturers before the finished component is finally installed in vehicles by group brands such as Audi or SEAT.<\/span><\/p>

Risk management must also constantly consider technological change, especially the ramp-up of\u00a0<\/span>E-mobility<\/span><\/strong>, anticipate. Since pure electric vehicles (BEVs) no longer require precious metals, while hybrid vehicles continue to have a demand, VW must closely monitor its own development cycles to avoid overcapacity in inventory.<\/span><\/p>

In addition to the physical volume, pricing is a highly complex field where VW often acts opportunistically, capitalizing on market opportunities over several years. A crucial strategic advantage here is that the group consistently thinks and calculates in euros rather than US dollars.<\/span><\/p>

By exploiting interest rate differentials, VW can often buy US dollars forward more cheaply, making precious metal investments in euros attractive even if the pure dollar price stagnates. This profound integration of currency strategy and physical commodity hedging is the backbone of Wolfsburg's stability in an increasingly unpredictable market environment.<\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Dr. Karsten Stroborn, Head of Central Markets, Deutsche Bundesbank<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Gold as a Stability Anchor: The Bundesbank's Strategy<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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In a market environment characterized by uncertainty and volatility, gold remains a central pillar of Germany's currency reserves. For the Bundesbank, the focus is not on short-term returns but on long-term stability. The current strategy shows the role that precious metals play in trust, crisis resilience, and monetary policy flexibility.<\/span><\/i><\/p>

Imagine having to empty thousands of heavy gold bars into the farthest reaches of a high-security vault, only to meticulously restock them afterward. What Dr. Karsten Stroborn, head of the central division Markets at the Deutsche Bundesbank, described as \u201ephysical heavy labor\u201c and an at times unpleasant task for employees of partner central banks in New York and London is part of a legendary inspection process. This transparency offensive serves a higher purpose: unwavering confidence in Germany's gold reserves.<\/span><\/p>

In his keynote address, \u201eThe Bundesbank's View on Financial Markets and Gold,\u201c at the second Future Forum Precious Metals in March 2026, Stroborn offered deep insights into the strategy of the German currency reserve custodians. He clarified that in a world full of geopolitical tensions and economic upheaval, gold is far more than just a valuable metal \u2013 it is the ultimate anchor of stability for the German economy.<\/span><\/p>

Today's market day is a \u201esuper nice example\u201c of the financial world's sensitivity, according to Stroborn. The mere news of talks between Iran and the USA immediately triggered strong reactions across all market segments. In such an environment of high uncertainty, driven by the \u201e6Ds\u201c such as demographics, decarbonization, and increasingly defense and debt, gold acts as a striking beacon.<\/span><\/p>

However, Stroborn also debunked common patterns: gold is not currently the classic inflation hedge that many would expect. Rising oil prices and expected interest rate hikes are increasing opportunity costs, putting pressure on the gold price. Moreover, in moments of crisis, the US dollar often proves to be the \u201esafe haven\u201c par excellence, making gold investments less attractive in the short term.<\/span><\/p>

Despite this short-term volatility, the strategic importance of foreign exchange reserves for the Bundesbank remains unshakable. These reserves are the essential instrument of monetary policy, serve as a hedge against economic shocks, and ensure solvency in times of crisis. There is a clear priority: safety comes before liquidity, and sustainability, which must never jeopardize the first two objectives, comes only in third place.<\/span><\/p>

A look at the Bundesbank\u2019s balance sheet reveals the sheer scale of the situation: a full 82% of Germany\u2019s foreign exchange reserves consist of gold. This exceptionally high proportion has grown over time, primarily due to surpluses from the European Monetary Union and the gold pool of the Bretton Woods system following World War II. Gold is thus not merely an asset, but a symbol of Germany\u2019s growing economic strength.<\/span><\/p>

With exactly 3,350 tons, Germany is the world\u2019s second-largest holder of gold, surpassed only by the United States. The value of this treasure amounted to just under 400 billion euros at the end of 2025. To ensure maximum security and tradability, the gold is stored at three of the world\u2019s most liquid trading centers: 51 % in Frankfurt, 37 % at the Fed in New York, and 12 % at the Bank of England in London.<\/span><\/p>

Stroborn explicitly countered the occasional doubts that arose in Frankfurt regarding the reliability of international partners. \u201eWe actually have no doubt that the Fed New York is a trustworthy, reliable partner,\u201c he emphasized, referring to the common mindset of central bankers worldwide, who are all committed to the goal of price stability.<\/span><\/p>

Of interest to the industry was his clear stance on gold lending. While other central banks try to generate income through lending transactions, the Bundesbank exited this segment back in 2009 during the financial crisis. The reason is strict risk aversion: \u201eWe cannot tolerate counterparty default risks,\u201c Stroborn made unequivocally clear.<\/span><\/p>

At the Bundesbank, gold is often referred to as the \u201efamily silver\u201c of the economy. It plays a key role in bolstering confidence and makes a significant contribution to equity through so-called revaluation reserves. Even though the high fluctuations\u2014at the beginning of 2026, volatility stood at over 44 %\u2014pose a challenge, the Bundesbank is sitting this out from an accounting perspective.<\/span><\/p>

Stroborn rejected demands from politics or society to use the gold reserves for debt repayment or investments. The Bundesbank sees itself as a house with a tradition that is responsible for these holdings in the long term. Historically, they have always regretted selling gold in the past, as the price and significance of the metal have continuously increased over the decades.<\/span><\/p>

In a world that, according to Stroborn, is unfortunately not characterized by increasing security, gold remains the \u201estable anchor\u201c for the future. It is not just a relic of history, but plays a crucial role for itself. His conclusion for the Frankfurt audience: Even though we are currently \u201egroping in the dark\u201c in phases, gold remains the foundation upon which confidence in the common currency rests. <\/span><\/p>

Biography: Dr. Karsten Stroborn is Director General Markets at the Deutsche Bundesbank. He holds a doctorate in economics and studied economics at the University of Nantes and industrial engineering at the University of Karlsruhe (TH). Since completing his doctorate on issues relating to the security of electronic payment systems, he has held various positions in the Bundesbank's Markets division, including reserve management and the implementation of monetary policy operations. He has been a member of the Market Operations Committee of the Eurosystem since 2014 and is a member of the Executive Board of the Allied European Financial Markets Association (AEFMA). He has headed the Markets Directorate General of the Deutsche Bundesbank since April 2023.<\/em><\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Peter Tallman, CEO, Klondike Gold Corp.<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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As traditional resource regions become increasingly depleted, previously underdeveloped areas are regaining the focus of the raw materials industry. The Canadian Yukon is considered one of the last major reserves with significant potential for gold and industrial metals. New geological approaches and improved infrastructure could make the region an important building block for future raw material supply.<\/span><\/i><\/p>

When a drilling crew in the middle of the Canadian Yukon wilderness orders a pizza in the middle of the night and actually has it delivered to the drill rig, it initially sounds like a bizarre advertising stunt for a delivery service. But for Peter Tallman, CEO of Klondike Gold Corp., this anecdote is compelling proof of a crucial locational advantage: contrary to the myth of the inaccessible wilderness, his company operates in an area that, despite its immense resource potential, has first-class infrastructure.<\/span><\/p>

In his lecture \u201eEarth Mining - Are there enough new precious metals for the pipeline? An example from Canada\u201c at the second Future Forum Precious Metals in March 2026, Tallman clarified that the Yukon is one of the last great, virtually untouched treasure troves on Earth. While Europe and especially Germany have been extensively explored since Roman times and offer few surprises, modern resource exploration in the far north of Canada is only just beginning.<\/span><\/p>

The contrast between the regions could hardly be starker: in the Canadian province of Yukon, there is only one person per ten square kilometers of land. This extremely low population density in an area of nearly half a million square kilometers offers, according to Tallman, an ideal free space for the industrial development of mineral resources, which would be unthinkable today in densely populated areas like Central Europe.<\/span><\/p>

Klondike Gold has secured the rights to the historic heartland of the great Klondike Gold Rush of 1896. However, unlike the fortune seekers of yesteryear who panned for gold in riverbeds, Tallman is focusing on the \u201ebedrock.\u201c The potential is enormous: in the last three to five years, ten projects have already been identified in the Yukon that collectively hold over 50 million ounces of gold, which have not yet been mined.<\/span><\/p>

Besides gold, the region also has massive deposits of copper and zinc. Tallman pointed to three projects in the Yukon that alone contain 11 billion pounds of copper \u2013 one of which is among the ten largest undeveloped copper resources in the world. Given the world's immense need for copper for global electrification, Tallman is convinced that these projects will inevitably be developed, despite the necessary investment in roads.<\/span><\/p>

One riddle that remains for experts is the continued reluctance of the financial markets towards the Yukon. While 22 bank analysts observe Alaska and 70 experts scrutinize the neighboring north of British Columbia, only a single analyst minds the geologically identical Yukon. According to Tallman, this market ignorance has meant that world-class belts can still be found in the Yukon today that would have long been staked elsewhere.<\/span><\/p>

The history of Dawson City illustrates the region's transformation: Around 1900, the city, with a population of 60,000, was the capital of the territory and larger than Vancouver at the time. Today, Dawson City is a functioning historical monument with just under 2,000 inhabitants where people still live in the spirit of the gold rush era. For Klondike Gold, however, it is primarily an operational base, only two kilometers from the nearest airport and directly on the Klondike Highway.<\/span><\/p>

Geologically, Tallman pursues a theory that links the Klondike with the famous California Mother Lode. Since both regions lay along the same plate edge millions of years ago, the ratio between gold in the sediments (placer gold) and gold in the bedrock should be similar. Given that 20 million ounces of gold have already been found on the surface, this suggests vast quantities underground that have simply been overlooked until now.<\/span><\/p>

Tallman was already able to provide this proof: With his seventh drill hole, he encountered centimeter-sized gold nuggets directly in the bedrock. He uses a new scientific theory according to which gold nuggets are formed (nucleate) by earthquakes in fault zones. Klondike Gold now controls the entire area along these crucial geological fault zones, covering over 700 square kilometers.<\/span><\/p>

The economic attractiveness of the project is enhanced by the ease of extraction. The gold in the Klondike can be separated from the rock simply by gravity recovery. No chemicals or cyanide are needed, making production not only more environmentally friendly but also significantly more cost-effective than at conventional gold mines.<\/span><\/p>

Financially, the company stands on solid ground, supported by billionaires such as Frank Giustra and Eric Sprott. Furthermore, Klondike Gold is already generating its own revenue by leasing placer gold deposits on its own property, which is expected to bring in at least two million dollars this summer. This allows the company to advance exploration without constant pressure from capital increases.<\/span><\/p>

Finally, Tallman appealed to European investors to make greater use of Canada's resource advantages. With a current resource of around 580,000 ounces of gold and the goal of increasing it to two million ounces by the end of the year, he sees Klondike Gold on the verge of a massive revaluation. In a world of rising precious metal prices, the Yukon's forgotten treasure trove could thus become the pipeline for future commodity needs.<\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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York A. Tetzlaff - Managing Director, Fachvereinigung Edelmetalle<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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The precious metals industry is facing profound changes: rising financing costs, volatile markets, and geopolitical uncertainties are increasing pressure on the entire value chain. At the same time, strategic raw materials and recycling processes are becoming increasingly important for Europe's technological and economic future.<\/span><\/i><\/p>

When the cost of simply borrowing a raw material suddenly exceeds the 100 percent mark, even a traditional industry is thrown into disarray. In the summer of 2025, the precious metals industry experienced precisely this shock: while borrowing rates are normally in the single digits, they skyrocketed to astronomical heights due to market disruptions and customs disputes \u2013 an enormous financial risk for an industry that is extremely capital-intensive and often has to interim finance its inventory through loans.<\/span><\/p>

In his welcome address and status report on the precious metals industry in Germany and Europe at\u00a0<\/span>Second Precious Metals Future Forum in March 2026<\/span><\/strong>\u00a0<\/span>analyzed\u00a0<\/span>York A. Tetzlaff<\/span><\/strong>, Managing Director of the Precious Metals Association, this area of tension. Under the title \u201eBetween Transformation and Strategic Relevance,\u201c he emphasized that despite its manageable size of around 7,000 employees, the industry plays a key role in the continent's technological future.<\/span><\/p>

The heart of this industry beats in Germany primarily in two centers, the so-called \u201ePrecious Metals Hubs\u201c: Pforzheim and Hanau. While Pforzheim still handles up to 80 percent of German jewelry and watch production, the Hanau site is characterized by globally active industrial groups. Both are connected by a centuries-old tradition of refineries, which today operate in modern, closed-loop systems.<\/span><\/p>

Tetzlaff emphasized that precious metals are no longer just relevant as a crisis currency for the safe. Silver and the platinum group metals, in particular, form the backbone of megatrends such as digitalization and the energy transition. Since the \u201efuture is electric,\u201c these raw materials are simply indispensable for photovoltaics, modern electronics, and new drive technologies.<\/span><\/p>

However, the economic environment has been marked by massive geopolitical uncertainties since the pandemic. The conflicts in Ukraine and the Middle East are creating interdependencies that lead to supply chain volatilities that were previously unknown. For companies, this means constantly adapting to volatile commodity markets and unpredictable price drivers.<\/span><\/p>

The association's chairman was particularly critical of the financial burden caused by increased interest rates and energy costs. Because precious metals cannot be stored indefinitely due to their high value, the industry relies on functioning lending markets. The price explosion in lending rates in 2025 has shown how vulnerable the value chain is to external shocks.<\/span><\/p>

In this stormy environment, Tetzlaff identified the\u00a0<\/span>Recycling as the actual DNA<\/span><\/strong>\u00a0<\/span>of the industry. It is far more than an ecological necessity \u2013 it is a strategic anchor for stability. The recovery of precious metals from old jewelry or industrial waste secures the raw material supply independently of global mine imports.<\/span><\/p>

According to Tetzlaff, the ecological advantages of this cycle are enormous. An expert report from Pforzheim University shows that the CO2 footprint for the extraction of recycled gold is up to\u00a0<\/span>99 percent lower<\/span><\/strong>\u00a0<\/span>is as with primary raw materials from mining. This positions the industry as a pioneer for a sustainable raw materials economy that meets the demands of modern industrial customers.<\/span><\/p>

Tetzlaff illustrated that German industry also leads technologically using Heraeus as an example. In the summer of 2025, the company commissioned the world's first electrically operated rotary furnace to massively reduce its own CO2 footprint. Such innovations show that decarbonization is feasible even in energy-intensive sectors of metal processing.<\/span><\/p>

Nevertheless, markets are currently experiencing a paradox between boom and bottleneck. High precious metal prices have led to enormous quantities of scrap material flowing into refineries, pushing their capacities to the limit. At the same time, high financing costs prevent the recovered metal from always being immediately available on the market at the desired speed.<\/span><\/p>

Tetzlaff criticized the increasing bureaucratic burden in Germany. Particularly the agonizingly long approval processes for new plants and furnaces are hindering the transformation. The administration must become significantly more efficient here in order not to lose ground in global competition, as administrative hurdles often outweigh technological challenges.<\/span><\/p>

In conclusion, the CEO pointed to the uncertainties arising from future legal frameworks, such as the REACH revision at the EU level or possible changes in value-added tax. Despite these regulatory hurdles, trust remains the \u201ecore essence\u201c of the business. The German precious metals industry is well-equipped to lead the future circular economy through its diversification and technological strength.<\/span><\/p>

Biography: York A. Tetzlaff is Managing Director of the Fachvereinigung Edelmetalle (FVEM) based in the gold town of Pforzheim. A lawyer with degrees in law and economics, he previously held management positions in Brussels for associations. He has an excellent national and international network in the precious metals industry.<\/em><\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Jessica Schwarzer<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Jessica Schwarzer (51) has been writing about investments and finance for more than 25 years. Born in D\u00fcsseldorf, she worked for Handelsblatt for ten years, headed up the finance department at Handelsblatt Online and was most recently chief correspondent. In 2018, she set up her own business as a financial journalist and presenter.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Volatile Markets, Full Vaults: Why Precious Metals Trading Is Under Pressure<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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The precious metals trading market in the DACH region (Germany, Austria, Switzerland) is experiencing a phase of exceptional dynamism. Massive surges in demand, rising hedging costs, and structural bottlenecks in production and logistics are putting the industry under pressure. At the same time, strategic shifts are already emerging that could fundamentally change the market in the coming years.<\/i><\/p>

If a consultation in precious metals trading now only takes an average of 2.3 minutes, this is not a sign of poor service, but of a market in an absolute state of emergency. Walter Hell-H\u00f6flinger vividly described how his staff in Vienna had to perform \u201einhuman\u201c feats during the massive rush at the turn of the year 2025\/2026 to cope with three times the number of customers.<\/p>

In the panel discussion \u201eCurrent Situation in Precious Metal Trading in the DACH Region\u201c at the second Future Forum Precious Metals in March 2026, moderator Wolfgang Wrzesniok-Ro\u00dfbach, along with Michael Eubel (BayernLB), Walter Hell-H\u00f6flinger (Gold & Co GmbH), and \u00d6nder Ciftci (Ophirum GmbH), analyzed an industry that has never been boring since the pandemic. The experts looked back at 15 months characterized by extreme contrasts \u2013 from a complete lull to periods where dealers were literally overrun.<\/p>

Especially investor psychology ensures constant momentum: According to Hell-H\u00f6flinger, clients are primarily driven by greed or fear. Paradoxically, many private investors only rush to buy when prices are already rising sharply, while they are more inclined to sell when prices are falling \u2013 behavior that often contradicts the image of gold as a long-term anchor of stability.<\/p>

The business has also fundamentally changed for banks. While many institutions closed their gold counters around the year 2000 and valuable expertise was lost, interest has returned at the latest since the Lehman bankruptcy. However, most of the approximately 190 savings banks currently supported by BayernLB no longer engage in proprietary trading, but instead rely on full-service models in which they outsource risk and logistics to specialized wholesalers.<\/p>

The German market plays a special role: it is so huge that both banks and private sector trading can flourish side-by-side, while in countries like the Benelux states or Denmark, hardly any banks are still involved with physical precious metals. In Germany, however, wholesalers like BayernLB must invest heavily in knowledge transfer so that local advisors can at least rudimentarily fulfill customer requests.<\/p>

A key topic of the discussion was the management of price risks. While a branch network like Ophirum\u2019s, with over 50 locations, engages in natural hedging through two-way trading\u2014that is, buying and selling simultaneously\u2014the situation is different for a state-owned bank like BayernLB. With a customer-driven flow book of nearly one billion euros, the bank is forced to hedge every position at 100 % in order to \u201esleep soundly\u201c despite volatile markets.<\/p>

However, this hedging has become more expensive: Since Donald Trump returned to power, swap rates and borrowing rates have been subject to irrational spikes. In the case of silver in particular, these high hedging costs have caused prices for physical silver to trade at premiums of 10 to 18 % above the spot price, as banks are forced to pass these massive markups on to end investors.<\/p>

The availability of bars and coins remains a bottleneck. The refineries in Hanau or Pforzheim cannot invest at will, as setting up new production lines costs millions and takes years. Walter Hell-H\u00f6flinger, who comes from a manufacturing company himself, also pointed out peculiar bottlenecks: often, delivery fails not because of the gold itself, but because of the missing plastic packaging, which forms a massive bottleneck in the process.<\/p>

The logistics industry is facing a severe test. The dependence on external value logistics providers is a weakness, as delivery to private customers is becoming increasingly expensive and unreliable. \u00d6nder Ciftci predicts a move away from door-to-door delivery: With shipping costs that could soon reach 35 euros, in-store pickup will become a crucial strategic competitive advantage.<\/p>

According to Ciftci, the market is heading for consolidation. He strictly distinguishes between highly professional traders and \u201ehobbyists\u201c who will hardly be able to withstand the increasing pressure on the logistics and financing sides in the future. Those who do not control their logistics themselves will have a hard time staying profitable in the next 18 months.<\/p>

An interesting growth market is Southeast Europe. Vienna functions as a gateway to the Balkans, where gold is deeply rooted in people's value systems due to historical experiences with communism. While it was necessary to painstakingly re-teach Western Europeans about saving gold, people there instinctively know why they are making physical provisions \u2013 often beyond government structures in the \u201eWild West\u201c of the local markets.<\/p>

Finally, the focus shifted to June 2027, when new anonymity limits for cash transactions are set to take effect across Europe. Hell-H\u00f6flinger expects a huge rush on inventories in the run-up to this regulation. His strategy for the next 18 months is therefore clear: strengthen IT and logistics autonomy and fill the vaults before government restrictions make business even more difficult.<\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Between Rebalancing and Crisis Preparedness: Gold's New Role in Portfolios<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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Extreme price fluctuations, geopolitical uncertainty, and structural market changes present institutional investors with new challenges. While short-term volatility has become commonplace, gold is gaining increasing importance as a strategic anchor of stability \u2013 particularly in physical form and with a growing focus on origin and custody.<\/span><\/i><\/p>

Anyone who looked at their smartphone on the morning of the conference barely trusted their eyes: while the display had shown a solid gain of $40 at midnight, it suddenly showed a loss of $400. Host Wolfgang Wrzesniok-Ro\u00dfbach jokingly tapped his phone, hoping it was just a defect \u2013 but the dramatic volatility was bitter reality and formed the perfect, albeit nerve-wracking, backdrop for the panel of experts.<\/span><\/p>

Under the title \u201eInvestment in Gold and Other Tangible Assets for Institutional Investors,\u201c industry experts discussed strategies for turbulent times at the second Future Forum Precious Metals in March 2026. The panel included Dierk Schaffer (Boerse Stuttgart Commodities), Constantin Prinz zu Salm-Salm (Salm-Salm Verm\u00f6gensverwaltung), Daniel Wolfraum (LGT, Vaduz), and Sven Kuhlbrodt (Baker Steel Capital Managers) to re-evaluate the roles of physical metal, mining stocks, and digital securities.<\/span><\/p>

The panel's first realization: One gets used to madness. Daniel Wolfraum of LGT emphasized that while extreme volatility is the \u201enew normal,\u201c wealth management clients fundamentally think long-term \u2013 often over decades or even generations. Gold functions here less as a speculative object and more as a stable foundation that is left alone, while daily price swings remain more of an issue for traders.<\/span><\/p>

Interestingly, German retail investors often prove to be more level-headed than expected during such moments of crisis. Dierk Schaffer reported a \u201eminor bloodbath\u201c in the market, yet 85% of the orders on the Stuttgart Stock Exchange were buy orders. Instead of panicking, investors deliberately took advantage of the price weakness to buy more\u2014a sign of the high level of \u201egold intelligence\u201c in the DACH region, which is also increasingly putting institutional investors under pressure to act.<\/span><\/p>

For professional investors, however, managing the gold allocation remains a mathematical challenge. When the price of gold rises sharply, the position in the portfolio becomes so large that it must be reduced through \u201erebalancing\u201c\u2014Sven Kuhlbrodt vividly described this as \u201esending the gold to the hairdresser.\u201c Despite the current correction, many firms remain optimistic: Baker Steel, for example, is currently even increasing the allocation to precious metal stocks in diversified strategies to as much as 50%.<\/span><\/p>

A striking trend is emerging regarding the form of ownership. Wolfraum is observing a significant shift in private banking away from \u201epaper gold\u201c and towards physical commodities that one can, if necessary, actually touch. Today, clients want to know precisely where their bars originate and where they are stored. This longing for tangibility and proof of origin is leading to demand for physical gold in Switzerland and Liechtenstein being higher than it has been in a long time.<\/span><\/p>

Constantin Prinz zu Salm-Salm sharply distinguished between business investments and absolute crisis preparedness in the discussion. While stocks in companies like Newmont Mining are actively traded because companies must constantly reinvent themselves, the same applies to physical gold as it does to a family forest: \u201eBuy, forget, and don't evaluate it every day.\u201c Both are anchors for the generation after next, which should not be measured by euro exchange rates.<\/span><\/p>

The topic of sustainability (ESG) plays an ambivalent role in this. Salm-Salm emphasized that it is a \u201edebt to creation\u201c to pay attention to origin, even if customer interest in it is currently declining somewhat due to geopolitical crises. Dierk Schaffer added that products with a complete proof of origin (\u201eProvenance Gold\u201c) are still a niche market, but are finally becoming seriously feasible through blockchain technology and bar tracking.<\/span><\/p>

Institutional investors are often more pragmatic than idealists: The majority in Europe still primarily decides based on price. A premium of 40 to 50 basis points for \u201egreen gold\u201c needs to be well justified. Nevertheless, professionals today delve much deeper into supply chain analysis than they did five years ago and are demanding, for example, \u201egeofrenic passports\u201c or artificial DNA markings for their metal.<\/span><\/p>

The geography of safekeeping was also hotly debated. While London remains unbeatable for strategic trading due to its liquidity, long-term assets are preferentially migrating to vaults in Germany, Switzerland, or Liechtenstein. Although there are inquiries for exotic storage locations like Canada or New Zealand, the logic of quick availability in politically stable, domestic havens usually prevails in the end.<\/span><\/p>

But how does one win new clients in this exclusive market? Traditional marketing has its limits here. Sven Kuhlbrodt relies on a mix of roadshows, social media, and in-depth market commentary that offers \u201einsights\u201c rather than self-praise. Salm-Salm, on the other hand, relies 75% on word-of-mouth within wealthy families\u2014in a niche where trust is more valuable than any glossy brochure.<\/span><\/p>

The bottom line of the round was clear: gold and other real assets are not return magic bullets for the next quarter, but rather an insurance policy for the next decade. In a world of \u201estagflation 2026,\u201c marked by wars and mountains of debt, the real ownership of metal and land remains the only way to steer wealth in real terms through the \u201eperfect storm.\u201c.<\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Silver and the Platinum Group Metals in Focus: Opportunities and Risks Beyond the Gold Market<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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Beyond the dominant gold market, silver and platinum metals are gaining increasing importance \u2013 driven by the energy transition, technological transformation, and structural supply risks. At the same time, market mechanisms, liquidity, and tax frameworks remain crucial factors for investors looking to position themselves in this complex segment.<\/span><\/i><\/p>

The world's reserves of rare metals like iridium or ruthenium are so low that the entire annual production could theoretically fit into a single large suitcase. While gold is measured in thousands of tons, the world of \u201eminor\u201c platinum metals is so tiny that even minimal shifts in demand are enough to plunge the market into extreme volatility.<\/span><\/p>

Under the title \u201eSilver and Platinum Group Metals as Investment Alternatives,\u201c experts such as Philipp Goetzl-Mamba (Tradium), Tim Schieferstein (Solit Management), Dominik Sperzel (Heraeus), and Martin Grollimund (Raiffeisen Switzerland) discussed opportunities beyond the gold mainstream at the second Future Forum Precious Metals in March 2026. Moderator Wolfgang Wrzesniok-Ro\u00dfbach led the panel, which shed light on why the \u201ewhite metals\u201c are often unjustly overshadowed by their big yellow brother.<\/span><\/p>

A key driver for silver is the global energy transition, particularly photovoltaics. A spontaneous survey among the Frankfurt audience highlighted the potential: Only about 15 percent of participants indicated they already have a PV system on their roof. As silver is indispensable in almost every solar module due to its excellent conductivity, massive, structurally driven demand is expected here in the coming years.<\/span><\/p>

The automotive industry also supports the silver market, as a modern electric car requires about two ounces of the metal \u2013 which is approximately double the amount of a conventional combustion engine. While this development is a boon for silver, it poses an existential threat to platinum and palladium, as their main sales market has so far been in the catalytic converters of classic engines.<\/span><\/p>

In Switzerland, demand is showing a significantly more dynamic picture than in Germany. Martin Grollimund reported a veritable run on silver and platinum as soon as these metals were discussed in the media. A key locational advantage there is the value-added tax rate of just 8.1 percent, which makes investments in physical bars considerably more attractive compared to Germany's 19 percent.<\/span><\/p>

In contrast, gold dominates the German precious metals market, accounting for an estimated 70 to 80 percent of turnover, while platinum and palladium often languish at a meager one percent. Tim Schieferstein attributes this not only to tax burdens but also to the sometimes difficult availability and the investment narratives of the white metals, which are less well-known compared to gold.<\/span><\/p>

Philipp Goetzl-Mamba of Tradium pointed out a structural problem in the industry: With high overall demand, many refineries prioritize gold bar production for the domestic market almost exclusively. To circumvent liquidity bottlenecks and long delivery times, Tradium often stores industrial raw materials such as platinum sponge for its customers in bonded warehouses, which allows for significantly tighter price spreads than with classic bars.<\/span><\/strong><\/p>

The situation with the so-called \u201eminor\u201c platinum metals is particularly explosive. Since there are no pure iridium or ruthenium mines, these metals are only obtained as valuable byproducts of platinum mining. If platinum production were to be curbed in the future due to declining demand from the automotive industry, the supply of these industrial metals would automatically collapse \u2013 a shortage that offers investors enormous opportunities, but also risks.<\/span><\/p>

Despite their rarity, however, Schieferstein warned against experimenting with physical bars of these niche metals in private safes. The market is less regulated and liquidity is often a problem in a crisis. What sells quickly is often only reluctantly accepted by dealers when buying, which is why such investments should rather be in the hands of professional or very patient investors.<\/span><\/p>

A politically hotly debated instrument for promoting these facilities is the customs warehouse. While countries like South Korea and Japan are investing billions in building up strategic raw material reserves, there are efforts in German politics to restrict the tax advantages of such warehouses for private investors. Experts, on the other hand, argued for using the opportunity to shift the development of national reserves onto private shoulders.<\/span><\/p>

Technological solutions like digital apps are attempting to democratize access to these markets today. Through platforms like \u201eFlexgold,\u201c investors can buy and securely store physically backed metals in Switzerland. This allows for legally saving German VAT while simultaneously benefiting from the high granularity of digital purchases, where even small amounts can be easily traded.<\/span><\/p>

In the final expert panel, the discussants, by a narrow majority of 3 to 2, opted for platinum as the future favorite over silver. While the platinum proponents emphasized the massive price discount compared to gold and the fascinating feel of the metal, the opposing side remained firm: the unstoppable electrification of the world makes silver the most important \u201eworkhorse\u201c among precious metals.<\/span><\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Precious metal recycling is considered one of Germany's major industrial strengths and plays a central role in resource security and decarbonization. However, increasing return volumes, high capital requirements, and limited capacities present the industry with new challenges. Current market dynamics show how closely economic success and structural burdens are linked.<\/em><\/p>

In the panel discussion of the second Future Forum Precious Metals in March 2026, titled \u201eGermany, a Global Success Story in Recycling,\u201c moderator York Tetzlaff emphasized that recycling is not just an economic factor, but the very DNA of the German precious metals industry. He stressed that through centuries of tradition, the industry has learned to operate in closed loops, the so-called \u201eclose loop,\u201c thus occupying a pioneering role worldwide today.<\/p>

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Marc Springstein, Managing Director of Bedra GmbH, introduced his company as a specialized wholesaler covering the entire spectrum from recycling and semi-finished products to investment products. For his customers in the fields of goldsmithing and gold purchasing, transparency, speed, and liquidity (\u201eCash is King\u201c) are the crucial success factors in daily business.<\/p>

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For the Saxonia Group, Managing Director Dirk Hadlich explained that his company is structured on two tracks: On one side is the recovery of gold, silver, and strategic metals such as platinum, palladium, and iridium. On the other side, the company directly reuses these recycled metals for the production of new industrial products, thus closing the loop in-house.<\/p>

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Thorsten Schlindwein, Sales Manager at C.Hafner GmbH & Co. KG, emphasized the importance of family businesses in this industry, which, like his company, have specialized in gold refining for 175 years. In addition to gold, C.Hafner also processes silver and platinum group metals into products such as gold bars, dental products, and semi-finished goods for industry.<\/p>

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According to Schlindwein, one of the most striking changes in recent years has been the massive increase in returns from the investment sector. While 15 years ago hardly any bars or coins found their way back to the refineries, investors today are taking advantage of high prices for profit-taking, which has generated a completely new flow of materials for recyclers.<\/p>

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Dirk Hadlich also confirmed this trend, adding that in addition to gold and silver, industrial material flows of platinum and palladium continue to play a central role. The strong price movements have led to a significant increase in demand for the reprocessing of these metals, as companies want to convert their tied-up assets back into liquid assets more quickly.<\/p>

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Marc Springstein illustrated the current market dynamics with impressive figures: Compared to the same quarter last year, Bedra reported a 30% increase in gold volume and a 45% increase in silver volume. As a result of these volumes, many companies in the industry are currently reaching their capacity limits.<\/p>

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Despite the current boom, the decision to expand capacity is a difficult entrepreneurial consideration, according to Springstein. Because volumes could also decline rapidly with falling prices, many companies shy away from the high investment costs for new buildings or machines and try to optimize existing processes instead.<\/p>

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A critical issue for all participants is pre-financing, as the industry is extremely capital-intensive. Since customers often want to be paid immediately, even before the material is finally refined and sold, many dealers and refineries are reaching the limits of their working capital due to high metal prices.<\/p>

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Schlindwein pointed out that collecting agencies often unintentionally take on the role of banks in the purchasing business by pre-financing the market. The biggest challenge in 2025 and early 2026 was to react promptly to the extremely rapidly increasing volumes and the associated logistical and financial requirements.<\/p>

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York Tetzlaff added, speaking on behalf of the association, that recycling is also a key factor in decarbonization. A study shows that the carbon footprint of producing one kilogram of recycled gold is up to 99% lower than that of primary material from mines, underscoring Germany\u2019s environmental superiority as a production location.<\/p>

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In conclusion, it became clear that while the German precious metals market is characterized by extreme competition and low margins on the one hand, on the other hand, its technological strength and high regulatory standards give it a level of trust that is unique worldwide. This trust remains the fundamental essence for continuing the global success story of recycling, even in volatile times.<\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Discussion<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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The Global Struggle for Strategic Raw Materials: USA vs. China<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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Raw materials are increasingly becoming a central instrument of geopolitical power politics. While major players like the US and China strategically and financially compete for access to critical resources, Europe \u2013 and Germany in particular \u2013 is coming under increasing pressure to act. Current developments show that economic security and raw material supply are inextricably linked.\u00a0<\/em><\/p>

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In a time when raw materials are increasingly instrumentalized as political weapons, global resource policy marks a profound turning point for the precious metals markets. While the focus used to be primarily on oil, there is now an intense struggle for almost every strategic raw material. Experts Stefan M\u00fcller, Erik Kirschbaum, and Dr. Christoph Hein analyzed this new era of geopolitical confrontation in their panel discussion at the second Future Forum Precious Metals in March 2026.<\/p>

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Stefan M\u00fcller clarified that this modern war for resources is not waged with soldiers, but with checkbooks. Whoever provides capital the fastest secures access to the few available projects worldwide that could enable independence from the superpowers USA and China. In Germany, however, the illusion often still prevails that these strategic necessities can be replaced by moral appeals or lengthy decision-making processes.<\/p>

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M\u00fcller illustrated the bitter reality on the ground with his experiences in Africa and Brazil: When he shows up for raw material projects, he's usually the first German, but he has to realize that all other nations were already there and had staked their claims. While international players create facts with massive financial commitments, the Federal Republic often acts at a snail's pace, thus missing out on securing future raw material supplies.<\/p>

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A paradoxical element in this structure is the role of Donald Trump, who barely mentions the price of gold in his speeches, yet through his unpredictable policies, becomes the most powerful price driver for the precious metal. Erik Kirschbaum pointed out that the global uncertainty triggered by Trump causes investors to massively flee to safe havens. For the US administration, raw materials policy has long been a matter of national security, where economic reason often takes a backseat to protectionist goals.<\/p>

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In contrast, China operates with decades-long foresight and now controls seven percent of the entire African landmass. Christoph Hein emphasized that Beijing has a much broader definition of raw materials than the West and consistently invests in access to land, proteins, and fish stocks. This strategy is anchored in tough five-year plans, which are implemented with a discipline that is scarcely found in Western democracies today.<\/p>

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On the diplomatic world stage, China artfully positions itself as the new \u201egood guy,\u201c advocating for solidarity and a secure world order. While the US weakens international organizations like the WTO and \u201elets them fall into disrepair,\u201c Beijing consistently fills the resulting power vacuums. The fact that its actual actions are often far less altruistic plays a secondary role, as long as the narrative of reliability resonates internationally.<\/p>

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An example of the decisive US foreign policy under Trump was the spectacular seizure of the regime in Venezuela, which, according to Kirschbaum, was made possible by a betrayal within Maduro's immediate circle. While Europe primarily criticizes this step as a violation of international law, the US administration sees it as a necessary measure against international drug trafficking and for stabilizing the region. These differing perceptions highlight the deep rift in understanding international order between the continents.<\/p>

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According to Kirschbaum, a fundamental difference can be seen in the understanding of international law: While in Germany there is a great outcry about breaches of law, most Americans can hardly relate to the term, as in their eyes there is no effective world police. In a world without a referee, the US administration primarily values economic and military power, which further complicates the geopolitical situation for Europe.<\/p>

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Germany, as the world's most resource-dependent industrial nation, has absolutely missed the strategic move, according to Stefan M\u00fcller. Due to historical reasons, the Federal Republic persistently suppresses crisis potential, both militarily and economically. While countries like Japan were already building state structures for resource security over 15 years ago, German politics often falters due to the short-term nature of election cycles.<\/p>

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The situation is particularly critical for raw materials for future technologies such as artificial intelligence, modern defense systems, and space travel. While the oil market has passed its zenith, the market for critical minerals is extremely tight due to China's enormous domestic demand and the rise of India. The German mittelstand, which often only requires small quantities of specific raw materials like tungsten or antimony, is most at risk here.<\/p>

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The inertia of German bureaucracy proves to be a fatal competitive disadvantage in global competition. M\u00fcller explained that signing a simple non-disclosure agreement (NDA) with German authorities can take four months\u2014a timeframe that Chinese investors use to simply buy up the entire project. So far, politicians have not understood that this tough competition is primarily about money and speed.<\/p>

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M\u00fcller concluded with the forecast that it would likely take a \u201eBlack Swan event\u201c to force a real rethinking in Germany. Only when everyday products can no longer be produced due to a lack of raw materials could the necessary energy for real structural reforms emerge. Until then, the situation for Germany as an industrial location remains precarious, as the global competition for resources will become even tougher, more irreconcilable, and more expensive in the future.<\/p> <\/div>\n \n \n Show more <\/span>\n <\/a>\n <\/div>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The summaries of the presentations were prepared by Fragold Connect.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

Vortr\u00e4ge 2026 Programm herunterladen Unsere Keynote-Speaker Dr. J\u00fcrgen Michels \u2013 Chief Economist, BayernLB Frikadelle oder Hackfleisch? Warum Europas Zukunft von Zusammenhalt abh\u00e4ngt Die Weltwirtschaft steht vor einer Phase tiefgreifender struktureller Ver\u00e4nderungen. Geopolitische Spannungen, steigende Zinsen und neue industriepolitische Priorit\u00e4ten verschieben die wirtschaftlichen Kr\u00e4fteverh\u00e4ltnisse \u2013 mit direkten Auswirkungen auf Europa und die Edelmetallm\u00e4rkte. Der Vortrag von […]<\/p>\n","protected":false},"author":9,"featured_media":0,"parent":0,"menu_order":5,"comment_status":"closed","ping_status":"closed","template":"full-width.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-15403","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/zukunftsforum-edelmetalle.de\/en\/wp-json\/wp\/v2\/pages\/15403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zukunftsforum-edelmetalle.de\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/zukunftsforum-edelmetalle.de\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/zukunftsforum-edelmetalle.de\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/zukunftsforum-edelmetalle.de\/en\/wp-json\/wp\/v2\/comments?post=15403"}],"version-history":[{"count":61,"href":"https:\/\/zukunftsforum-edelmetalle.de\/en\/wp-json\/wp\/v2\/pages\/15403\/revisions"}],"predecessor-version":[{"id":15514,"href":"https:\/\/zukunftsforum-edelmetalle.de\/en\/wp-json\/wp\/v2\/pages\/15403\/revisions\/15514"}],"wp:attachment":[{"href":"https:\/\/zukunftsforum-edelmetalle.de\/en\/wp-json\/wp\/v2\/media?parent=15403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}