Metals Focus Precious Metals Investment Focus 2017/2018 - Degussa

Metals Focus Precious Metals Investment Focus 2017/2018 - Degussa

Metals Focus Precious Metals Investment Focus 2017/2018 - Degussa

Metals Focus Precious Metals Investment Focus 2017/2018

Metals Focus Precious Metals Investment Focus 2017/2018 - Degussa

Degussa. Proud sponsors of Precious Metals Investment Focus 2017/2018 The Degussa name is synonymous with quality and durability unsurpassed in the world of precious metals. Today, this rich history and tradition is carried by Degussa Goldhandel GmbH. As an internationally operating company handling gold, silver and platinum metals, Degussa is Europe’s market leader among independent precious metal traders. In addition to headquarters in Frankfurt am Main, Degussa ofers its extensive range of bullion products at ten locations in Germany as well as at its international branches in London, Singapore, Zurich, Geneva and Madrid.

Our bullion showrooms are complemented by the online Degussa webshop which ofers a fast, easy and lexible way of investing in precious metals. Investment gold, for example, can be purchased at the highest purities in either bar or coin form, and in a wide variety of weights to suit all needs.

With such passion for precious metals, Degussa also creates attractive objects from precious metals that make life more beautiful. The Degussa gold gift collection combines master craftsmanship with the real intrinsic value of precious metals and comprises jewellery, watches, statues, gift bars etc. Degussa furthermore ofers services such as buying gold scrap, secure storage, numismatics and a gold savings plan. The employees working for Degussa are all absolute experts in their ield, many with a banking background. On the precious metals purchase side, Degussa is stafed with craft-trained men and women, master goldsmiths and watchmakers among others.

Many of the employees have decades-long experience in precious metals trading, logistics and processing. Degussa – passion for precious metals.

Wolfgang Wrzesniok-Roßbach Chief Executive Oicer

Metals Focus Precious Metals Investment Focus 2017/2018 - Degussa

London Metal Exchange. Proud sponsors of Precious Metals Investment Focus 2017/2018 At the London Metal Exchange (LME) we have long held strong and positive relationships with the precious metals community. We’ve recently broadened the ofering for this market with the launch of LMEprecious – our collaboration with the World Gold Council and a group of leading industry players - introducing an innovative suite of precious metals products. LMEprecious provides the market with reliable and liquid tools for price discovery, trading and risk management with loco London delivery.

Traded on-exchange, physically settled and centrally cleared, LME Gold and LME Silver combine spot pricing with daily and monthly futures out to ive years.

The next phase of LMEprecious will deliver platinum and palladium futures, along with options contracts for all four metals. When you’re searching for opportunities in precious metals look no further than the London Metal Exchange. Email: lmeprecious@lme.com Web: lme.com/lmeprecious

Metals Focus Precious Metals Investment Focus 2017/2018 - Degussa

Precious Metals Investment Focus 2017/2018 Philip Newman Nikos Kavalis Oliver Heathman Neil Meader Philip Klapwijk Junlu Liang George Coles Peter Ryan Elvis Chou, Taipei Chirag Sheth, Mumbai Çagdas Küçükemiroglu, Istanbul Yiyi Gao, Shanghai Gary Gong, Shanghai Madeleine Hinton Daniel Macfarlane Pete Roberts Charles de Meester Carmen Eleta Neelan Patel Lisa Mitchell Unit T, Reliance Wharf, 2-10 Hertford Road, London, N1 5ET Telephone: +44 20 3301 6510, Email: info@metalsfocus.com Bloomberg Metals Focus Launch Page: MTFO Bloomberg chat: IB MFOCUS www.metalsfocus.com ISBN : 978-0-9935876-8-9 Metals Focus Precious Metals Investment Focus 2017/2018 PRODUCED BY WITH THE SUPPORT OF

Metals Focus Precious Metals Investment Focus 2017/2018 - Degussa

Precious Metals Investment Focus 2017/2018 About Metals Focus Metals Focus is one of the world’s leading precious metals consultancies. We specialise in research into the global gold, silver, platinum and palladium markets, producing regular reports, forecasts, proprietary data and bespoke consultancy. The quality of Metals Focus’ work is underpinned by a combination of top-quality desk-based analysis, coupled with an extensive program of travel to generate ’bottom up’ research for our forecasting reports and consultancy services. Our analysts regularly travel to the major markets speaking to contacts from across the value chain from producers to end-users, to obtain irst hand and unique information for our reports.

Copyright, October 2017 This Report (or any part of this Report) must not be reproduced, distributed, transmitted or communicated to any third party without express written consent from Metals Focus Ltd. In cases where the Report has been provided electronically, only the authorised subscriber, in respect of whom an individual user licence has been granted, may download a copy of this report. Additional user licences may be purchased from Metals Focus Ltd on request. The commission of any unauthorised act in relation to the work may result in civil or criminal actions.

Disclaimer Unless otherwise stated, Metals Focus Ltd are the owner or the licensee of all intellectual property rights in this Report. This Report (including any enclosures and attachments) has been prepared for the exclusive use and beneit of the addressee(s). Nothing contained in this Report constitutes an ofer to buy or sell precious metals or related securities or investments and nor does it constitute advice in relation to the buying or selling of the same. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content of this Report.

Whilst every care has been taken in preparing the information published in this Report, Metals Focus Ltd does not guarantee the accuracy or currency of the content. Metals Focus Ltd does not accept responsibility for any errors or omissions and accepts no liability for any loss or damage howsoever arising, nor to any third party in respect of this Report.

Metals Focus Precious Metals Investment Focus 2017/2018 - Degussa

Precious Metals Investment Focus 2017/2018 www.LME.com/lmeprecious www.sharpspixley.com www.degussa-goldhandel.de www.bseindia.com www.asahireining.com www.cmegroup.com/precious www.idelitrade.com www.perthmint.com.au DillonGage.com rsbl.co.in Metals Focus would like to thank the sponsors of the Precious Metals Investment Focus for their generous support.

Metals Focus Precious Metals Investment Focus 2017/2018 - Degussa

Precious Metals Investment Focus 2017/2018 uae.armaguardgroup.com www.randreinery.com www.bayernlb.com www.terrapinn.com www.jltspecialty.com graniteshares.com symposium.net.au www.ashokaglobal.ae www.bairdmint.com www.bloomberg.com

Metals Focus Precious Metals Investment Focus 2017/2018 - Degussa

Precious Metals Investment Focus 2017/2018 7 11 16 26 47 58 64 78 1. Executive Summary Introduction 7 Gold 8 Silver 8 Platinum 9 Palladium 9 2. Price and Market Forecast Introduction 11 Gold 12 Silver 12 Platinum 13 Palladium 14 3. Price Review Introduction 16 Gold 16 Silver 20 Platinum 22 Palladium 24 4. Mining Equities Introduction 26 Gold Mining 28 Gold-Silver & Silver Mining 34 Platinum Group Metal (PGM) Mining 38 Streaming & Royalty Equities 42 Focus Box: Mining Equities Proile 27 Focus Box: Streaming & Royalty Companies’ Proile 42 Focus Box: Precious Metal Mining Indices 43 Focus Box: Precious Metal Mining Funds & ETFs’ Proile 44 5.

Exchanges & OTC Market Introduction 47 Gold 48 Silver 53 Platinum 55 Palladium 56 Focus Box: Commodity Exchanges Proile 47 Focus Box: Precious Metals in the Over-the-Counter and Allocated Metal Account Markets 50 Focus Box: The New Era for Gold Benchmarks 52 6. Exchange Traded Products Introduction 58 Gold 59 Silver 59 Platinum & Palladium 62 Non-physically Backed and Basket ETPs 63 Focus Box: Precious Metal ETPs Proile 58 7. Physical Investment Introduction 64 Gold 66 Silver 71 Platinum & Palladium 76 Focus Box: Physical Investment Proile 64 Focus Box: The Changing Dynamics of Indian Physical Investment 67 Focus Box: Precious Metals Retirement Accounts 72 Focus Box: Gold Jewellery as a Form of Investment 75 8.

Appendices Contents

Metals Focus Precious Metals Investment Focus 2017/2018 - Degussa Metals Focus Precious Metals Investment Focus 2017/2018 - Degussa