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Editorial

By Albert Cheng, CEO, SBMA

After a strong start to the year for gold and the wider economy in general, the past weeks will certainly go down in the history books. The market turmoil sparked by the Covid-19 outbreak is reminiscent of market conditions following the 9/11 and the 2008 global financial crisis. But the current Wall Street sell-off highlights gold’s liquidable nature, particularly during rainy days, and only strengthens its value as a safe-haven asset.

For this issue of Crucible, we have invited contributors from different geographies to provide their perspectives on the impact the outbreak is having on the bullion industry in their respective countries/regions. One thing is clear, Covid-19 has not only impacted the financial industry, but almost everything else, from the way we work to our social activities. In Singapore, SBMA is monitoring the situation closely, and the Management Committee has regretfully decided to cancel the Asia Pacific Precious Metals Conference (APPMC), originally scheduled for June 7-9, 2020, and will focus our efforts on next year’s edition.

The past teaches us that even the biggest crises end at some point. The situation in China is already stabilising thanks to the Chinese government’s strict measures to curb the virus. Global and coordinated stimulus is needed, and we are moving in the right direction. Public health and monetary response by authorities are materialising, although more might be needed in the coming weeks in Europe and the United States, I am sure central banks and governments around the world will do everything in their power to support the economy and put this external shock behind us.

Stay vigilant, alert, and healthy and I hope to see you next year at APPMC 2021 on June 6-8.

Albert Cheng

CEO, Singapore Bullion Market Association


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