Dubai Precious Metals Conference Examines the Future of the Global Industry
The Dubai Precious Metals Conference took place on the 9th and 10th of April at the Address Hotel, Dubai Marina. With the theme ‘Connecting Markets and the New Era of Global Trade’, the event hoped to bring together miners, investors, engineers, asset managers and professional services representatives from across the precious metals sector with an aim to explore the industry’s most pertinent topics. The discussions focused on how shifting geopolitics will impact the trade flows of precious metals.
The first day of the conference also included a discussion about the future for precious metals, including master classes on technology innovation from The Royal Mint. Speaking about the application of Blockchain technology in the industry, Dan Clegg, Director of Business Development at The Royal Mint said, “While thinking about how The Royal Mint establishes itself for the future, we realised that Blockchain currencies and gold had a lot in common, and where they had differences they seemed to compensate for one another. This was the motivation behind RMG, an innovative new product launching in 2017 that will provide the investment performance of the London Gold Market with the price transparency, real-time price discovery and trade execution of a traded security. We believe these features, coupled with the guarantee of zero ongoing annual management fees and free storage, represents one of the best and cost-effective ways to invest in physical gold today.”
The new platform will allow institutions to trade “Royal Mint Gold,” or RMG, a new digital token issued by the Royal Mint. Each RMG will represent the digitised version of 1 gramme of gold stored in the Royal Mint’s vault. Transactions will be recorded on a blockchain, technology that allows a network of computers to keep track of and verify asset ownership.