Often barely mentioned at such events the Dubai Precious Metals Conference to be held on April 29th in the Almas Tower under the auspices of the Dubai Multi Commodities Centre is giving centre stage to silver this year.
There will be a panel discussion on ‘Developing the white metals markets in the region’ as well as a presentation entitled ‘Silver: has the bubble burst?’ from Sharpspixley CEO Ross Norman. ArabianMoney cannot actually recall silver ever getting so much attention in a one-day conference in Dubai.
Lead sponsors are Standard Bank and Emirates NBD, the biggest banks for precious metals in the city respectively for commercial and retail clients. The event kicks of with a review of the world economy and what it means for precious metal prices, and a snapshot of the bullion markets across Middle East and North Africa.
‘We will be taking a detailed look at where prices are heading for precious metals and looking at negative as well as positive views,’ said Gerhard Schubert, head of precious metals at Emirates NBD who spoke to ArabianMoney recently (click here). ‘But for us the gold price is irrelevant, we just think five to 10 per cent of precious metals in any balanced portfolio is sensible’.
DMCC chairman Ahmad bin Sulayam said Dubai would probably account for around 20 per cent of physical gold movements in the world in 2012: ‘We have evolved into a logistics hub between Africa and India with Emirates Airline particularly important in this regard’.
India and China are vying for the first position as global gold consumers with both taking around 950 tons per annum. ‘Dubai is the gateway for gold going to India,’ said Mr Bin Sulayem. ‘The DMCC and its clients have been developing the precious metals market in many directions, including our new bullion coins that we hope will rank alongside golden pandas and krugerrands.’
The Almas Tower where the conference is being held later this month is not only the tallest commercial tower in the Middle East but sits on top of the region’s biggest vault for precious metals. Around 250 delegates are expected to attend to hear 18 expert panelists and speakers.
Dubai is already the City of Gold, could it become the city of silver too? This website has already noted the popularity of 1kg silver bars in the Old Gold Souk and a controversial $50-60 price target for silver by September (click here). Dr Marc Faber also told us about his enthusiasm for silver when he visited Dubai recently (click here).
Silver is the ArabianMoney pick of the year for 2012 and silver investment vehicles feature regularly in our monthly newsletter that looks at the financial world from an Arabian perspective and asks how best to actually invest (subscribe here).