From Perth to Chicago

Last week’s “Introduction to Loco London” course offered by  London Bullion Market Association (“LBMA”) was notable for the range of participants in different timezones.  We had a dedicated early bird who joined us at 3am Chicago time and we saw the glow of a sunset in the backyard of our Australian participant.

This introductory course covers numerous aspects of precious metals markets and is ideal both for new entrants and those looking for a refresher or a chance to fill in knowledge gaps.  Groups are kept small to encourage discussion around the formal course materials.  Last week we had excellent first-hand insights into “behind-the-headline” events such as difficulties of transporting bullion at the onset of COVID-19 and the dislocation between London and New York gold prices.

 “It was definitely worth spending at day to receive a simple, easy and overall overview of the LBMA Market and its mechanisms”

 “Very good course, very informative and exactly what I was looking for”

Due to the global interest in the course, the next two dates in are timed for the US (5-Nov) and for Europe (12-Nov).  Check out Upcoming Courses for links to find out more and to reserve your place.

Back to school

As UK children start to go back to school, it was a timely reminder that all of us should take time to improve our knowledge.  Today’s eighth webinar in the  LMEEuromoney series worked through a specific example of managing price risk with a LME traded option.  Particular attention was paid to what happens when an option is declared (i.e. exercised) or abandoned.  The range of potential outcomes was compared to using futures to manage the same risk to illustrate the differences between the two classes of instruments.

“Good informative webinar” Refinitiv

“Great to use working examples” Standard Chartered Bank

The next webinar is scheduled for 2nd November and will explore the range of outcomes when options with different strikes are used to manage a given risk.  All webinars can be accessed here.



10 out of 10 (almost)

The first “Introduction to Loco London” course offered by  London Bullion Market Association (“LBMA”) ran last week and feedback has been tremendous.

The attendees were an almost perfect cross-section of the bullion market.  Producers, refiners, central banks, bullion banks, vault operators, LPMCL members, physical traders, mints, investors and researchers were all represented.  Several contributed their own professional experience which added an extra dimension to the discussions.

“The course was really well delivered with a great facilitator who kept us all engaged throughout the day.” Royal Canadian Mint

 “Clear, concise, easy to understand. Excellent use of time. Plenty of attention to answering questions. I thought the content was just the right blend on topics.” Goldmoney

“The level of engagement was spot on, not too much, not too little. Very well done and thank you for the unique experience.” ICBC Standard

“The trainer spoke clearly and it was easy for a non-native English speaker to understand” Paloma Precious

Detailed comments from this first group have been acted upon already and the next course should be even closer to that elusive perfect 10.

Check out Upcoming Courses for links to find out more and to reserve your place.  Note that September has almost sold out already, and dates for New York and London timezones are both offered in November.

London Calling

This week’s London Metal Exchange / Euromoney Learning introductory courses were nominally “in” London, but attendees were in Dubai, New Jersey, Johannesburg, Zug, Dublin and a dining room in Essex, as well as in London.  The occasional cute unregistered attendee Zoom-bombed their parents with a shy look at the screen and a timid wave before running away.  Who knew that home schooling could include LME derivatives?

A very well structured course … with a very knowledgeable and engaging speaker” Bank of England

“I was sceptical of how effective a Zoom course could be, having attended a classroom course before. However I was pleasantly surprised at how well organised this one was. I would consider a Zoom course again.” BNP Paribas

“This course helped me immensely” Afrimet Resources

The next virtual courses are “in” Dubai (15-17 September) and “in” London (20-22 October, LME Week).  The next in-classroom course is scheduled for London, 23-25 November, subject to government and health and safety guidelines.  Check out Upcoming Courses for a full schedule and links to secure your place.

Going (or not going) Dutch

A series of training courses scheduled for Amsterdam were an early casualty of COVID-19. With less than 24 hours to go before the flight, measures to limit the virus spread meant the courses could not proceed.  The courses were reconfigured for virtual delivery and went ahead over the last fortnight. 

“Although, we planned to make this as a physical meeting months ago, it was also very convenient this way.”

“Thanks for the really appreciated training, excellent presentation, Zoom organization and cherished energy“

Course feedback confirmed that many participants found the virtual delivery better than expected, and almost all see a role for virtual training continuing even when in-person in-classroom training can restart.

Check out Upcoming Courses for our full course schedule.



Silver (and golden) lining

Since the beginning of the year, the ominous cloud that is COVID-19 has expanded to cover the entire globe.  They say every cloud has a silver lining, and COVID-19 has proved to have a silver and golden lining.

The London Bullion Market Association (“LBMA”) engaged us to design and deliver an in-classroom training course on the basics of the loco London precious metals market for launch towards the end of 2020.  Due to the outbreak of COVID-19, the course has been reconfigured for virtual delivery with course dates brought forward to July and September.  The LBMA volunteered its own staff for a test run last week, and feedback was tremendous.

“Interesting for those with no previous knowledge whilst also being insightful for those already working within the industry”

“Activities and break-out rooms were used effectively to consolidate information learnt”

“100% would recommend this to anyone in the industry”

Check out Upcoming Courses for links to find out more and to reserve your place.

Where do I start with options?

Today’s seventh webinar in the  LMEEuromoney series took a first look at options. It explained basic option vocabulary and clarified what it means for an option to be in-, at- or out-of-the-money.  There was an overview of the option declaration procedures for both LME traded options and LME TAPOs.

“Very clear explanations. I found this very helpful” Investment manager

The next webinar is scheduled for 8th September and will describe in more precise detail the mechanics of declaring and abandoning LME traded options.  All webinars can be accessed here.




Thumbs up for the virtual classroom

Last week’s London Metal Exchange / Euromoney Learning introductory courses were nominally “in” New York, but in reality, the trainer was in Ireland, and participants were in India, Bulgaria, the UK, Peru, Chile and Mexico.  While the experience is different to being in-classroom, it appears to be suiting some attendees very well.

“I am surprised.  I think this virtual learning actually suits me better.  It seems easier to learn while I’m comfortable at home.” Fastmarkets

“I couldn’t justify the expense of travelling to New York for a single day of training.  A virtual course meant I could attend.  It totally worked for me” Glorem

The next course is “in” London on 14-16 July.  Check out Upcoming Courses for a full schedule and links to secure your place.

A New Normal

Last week’s London Metal Exchange / Euromoney course proved the concept: training can be delivered effectively over virtual platforms.  COVID-19 forced a new normal on us. We have risen to the challenge and adapted.  The courses featured interactive learning and exercises in small group sessions to foster the group dynamic.  The overall feel was close to an in-person in-classroom experience, and most importantly, it was a significant improvement on a passive webinar.

“Astonishing. There was so much information and it didn’t feel like a video conference.  It felt like you were in the room with me” IMR Metal Powder Technologies

 “I did not feel that it was done virtually at all and it was quite seamless.” Natixis

“Emma did a great job adapting the course to the virtual format and also interacting with participants.” Vale

“I also really enjoyed the mini group sessions. Excellent overall!!!!” DMX Holdings Pty Ltd

So now there is no need to be limited by your location, and you save on travel costs and time way from the office.

The June and July courses will service the US and European timezones respectively.  Check out Upcoming Courses for a full schedule and links to secure your place.

Keep calm and carry on

This week’s sixth webinar in the series of LMEEuromoney seminars delved into more detailed uses of LME carry trades, looking at hedging less liquid prompt dates and locking in the shape of the forward curve.  At this difficult time, it was heartening to see so many participating in the live webinar, and engaging with the audience polls and Q&A.  It is proof that the world adapts and carries on.

The feedback speaks for itself:

“Amazing webinar! Couldn’t be better! Impressed! Both the stuff/material provided, the duration and the practical examples are excellent! Thank you so much.”

“I like the pace of these sessions. It is very clear. It covers complicated topics but explains it in a very digestible way.”

The next webinar is scheduled for 17th June and will start to look at the types of options available on the LME.  All webinars can be accessed here.