Page 16 - Bullion World Volume 3 Issue 9 September 2023

Bullion World | Volume 3 | Issue 9 | September 2023

Keynote Address at IGC 2023

Transforming the Gold Industry:

A Vision for the Future

Mr David Tait, Chief Executive Officer-World Gold Council

• Good morning and thank you for institutional level (at least in the
inviting me to speak. It is my first western part of the world).
time at India Gold Conference
and this beautiful city of Kolkata. • We know, from our own
My name is David Tait, CEO of research, that 50% of people
the World Gold Council. don’t trust gold, which has led to
warnings not to buy the product
• Before taking the role as the from regulators. I asked myself,
CEO of the WGC, I spent 35 who could I turn to check the
years in investment banking and Integrity of the product?
HF’s - GS, BC and lastly Credit
Suisse. • Second, it was clear that 60
% of people literally don’t
• During my last 5 years at Credit understand gold or how to safely
Suisse, I ran the firm’s Global access or invest in the asset,
Macro division, overseeing Int again leading to warnings not to
Rates, FX, Commodities and buy the product from regulators. Mr David Tait
Electronic trading. I was left asking, where do I go Chief Executive Officer
or how do I safely access this
• But most significantly, I was product 24-7?
also the person who shut
down Commodities trading at • Third, I recognised a highly
CS – which obviously included fragmented global gold market.
precious metals. I have likened it to medieval
England, with various Kings
• Why? Because it was simply too and fiefdoms ruling over their for our industry’s future? Has its
difficult, risky and expensive to own patch, working together development been little more
be involved with. in a haphazard and inefficient than Darwinism?
manner.
• But, at the time it wasn’t my job • Incidentally, I was recently asked
to figure out why it was difficult, • I was confused - why were by a journalist: “what does this
risky and expensive. the markets not joined up and Utopia you imagine look like for
Fungible and hence much more the gold industry? And I said, I
• I simply saved myself $1/2 bio attractive to global investors and can see that very clearly in my
and improved my ROC, just by asset managers? mind.
closing the operation.
• And finally, there appeared a • I see a totally secure, immutable,
• However, now it is my job, and lack of Global Governance and totally inclusive global ecosystem
the job of the WGC to figure out regulatory oversight - unlike for all gold, presided over by
why. other parts of the financial utterly trusted gatekeepers, such
market, there is no overarching that people know for certain that
• So, with this in mind, after I entity or body drawn from the their gold has unimpeachable
joined the WGC, I recognised entire supply chain working credentials.
four issues. for and on behalf of the gold
industry. • I see a time when it is
• First, I recognised a huge lack understood by all, that only
of trust in gold both at retail and • I asked – Who’s got responsibility gold from this ecosystem is

16