THE World Platinum Investment Council (WPIC) said today it would appoint Trevor Raymond, currently head of the organisation’s research, as its new CEO following the planned retirement of Paul Wilson, CEO since inception in 2014.
The appointment is effective from October 1.
“Trevor will be a natural successor to Paul, bringing 30 years of experience in equity and metals markets and a deep understanding of the WPIC,” said Roger Baxter, chairman of the WPIC in a statement.
“He is passionate about WPIC’s mission to embed platinum investment as a key global demand segment,” Baxter said, adding that the appointment followed a “vigorous search process”.
Raymond said there was “great opportunity” to increase investors in platinum. “Our success will strongly support platinum’s role in global decarbonisation, as investment demand helps bridge any mismatch between demand growth and supply growth,” he said.
Platinum, once dominant in the platinum group metals family and which traded in line with gold investment, has become less favoured following a build up of above surface stocks. As a result, automaker manufacturers sought out cheaper metals such as palladium.
Commenting in its latest market commentary this month, the WPIC forecast an increase in the platinum surplus for 2022 totalling 974,000 ounces following a second quarter surplus of 349,000 oz. The deterioration in the forecast came despite declines in metal supply from Russia and from the recycling sector which was affected by semi-conductor shortages.