Executive Programme in Gold Reserves Management 2016

The Executive Programme in Gold Reserves Management is the World Gold Council's flagship training programme for central bankers and finance ministry officials from around the world.

Led by distinguished scholars from Cambridge, experts from the World Gold Council, leading gold industry insiders, and policymakers from both central banks and international institutions, the Executive Programme covers three groups of topics:

  • gold market fundamentals
  • technical aspects of holding and trading gold
  • portfolio management and optimisation

The programme also acts as a global forum for central bankers and ministry officials throughout the world to exchange views and share best practices in gold reserve management.

It will conclude with a lunch in the UK Parliament on Friday.

This programme is limited to executives at central banks and finance ministries from around the world.

Why join the programme?

Since the financial crisis, for the first time in decades, central banks have become net buyers of gold. Collectively, central banks now own one-fifth of the world's gold stocks - worth about US$1.2 trillion.

Analysing bonds and currencies comes naturally to central bank executives; this programme provides the tools and framework required for a similarly rigorous analysis of gold.

The Executive Programme in Gold Reserves Management brings together senior central bankers and finance ministry officials from around the world to learn from gold market experts and each other's practices.

Topics covered during the programme include:

  • The global economic outlook and the role of gold
  • Gold as a reserve asset
  • The global gold market infrastructure
  • The liquidity of gold and its performance during crisis periods
  • Gold market trading strategies
  • Accounting for gold
  • Portfolio management and optimisation

Participants will leave the programme with:

  • A fundamental understanding of gold - with a view on how supply and demand, economic conditions, and asset prices impact gold in various currencies.
  • Technical aspects of managing gold that are required to make critical portfolio management and trading decisions.
  • Practical aspects of owning gold, including the analysis of lease rates, the mechanics of vaulting, and the importance of quality standards.
  • Historical context of gold, with its central role in the monetary system during the gold standard and lessons for the development of any renewed international monetary framework.
Total global demand for gold in 2015 was 4,212 trillion. Central Banks annual purchases crept up to 588t in 2015, second only to 626t in 2013.

Speakers at the Executive Programme include:

Murat Çetinkaya

Governor, Central Bank of the Republic of Turkey

Dr David Chambers

Reader in Finance, Academic Director of the Newton Centre for Endowment Asset Management (CEAM), Cambridge Judge Business School

Ezechiel Copic

Director, Central Banks and Public Policy, World Gold Council

Natalie Dempster

Managing Director of Central Banks & Public Policy, World Gold Council

Heidi Elmér

Head of Markets Department, Riksbank

Dr Tatiana Fic

Director of Central Banks & Public Policy, World Gold Council

Benoît Gilson

Head of the FX and Gold Desk, Bank for International Settlements

Matthew Keen

Former Director of Precious Metals, Deutsche Bank and Chair of the London Gold Fix

Erkan Kilimci

Vice Governor, Central Bank of Turkey

Michael Kitson

University Senior Lecturer in International Macroeconomics, Cambridge Judge Business School

Azzedine Lazizi

Senior Investment Officer, Financial Advisory and Banking, The World Bank Group

Sakhila Mirza

General Counsel, London Bullion Market Association

John Nugée

Former Chief Manager of Reserves, Bank of England and Senior Adviser to OMFIF

Brian Penny

Executive Vice President & Chief Financial Officer, New Gold

Marwan Shakarchi

Chairman of MKS (Switzerland) SA

Kenneth Sullivan

Principal, Sullivan Consulting

Cambridge – a unique environment to learn and network with peers

The University of Cambridge Judge Business School is a centre of rigorous thinking and high-impact transformative education, situated within one of the world's most prestigious universities. The Executive Programme takes place at two of Cambridge's acclaimed colleges, Downing College and St Catharine's, with four nights' accommodation in the heart of Cambridge.

The day-to-day learning experience is enhanced with some unique networking experiences each evening, including an exclusive debate in the Cambridge Union Society debating chamber, a talk in Queens' College dining room and a dinner at the Fitzwilliam Museum. The programme concludes with a lunch in the UK Parliament on Friday.

Downing College
Downing College
Fitzwilliam Museum
Fitzwilliam Museum

The World Gold Council is the global authority on gold and its uses and the first source of informed opinion and advice for stakeholders and decision makers. We use this knowledge to develop insights into the future role that gold can play across a number of sectors and then, in collaboration with partners, intervene to deliver solutions and create new markets, and to increase and sustain the demand for gold.

The reserve asset management programme at the World Gold Council is a regular contributor to discussions on the role of gold in reserve asset management. We provide in-depth analysis assessing how gold can help to manage macro-economic risks and enhance liquidity in periods of financial distress. Regular publications from our in-house thought leaders and industry experts, along with prominent academics and think tanks, provide informed views, research, and high-level advisory services to central bankers and policymakers around the world.

World Gold Council logo

Apply now

This programme is limited to executives at central banks and finance ministries from around the world.


Dates | 19-23 September 2016

Please note: Programme places are limited; early registration is highly recommended.


Bookings by 1 April 2016 | US$3,250

Bookings after 1 April 2016 | US$4,500


For any questions about the programme, please contact the World Gold Council by email at executiveprogramme@gold.org or call +44 (0)20 7826 4757.


Previous attendees at the Executive Programme said:

"My understanding of gold has deepened, especially regarding its diversification quality."

"A useful learning experience with a lot of valuable industry insights."

"The case studies were very useful to see how differently the groups approached the cases and their recommendations."