latest from our blog: May 7Metals Focus publishes the inaugural Gold & Silver Mining Focus Apr 6The Metals Focus team will attend the Dubai Precious Metals Conference Jan 20Chirag Sheth joins MF team.

Who We Are

Metals Focus is one of the world’s leading precious metals consultancies. We specialise in research into the global gold, silver, platinum and palladium markets producing regular reports, forecasts and bespoke consultancy.

The Metals Focus team has a large range of contacts across the world and we regularly present at international conferences and seminars on precious metals. We are also frequently quoted in the media for our views on the precious metals markets.

The quality of Metals Focus’ work is underpinned by a combination of top-quality desk-based research, coupled with an extensive program of travel to generate ’bottom up’ research for our forecasting reports and consultancy services.

Our analysts regularly travel to the major markets speaking to contacts from across the value chain from producers to end-users, to obtain first hand and unique information for our reports.

Philip Newman

Philip Newman is one of the founding partners of Metals Focus Ltd. Prior to forming Metals Focus, Philip was Research Director at GFMS, where he spent 19 years. During his time there, Philip was responsible for precious metals research in the United States, parts of the Middle East and the United Kingdom. A key contributor and project manager of GFMS’ Surveys and consultancy projects, Philip was also a regular speaker at international events, including the LBMA and IPMI conferences.

Philip earned a BSc (Hons) Economics from the University of Surrey.

Nikos Kavalis

Nikos Kavalis is a Director and one of the founding partners of Metals Focus Ltd. Nikos has nine years’ experience working as a metals analyst/strategist. Prior to founding Metals Focus, Nikos worked as a commodity strategist for the Royal Bank of Scotland in London. Before that, Nikos worked for GFMS, spending five years in the company’s precious metals and three years in its base metals division.

Nikos holds a BSc in Econometrics and Economics from the University of York and MSc in Econometrics and Mathematical Economics from the London School of Economics.

Charles de Meester

Charles de Meester is one of the founding partners of Metals Focus Ltd. Prior to forming Metals Focus Charles was Sales Director at GFMS, where he spent 6 years. Charles has also worked for Brook Hunt, CRU and DataStream.

Oliver Heathman
Consultant Mining Analyst

Oliver principally works on Metal Focus’ global mine supply, producer cost and producer hedging research. Before joining Metals Focus Oliver worked for three years at GFMS, prior to which he spent two years as a geotechnical engineer.

Oliver holds a BSc (Hons) Geology from the University of Bristol and an MSc Mining Geology from Camborne School of Mines.

George Coles
Research Analyst

George joined the Metals Focus team as research analyst in September 2013 and contributes to research and analysis on precious metals, including the Gold Mine Cost Service.
Before joining Metals Focus, he worked for five years at GFMS, where he undertook research on global gold mine production, the cost of production and forward-looking analysis.

George holds a BA Business Economics from the University of Reading.

Junlu Liang
Senior Analyst

Junlu joined the Metals Focus team as a senior analyst in November 2013 and contributes to research and analysis on precious metals.
Before joining Metals Focus, she worked for five years at Thomson Reuters GFMS, formerly GFMS. At Thomson Reuters, she undertook research on the official sector and investment and was responsible for the precious metals research in China.
Junlu holds a BA in International Economics from Beijing Foreign Studies University and MSc in Economics from London School of Economics.

Patricia de Saxe
Research Analyst

Patricia de Saxe graduated from The University of the Witwatersrand in 1982 with a degree in the earth sciences and continued with business studies thereafter at UNISA. She has worked in the platinum industry as a market analyst since 1987 with a brief foray (two years) into the stainless steel and ferrochrome industry. Her previous position was as a market analyst at Anglo American Platinum where she worked for fifteen years. She resides in Johannesburg and has two adult children.

Elvis Chou

Elvis Chou graduated from the National Chiao-Tung University with a Masters Degree in Material Science and Engineer, and a Bachelors in Mechanical Engineering.
Elvis has over 15 years’ experience in the precious metals industry, including serving as the Technical Services Manager and Program Manager at Honeywell Electronic Materials, and as a Director and Regional Product Manager for precious metal recycling/refining at Solar Applied Material Corporation. Elvis also served as a Business Development Director at Solar across various industrial segments, including semiconductors, LEDs, PCBs, and petrochemicals.
Most recently, Elvis was the Asia New Business Development Director at Materion Corporation, where he developed strategic marketing plans for precious metal cross multiple industries and countries.

Simon Yau

Simon has 25 years of experience working in the Chinese gold market. In the last 20 years, Simon has spent most of his time working with the World Gold Council (WGC) on the development of the Chinese gold market. Simon also has strong ties with the Hong Kong and Chinese jewellery industry and, while working for the WGC, led the K-gold campaign that created and developed 18K fashion gold jewellery in China. Simon started his career at an international advertising agency, Ogilvy & Mather.
Simon holds an MBA from the University of Hull and a Marketing degree from The Chinese University of Hong Kong.

Chirag Sheth

Chirag Sheth started his career as a commodities analyst tracking precious metals in 2004. He joined UBS India in 2007 where he was part of Wealth Management Research looking at precious metals and energy. In 2009, he joined Latin Manharlal Commodities as Head of Commodities. Chirag gained his Bachelors in Management in 2002 and a Post Graduate in Management with specialisation in Finance in 2005. He is a visiting faculty member at MET Institute of Management and FTKMC. Chirag also regularly features on business news channels in India.

Cagdas Kucukemiroglu
Research Consultant

Cagdas has over 14 years’ experience within the commodities industry, eight of which have been spent in precious metals. His recent roles have included Investor Relations Manager at Goldas Jewelry, and Deputy Director at the Atasay Jewelry Group. Cagdas holds a BA degree in Economics from Bogazici University and an MBA from the Koc University in Turkey.

Carmen Eleta
Regional Sales Director

Carmen is the Metals Focus’ Regional Sales Director for Latin America, Europe (except UK), Middle East, CIS, and Asia (except China and Hong Kong). She has over 5-year experience in the precious metals markets working for GFMS and now for Metals Focus.

Jadwiga Zajac
Office Manager

Jadwiga Zajac joined Metals Focus in July 2013 as Office Manager. She previously spent 18 months working for Thomson Reuters GFMS as Sales Administrator and Account Manager. Jadwiga has several years’ experience working in customer service and administration and holds a Masters Degree in Philosophy from the Jean Paul’s II Catholic University of Lublin, Poland.

Our Services

Precious Metals Weekly

MF Precious Metals Weekly 231213This report discusses the latest developments in the precious metals space, their implications for the markets and Metals Focus’ near-term views.
Sponsorship and advertising opportunities are available for this report, as well as co-branded or white label versions for external distribution.

Precious Metals One-Year Forecasting Monthly

MF Precious Metals Monthly - January 2014This monthly report offers a one year forecast for Gold, Silver, Platinum and Palladium. The reports also discuss and comment on the upside and downside risks.

The Precious Metals Five-Year Forecasting Quarterlies

Gold 5-Year Forecasting Quarterly - April 2014

Available for Gold, Silver, Platinum and Palladium each quarterly report delivers a five-year forecast; included in this are price forecasts, projections on the main supply and demand components and the key factors that Metals Focus expects to drive these developments over the next five years. These reports set out what could happen to each metal under three different scenarios; base case, bullish and bearish and back each up with detailed commentary and analysis.
The reports quarterly are available for sale as three separate services or as a package.

The Gold and Silver Dore Flows Service


This service offers a detailed insight into the global flow of gold and silver dore from mine site to refiner. For anyone with an interest in the transportation, financing or refining of dore, whether acquiring or safeguarding supplies, this service offers a unique source of market insight. The information is presented on a mine-by-mine or project-by-project basis.

All major gold and silver mines and projects are covered in this service, along with dore production volumes, including the gold/silver content, as well as the current refining destination for each dore stream (refinery/company and country, where available). The historic series dates back to 2010, with forward-looking output projected out to 2025. This service also offers expiry dates of existing refining contracts (where available). This is a bi-annual service, comprising of a concise, focused report, coupled with a comprehensive dataset delivered in Excel.

The Gold and Silver Mining Focus Service


Under the auspices of the Denver Gold Group, this service offers detailed industry wide cost and production research. This service provides a global performance benchmark for the industry, by offering a comprehensive summary of gold and silver supply dynamics.

The Gold Mine Costs Service


The Metals Focus Gold Mine Costs Service provides:
• Miners, financial institutions, governments and other gold stakeholders with detailed forward-looking insights into the underlying drivers for gold costs.
• The service offers a suite of historic cost data (both on a quarterly and annual basis), in addition to detailed forward looking cost analysis of over 250 gold mines and projects globally out to 2040.
• Cost are analysed using cash operating costs, total cash costs and total production metrics, in addition to the newly defined World Gold Council All-In Sustaining Cost and the fully loaded All-In Cost metrics.
• Delivery of all data is via Excel, with workbooks refreshed and ready to download on a regular basis.
• In addition, clients will also be sent an accompanying quarterly report flagging the major cost trends both globally and regionally, including a project for future cost drivers.

Gold Mining Peer Group Analysis

This quarterly service initially looks at the top 10 gold producers as a peer group, and analyses their performance using a wide range of metrics covering:

MF Gold PGA - Q3 2013Production & Cost Statistics
Producers Margins
Capital Expenditure
Cash Flow Analysis
Balance Sheet Analysis
Investor Returns
Market Ratios

The service provides a summary report, as well as an interactive workbook (in Excel) from which you can analyse and chart the various performance metrics.

This service is aimed at:

Gold producers: Investor Relation Teams, Strategy, Financial Directors
Industry Stakeholders: Equity Investors, Corporate Bondholders, Hedge Funds and Ratings Agencies

And addresses these questions:

What is the global context for the industry we operate within? Who are over performing and who underperforming and why?
Where are the corporate opportunities? How do key metrics on capital allocation compare with the peer group?

Investor Relations:
Where are the strong and weak points for the company we represent? What metrics should we push investors to focus on?
Can we see evidence in relative performance from any internal initiatives?

Corporate Bond Holders:
What are the real cash costs metrics in this sector? Whose debt is increasing the most to levels that demand attention?
What are the real margins for issuers of debt? How geared are these companies to the gold price?

Which companies might be looking for equity support? Which is the best value/least value on cash flow and earnings measures? Which are the most stable valuation metrics?
Who really is performing best on reducing costs? Who is overspending and just an importantly under spending on capex?

Tailor-made consultancy services

Metals Focus covers the precious metals space from the mine to the market. We can provide in-depth consulting services to mining companies, corporations, investment funds, central banks, financial institutions and governments based on our extensive precious metals research.

We are independent and concentrate solely on the precious metals space, which gives our clients focused quality research. The customised services we offer range from specific research studies to customer guidance and strategic advice through presentations and conference calls.


Metals Focus publishes the inaugural Gold & Silver Mining Focus

Today, Metals Focus is delighted to announce the publication of the Gold & Silver Mining Focus, which has been produced under the auspic…Read more

The Metals Focus team will attend the Dubai Precious Metals Conference

The Metals Focus’ team will be attending the Dubai Precious Metals Conference on 6th and 7th April. One of the company’s directo…Read more

Chirag Sheth joins MF team.

Metals Focus is pleased to announce that Chirag Sheth joined our team as consultant. Chirag Sheth started his career as a commodities analys…Read more

New additions to the MF team: Simon Yau and Elvis Chou.

We are delighted to welcome on board our new consultants: Elvis and Simon. Elvis Chou graduated from the National Chiao-Tung University wit…Read more

MF is looking to hire an analyst/consultant with a Middle East focus.

Metals Focus is looking to recruit a consultant/analyst to focus on the Middle Eastern precious metals markets. We are looking for someone i…Read more


Metals Focus
Unit 33, Waterside
44-48 Wharf Road
N1 7UX

For sales and queries please contact Charles de Meester
Mobile: +44 7809 125 334
Direct: +44 203 301 6513

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