SmarterMarkets™ Gold for the 21st Century Episode 8 | Steve Lowe, Former Managing Director, Co-Head of Global Base and Precious Metals, Scotiabank
May 17, 2025
Steve Lowe, former Managing Director and Co-Head of Global Base and Precious Metals at Scotiabank, shares his wealth of experience in the gold markets. He discusses the urgent need for market infrastructure and technology to enhance accessibility and trust in gold investments. Lowe highlights the complexities of gold lease rates and their impact on risk management. The conversation also examines the role of gold as a stable asset amidst geopolitical uncertainties and the potential for innovative technologies to transform the gold supply chain.
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Episode notes
Scotiabank's Iconic Gold Business
- Scotiabank's gold business was iconic due to its broad presence across the physical gold value chain.
- This allowed deep client relationships and diversified revenue streams from financing to trading and clearing.
One-stop Gold Market Service
- Serving clients as a one-stop provider across financing and risk management was a rare unique advantage.
- Clients preferred the simplicity of working with one institution for all their gold market needs.
Regulation Forces Business Exit
- Scotia sold its gold business mainly due to fear of increasingly strict regulation and huge fines.
- Despite solid risk management, risk-reward skewed negatively due to regulatory pressures and high compliance costs.