Heraeus Precious Metals Forum Americas 2025

Steffen Metzger, CEO | Heraeus Precious Metals 

 Steffen studied physics and mathematics at Ludwig-Maximilians-University in Munich as well as Oxford University and completed his doctorate in mathematical physics at the École Normale Supérieure in Paris. He then joined the management consultancy Oliver Wyman as a consultant and project manager before moving to the semiconductor manufacturer Infineon in 2011, where he held various management positions. In 2022, he joined the Group Management Committee of the Heraeus Group, where he was responsible for the Semiconductor and Electronics platform.  

Since June 2024, he has been CEO of Heraeus Precious Metals. 

David Holmes, Senior Vice President | Heraeus Precious Metals North America

David is the Senior Vice President for Trading and Sales at Heraeus Precious Metals New York LLC. He is responsible for funding and price risk management of precious metals to Heraeus sites in the Americas. The trading team offers the same physical metal service to external customers principally from the industrial sector. David joined Heraeus in September 2014. Prior to joining Heraeus, David commenced his career in 1980 working exclusively on precious metals trading desks with experience in both trading and sales at financial institutions ranging from AIG to Commerzbank. David graduated with an honors degree in Economics from the University of Kent at Canterbury. 

Brett Ryan, Senior US Economist | Deutsche Bank Securities 

Brett Ryan has been a Senior Economist at Deutsche Bank for the last 15 years, covering the US and Canada. Brett is responsible for DB’s macro-economic forecasts and regularly publishes research on US macro-economic policy issues for institutional clients and corporate management teams. Brett is frequently cited in the financial press and appears at investor conferences. Prior to his economist role, Brett spent five years in institutional equities at Deutsche Bank. Brett has a Bachelor of Arts degree from the University of Pennsylvania, majoring in politics, philosophy and economics. 

US economic outlook: Settling into the New Abnormal

The Trump Administration and Republican majorities in both houses of Congress have brought about substantial changes across trade, immigration, fiscal policy, and regulation. These policy shifts have resulted in elevated volatility across global markets and will have uneven effects on the US economy over the coming quarters. Monetary policymakers may be presented with difficult trade-offs as a new Fed Chair takes the reins next year.   

Joe Cavatoni, Senior Market Strategist | World Gold Council

Joe joined the World Gold Council in 2016 and is currently serving as the Senior Market Strategist for North America. Additionally, Joe serves as Principal Executive Officer for the World Gold Trust Services, LLC; President and Principal Executive Officer of WGC USA Asset Management Company, LLC.

With over 30 years of experience in the financial services industry (including 15 years working in Asia), Joe’s expertise is in global capital markets, exchange traded funds, asset management, trading, and business/platform development. Prior to joining the World Gold Council, Joe acted as Managing Director at BlackRock where he was responsible for iShares Capital Markets – Americas. Prior to BlackRock, he held senior positions at UBS, Merrill Lynch and Bank of America focused on equity derivatives trading, securities financing, and lending.

Joe’s career is centered around discovery – finding the best way to turn business plans into viable commercial activities and looking for innovative ideas that “break the mold.”

What’s next for gold? 

Gold has been one of 2025’s standout performers, climbing nearly 27% year-to-date and consistently holding above the $3,300/oz mark. Central bank buying, persistent inflation, and geopolitical risk have all fueled the rally, making gold a top-tier safe-haven asset. But after such a strong run, the pressing question is: what comes next for gold?

Will the Federal Reserve’s expected pivot toward rate cuts add further momentum, lowering the opportunity cost of holding gold? Could continued demand from Asia and sustained ETF inflows push prices toward the $3,600–$3,700 levels that some analysts are calling for? Or will a period of consolidation set in, with gold retracing as investors take profits and risk sentiment stabilizes?

As we look toward year-end 2025 and into early 2026, gold’s trajectory remains tied to the interplay of monetary policy, global demand, and geopolitics—making the next chapter especially compelling and this session will highlight leading drivers and how to gauge their impact. 

Darshana Thacker, Global Business Manager, Refining Services & Silver Salts | Ames Goldsmith Cooperation 

Darshana is the Global Business Manager responsible for silver salts and refining operations at Ames Goldsmith Corporation. She has over two decades of experience in silver-based materials in the areas of electronics, photovoltaics, and catalyst markets. Before joining Ames, Darshana worked for Degussa corporation and Ferro Corporation and held various positions in R&D, Applications Engineering and Sales/Marketing. Darshana graduated from Rutgers University in 1999 with a B.A. in Biology and Chemistry.  

Tarek Saab, CEO | Texas Precious Metals 

Tarek Saab is the CEO of Texas Precious Metals, a retail precious metals platform, and Texas Precious Metals Depository (TPMD), one of the largest depositories in the United States. He serves on the UPS Capital Customer Advisory Board and the Board of Advisors for the film studio, Novo Pictures. In 2006, Saab was a finalist on the hit television show, The Apprentice.