Fifty Years of Precious Metals with Larry Drummond

The strongest industries are built on relationships that outlast individual transactions. In this episode of the IC-DISC Show, I sit down with Larry Drummond, Executive Director of the International Precious Metals Institute (IPMI), to talk about what fifty years of industry collaboration has taught him about trust, transparency, and building lasting business connections. Larry shared how IPMI started in 1976 when a group of New York-area scientists came together to share data across competing precious metals companies. After 25 years at Engelhard and a leadership role at Metalor, he came out of retirement in 2018 to lead the organization he had served as a volunteer board member and past president. What struck me most was Larry's description of an industry where someone can be your customer, vendor, and competitor at the same time. He shared examples of refiners picking up the phone to ask competitors for help during operational setbacks, knowing the favor would be returned without losing customers in the process. The conversation reminded me that even in commodity-driven businesses, transparency and verified trust create the foundation for everything else. With IPMI's 50th annual conference coming up in Orlando, Larry's perspective is a great preview of what makes this industry tick.