Natural Resources >> Sector Roundtables >> December 23, 2002

Roundtable Forum: Investing In Gold

VICTOR FLORES is a Senior Analyst with HSBC Securities (USA) Inc., focusing on precious metals. Previously, he was associated with Marleau, Lemire Securities, Inc., and U.S. Global Investors. He earned both his Bachelor's degree in Geological Sciences and his MA in Energy and Mineral Resources Management from the University of Texas at Austin. A Chartered Financial Analyst, Mr. Flores is a member of the AIMR and the Society of Mining Engineers. Profile
JOHN H. HILL has covered the mining and metals industry for Citigroup Global Markets, Inc. since 1998. Previously, he worked for over 10 years in the metals industry in operations and finance for Inco Ltd. and Echo Bay, starting as a mine geologist. Mr. Hill has extensive international experience, having worked on mining projects in over 15 countries. He received an MSc degree in engineering economics from the Colorado School of Mines and a BA degree in geology from Middlebury College. He holds the CFA designation and has testified to the US Congress on mineral policy issues. Profile
JOHN BRIDGES covers the North American precious metal stocks for J.P. Morgan Securities Inc. He has been covering precious metals for J.P. Morgan and legacy companies since 1989. Prior to that he was a buyside analyst in Johannesburg, South Africa. He has an industry background. After mining school and before joining the buy side, he worked in line management, primarily on Gold Field's Driefontein mine. He is a graduate of the Camborne School of Mines, having completed the requirements for the ACSM and Bsc (honors) courses. He also holds an MBA degree from the Cape Town School of Business (South Africa) and was granted the CFA charter by the AIMR in 1989. Profile
JAMES VAIL is a Senior Vice President and Portfolio Manager at ING Pilgrim Funds, the successor firm to Lexington Management Corporation. He was formerly associated with Robert Fleming, Inc. and with Oppenheimer and Co. A Chartered Financial Analyst, he earned his MBA from Seton Hall University and his BS degree from St. Peter's College. Profile
DAVID MALLALIEU is a Gold Analyst for Scotia Capital and brings over 15 years of combined investment dealer and industry experience to the firm's equity research team. Prior to joining Scotia Capital, he worked in equity research for eight years at a competitor firm as a member of a top-ranked Canadian gold team. Mr. Mallalieu is known for his comprehensive analysis and quantitative approach to investment recommendations. His solid background encompasses eight years of industry experience as a Geologist with Placer Dome and Kidd Creek Mines Ltd. Mr. Mallalieu received an MBA from Queen's University and a BSc (honors) in Geology from Carleton University. Profile
TWST: John Bridges, would you give us your take on what's

happened in the gold sector recently?

Mr. Bridges: It's really a play between the strength of the

dollar and the gold price. In the