Natural Resources >> Sector Roundtables >> December 22, 2003

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
JAMES COPLAND, associate, joined Goldman Sachs in April 1999. He works in the Metals and Mining Group covering gold and gold mining companies. Prior to joining Goldman Sachs, Mr. Copland obtained industry experience as an underground mine geologist in WMC Limited's gold operations in western Australia for two years before joining the legal profession in 1997. He worked at Clayton Utz, a commercial litigation firm, specializing in mining-related cases. Mr. Copland received a BS in geology and a Bachelor of Laws degree (honors) from the University of Sydney. Profile
J. ALBERTO ARIAS is a Managing Director at Goldman, Sachs & Co. responsible for the metals and mining sector research. Mr. Arias joined Goldman Sachs in July 1998 as a senior analyst and expanded its focus coverage from metals in Emerging Markets to US and Canada covering non- ferrous metals companies in 2001 and global gold mining companies in 2003. He has been following metals and mining companies for 11 years and for five consecutive years was voted first team metals and mining analyst in the Latin American Institutional Investor poll. Prior to research, Mr. Arias worked as an engineer for three Peruvian mining companies. He earned an MBA in Finance and International Business from Columbia Business School in 1993; a Master in Science Mining Engineering, Mineral Economics, in 1993 from the Henry Krumb School of Mines, Columbia University; a Master in Science Mineral Engineering, Chemical Metallurgy, in 1991,from the Henry Krumb School of Mines, Columbia University; and a BS in Science Metallurgical Engineering in 1988 from the Colorado School of Mines. He lives in New York City. 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: James, we recently saw gold bounce through $400. Why? What's going


Mr. Copland: On the most basic level, I think what we've seen is the

result of gold's strong historical inverse