Natural Resources >> Sector Roundtables >> January 7, 2002

Roundtable Forum: Investing In Gold Companies

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
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
GEOFF STANLEY is a Managing Director of BMO Nesbitt Burns. He joined the firm in June 1998 as a Senior Mining Analyst based in its New York office. His previous experience includes four years as an analyst with other institutions in New York, and seven years as an analyst in Australia. Prior to his career as an analyst, he worked as an exploration geologist for Billiton in Australia for six years, with a focus on base metals, gold and tin exploration. Mr. Stanley holds a Bachelor of Science in Geophysics, Geology and Physical Geography (1980) and an Honors degree in Geology from the University of Tasmania (1982). Profile
TWST: Victor, what are the most important factors to note with regard to

the performance of the gold stocks in the first nine months of 2001?

Mr. Flores: I think there have been two or perhaps