Adrian Day, Chairman & Chief Executive Officer Adrian Day Asset Management
WHERE PRECIOUS METALS INVESTORS GO WRONG... AND LESSONS LEARNT
Reflecting on the last gold bull market
Sunday, 20 September 2015, 6:30pm
Know when to hold, know when to fold… Adrian Day will look at the mistakes investors make, gleaned from his 45 years’ experience, first as a newsletter editor, then as an investment advisor, specializing in the gold market. Whether you are an institutional specialist; a broker with retail clients; or a hedge fund manager new to the space, there are lessons to be learned in stock selection, and in buying and selling in this difficult but rewarding space.
Adrian Day, London born and a graduate of the London School of Economics, heads the eponymous money management firm Adrian Day Asset Management where he manages discretionary accounts in both global and resource areas. Day is also sub-adviser to the EuroPacific Gold Fund. His latest book is Investing in Resources: How to Profit from the Outsized Potential and Avoid the Risks (published by Wiley & Sons).
Maureen Upton - Principal Consultant, SRK Consulting
MINING SOCIAL LICENSING AFTER A BULL MARKET: LESSONS TO LEARN FOR THE NEXT UP CYCLE
In September 2015, Maureen Upton joined SRK Consulting as Principal Consultant. Previously, she founded and operated the consulting firm Resource Initiatives for nine years, where she worked with some of the world’s largest organizations in the extractive industries. She has led research projects, authored industry studies, and advised clients on economic impact, social license to operate, and the effect of social risk on project and company valuation.
Ms. Upton has served as Sustainability Advisor to the World Gold Council and Director of Public Affairs and Communications at Newmont Mining Corporation, with prior roles including serving on the Board of Janus Funds and positions at Goldman Sachs and Chase. She is a frequent speaker at events around the world, and has produced short documentaries which have been screened at the World Bank and the Lima Gold Symposium. She was elected to the Council on Foreign Relations in 1994 and in 2004 was an appointee to the Compliance Advisory Panel in the Colorado Department of Public Health and Environment.
Ms. Upton holds an MBA in Finance and a Master of International Affairs in Economic Policy from Columbia University in New York, as well as a Diploma de Estudios Hispanicos from the Universidad Complutense de Madrid and a Bachelor of Arts in Philosophy from the University of California at Berkeley.
Based in Denver, Colorado, USA, Ms. Upton speaks English, Spanish, and Portuguese.
David Cox - SNL Metals
WHAT'S HAPPENING TO THE GOLD SUPPLY PIPELINE?
In light of declining exploration spending, reduced drilling activity, and less new resources being announced the gold industry is set to see the length of time to advance a discovery to production increase. Although gold miners have been steadily increasing global production for the past several years, this trend may be in jeopardy as large greenfields projects face more headwinds. We will look at the supply pipeline for clues of changes and review some key metrics for the major producers and the industry.
David Cox, as corporate representative, has held SNL Metals & Mining’s Senior Sales Executive position since 1999. He was a Senior Research Analyst and Study Director from 1990 to 1999. He is credited with designing and implementing one of SNL M&M’s proprietary studies called Corporate Exploration Strategies. SNL Metals & Mining has been providing comprehensive mining industry information and analysis for more than 30 years. He was an editor and comptroller at a publishing company prior to joining SNL M&M and has a degree in comparative religions.
EXPERT PANEL DISCUSSION: THE PAPER GOLD MARKET
Monday, 21 September 2015, 12:15pm
Based on supply and demand, the physical gold market appears to be in deficit. At current gold prices, the global mining industry is operating at breakeven and barely sustainable on a long term basis. Future mine supply will decline, and perhaps sharply, if gold prices fail to rise substantially and on a sustained basis. How is it that gold prices are trading near a five year low? The answer is that the synthetic gold market, COMEX and over the counter trading, in which almost no physical gold is exchanged, seems to operate in complete disregard of physical
fundamentals. The paper market is dominated by HFT, algorithmic, and macro traders who heed only moving averages and MSM news headlines. Bear raids in which paper gold is dumped in milliseconds (the most recent being 7/20/15) inflict enormous chart damage and undermine investor confidence in the metal and mining shares.
The purpose of this expert panel is to foster better understanding of the mechanics of the paper market and ongoing developments including the emergence and implications of the Shanghai Gold Exchange.
FINBARR HUTCHESON, PRESIDENT, ICE BENCHMARK ADMINISTRATION
THE NEW BENCHMARK GLOBAL GOLD PRICE
Tuesday, 22 September 2015, 7:45am
Finbarr Hutcheson has been President of ICE Benchmark Administration Limited since its creation in late 2013.
Preceding this he was Chief Executive of NYSE Liffe, the international derivatives business of NYSE Euronext, and was responsible for the Group’s European Fixed Income, Currencies and Commodities businesses.
Prior to NYSE Euronext, Finbarr spent 15 years working for Goldman Sachs. Most recently he was Global Head of Futures Services Business Development within the Securities Division, responsible for defining and delivering strategic enhancements.
He has served as a non-executive director of The Futures and Options Association, LCH Clearnet Group N.V. and ICE Clear Europe.
Steve Higgins - Director, Canadian Gold & Silver Reserves, Royal Canadian Mint
FROM MINED TO MINTED TO LISTED
Steve Higgins is responsible for the design, development and management of exchange-traded receipts (ETRs). Steve has overseen the program since the launch of the gold ETR in November 2011, which resulted in the largest IPO on the Toronto Stock Exchange that year, raising $580 million USD.
Peek inside the vaults with Steve Higgins of The Royal Canadian Mint for an informative session on the state of the current physical metal markets.
- Recent demand trends for bullion
- Supply trends from mines and metal recycling
- Precious metal exchange-traded products update
On the heels of this initial success, silver ETRs were then issued the following year. Before joining the Mint in 2009 Steve was the Manager, Corporate Performance at Sustainable Development Technology Canada which makes early stage investments into the Cleantech sector. Steve completed his MBA at HEC School of Management in Paris and his Bachelor of Science and Business at the University of Waterloo.
Jeffrey Christian, Managing Partner, CPM Group
THE STATE OF THE GOLD MARKET
A status report on the gold market
Tuesday, 22 September 2015, 12:15pm
Gold prices have fallen from $1,900 in September 2011 as investors have backed away from their unbridled fear of imminent financial catastrophe and hyperinflation. The Presentation will discuss the present and most likely trends going forward for gold prices, supply, fabrication demand, official central bank transactions, and investment demand. The talk also will touch on likely economic and financial environments in 2015-16, as these will be critical to the course of investment demand and gold prices. The presentation additionally will address some of the inaccuracies clouding the vision of the gold market, and other issues facing the gold market and mining community.
Jeffrey Christian has been a prominent analyst and advisor on precious metals and commodities markets since the 1970’s, with work spanning precious metals, energy markets, base metals, agricultural markets, and economic analysis in general. Mr. Christian is considered one of the most knowledgeable experts on precious metals markets, commodities in general, and financial engineering using options for hedging and investing purposes. He is the author of Commodities Rising, (published by Wiley & Sons, 2006).
He founded the company in 1986, spinning off the Commodities Research Group from Goldman, Sachs & Co and its commodities trading arm, J. Aron & Company.
He has advised many of the world’s largest corporations and institutional investors on managing their commodities price and market exposures, as well as providing advisory services to the World Bank, United Nations, International Monetary Fund, and numerous governments.