Denver Gold Forum / XPL-DEV 2017

2017 Keynote Speakers

Ruth Crowell

LBMA - Delivering Integrity

Ruth Crowell

CHIEF EXECUTIVE, London Bullion Market Association

London is the centre of the over-the-counter (OTC) precious metals market, involving participants from across the world. In order to help drive market transparency and promote positive investor sentiment, in July this year, the LBMA published, for the first time, how much gold is held in London vaults – 7449 tonnes, valued at $298 billion.

Publication of vault holdings data is the first step in terms of reporting. The next step is trade reporting. The publication of trade data in 2018 will add further transparency and provide gross turnover to ensure that the data ultimately reflects the size of the global OTC market.

  • LBMA delivering transparency and integrity
  • Transparent market statistics support investment
  • Market commitment to best practice
  • Addressing benchmark rules and regulations

Ruth Crowell is the LBMA’s Chief Executive Officer. She is responsible for the success and strategic development of the LBMA, in partnership with the Chairman and the Board. She is also responsible for maintaining the quality of the Association's Membership and Good Delivery Refiners as well as representing the interests of the Association in relation to regulators, investors, media and international precious metals markets.

Before being appointed Chief Executive, she spent seven years working in the Association where she acted as the main lead on Governmental Affairs and also responsible for the creation and implementation of the LBMA’s Responsible Gold Guidance. She continues to serve as Vice Chair of the OECD Multi-Stakeholder Governance Group for Responsible Minerals.

Chris Galbraith

An Evolving Golden Landscape: Regional Trends on Gold Exploration, Development, and Production

Christopher Galbraith

Research Analyst, Gold and Mining Studies, S&P Global

Join us as we review current trends in gold supply. We will start with exploration trends and regional trends in major gold discoveries, and move on to some of the cost trends among new and mature gold mines.

  • How have gold exploration budgets been trending since they peaked in 2012?
  • Where are most major gold discoveries being made and how do they compare regionally?
  • What are the regional trends in capital intensity of new gold mines?
  • How do all-in sustaining costs compare at gold mines in 2017 and how do they compare regionally?

Christopher Galbraith is a geologist with more than 10 years of experience in exploration. In 2014 he moved to metals industry analytics and works for S&P Global Market Intelligence in their mining studies group. As part of the SPGMI team, Chris studies and reports on the mined gold production at the world's gold mines and produces the Mined Supply Report: Gold. Released quarterly, this report provides global, industry-wide updates on the supply-side of the gold market. He divides his time between Halifax, NS and Toronto.

Ken Hoffman

The Next Golden Age

Ken Hoffman

Basic Materials Practice Expert, McKinsey & Company

The global move to monetize gold is underway with compelling reasons to look at how gold has re-entered the global monetary place on a large scale. If you are fond of gold here, which miners will outperform? Our analysis shows that only those who reduce costs win, with reserves being a distant second place. In order to reduce costs the dream is to use digital mining and benchmarking, if it's so easy, why do we see global gold mining costs rising?

  • Recent moves by China and in the Middle East reinforces gold's new monetary role
  • Gold mining costs trends are heading higher on lower grades and lower productivity
  • Outperformance by gold miners comes down mainly to reduction in costs followed by reserve growth
  • Miners have a horrible track record of reducing costs
  • The model to reduce costs and grow reserves based on discipline and complex overhaul of miners operating mindset

Ken is an Expert in McKinsey's Basic Materials Practice as well as the Client Development Executive for the MineLens/MineSpans solutions businesses. He advises decision makers in the basic materials space, including base and precious metals, steel, and steel raw material areas. His areas of expertise and experience include: understanding global metal and mining trends, impact by China on the markets, strategy, mergers & acquisitions, valuation, and activist investing. Previously he was global head of metals and mining research for Bloomberg Intelligence.

Frank Holmes


Frank Holmes

ceo & cio, U.S. Global Investors, Inc.
It is important to look at much more than government policy when making investment decisions. A blended approach of not only assessing fundamentals such as market share and returns on capital but also conducting quantitative analysis is crucial. It is this combination that some in the industry are calling “quantamental” investing, which is rapidly replacing traditional investment strategies at the institutional level. Learn how quantamental managers combine the bottom-up stock-picking skills of fundamental investors with the use of computing power and big-data sets to test their hypothesis.


  1. Machine learning Artificial Intelligence (AI) will be the backbone of all next generation business
  2. Quants are driving gold stocks
  3. Quant factors outperform indexes

Frank Holmes is Chief Executive Officer and Chief Investment Officer of U.S. Global Investors, Inc., the investment adviser to U.S. Global Investors Funds and U.S. Global ETFs. U.S. Global Investors is an innovative investment manager with longstanding history of global investing and launching first-of-their kind investment products in specialized sectors. The firm is known for its expertise in gold and precious metals, natural resources and emerging markets.

Frank’s specialized international capital markets knowledge gives him a unique expertise in resource-based industries and money management. He is a regular keynote speaker at national and international investment conferences. He is also a much-sought-after commentator on the financial television networks CNBC and Bloomberg and has been profiled by Fortune, Barron's, The Financial Times, and other publications. He is the co-author of “The Goldwatcher: Demystifying Gold Investing.”

Marcelo Kim

Gold: Myths, Dreams, and Reality

Marcelo Kim

Partner, Paulson & Co.
Generally, it seems that those who invest in the gold market cling to a perennial hope that gold will go up. But when you take an analytical framework to understand the drivers of gold price, there are many misconceptions about the prospects for the gold market-and ways to invest in the asset.  The aim of the presentation will be to debunk some of these myths, present analysis to back these claims, and offer an outlook on the direction of gold prices.
            • What are the biggest myths about the attractiveness of gold as an investment?
            • In the current macro context, what may drive the gold price to new highs?
            • What are the realities of investing in gold equities?

Marcelo Kim has been a Partner at Paulson & Co. Inc. since 2011, where he oversees global natural resource investments, specializing in gold, base metals, bulk commodities and oil & gas. Prior to that, commencing in 2009, he was a generalist analyst covering event arbitrage investment opportunities across broad sectors and capital structures. Mr. Kim is a director at Midas Gold since March, 2016. He is the Chairman of International Tower Hill Mines. He is a graduate of Yale University, where he received his BA in Economics with honors.