Day 1 - 4 May 2011

Day 1 - 4 May 2011 Day 2 - 5 May 2011 Day 3 - 6 May 2011

Market fundamentals

Registration and refreshments

Chairman's welcome and opening remarks
John Nugée Senior Managing Director, Head of Official Institutions Group, State Street Global Advisors
Formerly Chief Manager of Reserve Management, Bank of England

This opening session sets the scene for those that follow by highlighting key developments in reserve management and the markets in which reserve managers typically operate. Delegates will be invited to give a brief account of the main features of their reserve management and the specific issues they face. The aim will be to identify key topics of interest for attention in later sessions.

Gold price drivers: the fundamentals
George Milling-Stanley Managing Director, Official Sector, World Gold Council

Key to investing in any asset is an understanding of the forces that drive supply and demand. Gold is no exception to this, but the variety of economic sectors influencing the market makes this a daunting prospect. This session will focus on the influences on demand and supply, illustrating these through a description of how gold gets from the mine to the ultimate purchaser. Particular reference will be made to today's volatile economic conditions.

Lunch

Visit to Shanghai Gold Exchange

A central bank perspective on the gold market

Portfolio considerations: adding gold to a central bank's portfolio
Natalie Dempster Director, Government Affairs, World Gold Council

This session will examine the contribution gold can make to an investment portfolio. The speaker will discuss how gold can enhance a portfolio's risk-adjusted returns due to its lack of correlation with other assets and volatility characteristics. It will also discuss the tactical benefits that gold can bring to a portfolio thanks to gold's relationships with key macro-economic variables.

Dinner Fairmont Peace Hotel

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