One of the features of modern life has been the increasing speed of change. We see this in many facets of activity, but in few areas more clearly than in the financial sector._x000D_
The speed of communication and the advent of screen trading have made world markets one._x000D_
We have titled this presentation "Cycles". It has been the conventional wisdom that Economies, Metal Prices, Equity Markets, etc._x000D_
move in cycles. The objective of our presentation is to examine these cycles, to comment on the interrelationships, and to postulate where we are in The Current Cycle"._x000D_
We will draw conclusions as to where one should direct effort in the Mineral Scene over the next decade or so._x000D_
Throughout this discussion we will use various terms to describe Time. The "Short Term" is typically meant to refer to the next six months: the "Medium Term" is one to two years; and the "Long Term" is the three to five year horizon.