The Gold Economy

Question-and-Answer Session

Operator

Thank you. (Operator Instructions). The first question is from David Haughton with BMO Capital Markets. Please go ahead.

David Haughton – BMO Capital Markets

Good morning. It is David Haughton, I believe. I have got a question with regards to Peñasquito. There were some recoveries disclosed within the details of package. I am just wondering whether that is indicative of what we should be thinking about going forward for recoveries of each of the metal components.

Steve Reid

You know, David, there is a couple of factors of in terms of why these are not appropriate for the longer-term. Firstly, we are

Question-and-Answer Session

Operator

(Operator Instructions). We’ll move to our first question from David Charles of JMP Securities. Please go ahead.

David Charles – JMP Securities

Yes, good morning Phil. I am just trying to understand what’s exactly going on at Augarita. Maybe first off, can you confirm that your realized price in the quarter for the nickel sales was $8.94?

Phil Wright

I think, I’m just looking to Marie here that our proxy during the quarter was mark-to-market effectively that has been with the quarter, so $8.94 is what the closing sounds going to be.

David Charles – JMP Securities

Maybe just so I can understand, you

ETFs are cheap, but that doesn’t mean they’re not getting cheaper. One gold fund provider is engaging in a good old-fashioned price war to entice gold traders to its side of the camp, and it appears to be working.

On July 1, BlackRock lowered the annual expenses on its gold ETF the iShares Comex Gold Trust ETF (IAU) to 0.25% from 0.40%, writes William Baldwin for Forbes. Market leader in gold ETFs, State Street-managed SPDR Gold Shares ETF (GLD) is maintaining its 0.40% expense ratio

Question-and-Answer Session

Operator

(Operator Instructions). Your first question comes from the line of Chris Olin with Cleveland Research. Please proceed.

Chris Olin – Cleveland Research

How are you doing?

Doug Ralph

Good morning Chris.

Chris Olin – Cleveland Research

Wanted to dig a little bit into the commodity stainless market, if you look back the past few months, seem like orders peaked around that April-May time period and June was down substantially, July looks like it’s probably off. I am wondering if that’s kind of what you saw and what are you seeing for August in terms of the momentum, has it stabilized yet?

Mike Shor

Chris, Mike Shor