Gold and the Internet: The Future...

It is both a pleasure and an honor to be at this annual meeting of the Gold Institute, and I would like to sincerely thank everyone at the Gold Institute for their kind invitation.

My topic is "Gold and the Internet", and I would like to do two things this morning. First, I'm
going to make some basic observations about the Internet, and ecommerce in general. And
then second, I will discuss what I think could be gold's role in this tremendous technological
revolution that we are witnessing.

To begin, let me ask you to put aside for a moment any notions and ideas you may have about the Internet because the Internet means different things to different people. But there is some common ground on which to begin our discussion this morning, and that is, namely, that the Internet is a very profound invention.

We really don't know how it will evolve, nor can we yet appreciate the impact it may have on our lives and businesses in the future.

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