Further reproduction requires permission by World Gold Council. Fukuda, a graduate of Cambridge University in Britain, takes the reins at a time when the Council is attempting to recover from budget cuts associated with reduced support from the mining industry. There is a split in the mining industry between firms which make substantial profits hedging and forwarding their metal and those that take a more traditional approach to their mining activities. We believe those changes, and in particular the new leadership that will be provided by Miss Fukuda, will generate the basis for increased support from the world's gold producers. Fukuda's appointment reflects that change.
Diversification becomes the key and that balance requires alternative assets like gold.
The younger central bankers have taken a view like any commercial or merchant banker by simply seeking the best return. This has led to the mobilization of reserves that may not be in the best interest of that country in the long run. With Fukuda's grasp of international finance, we hope to educate central bankers about the future role of gold in central bank portfolios. This view is being translated to World Gold Council philosophy and operations as you can tell from some of my previous statements. The growing opinion is that we should rally around gold as an industry.