Introduction 6
Key trend indicators 24
Global rankings 60
Welcome to the machine 83
HSBC gold outlook 97
Company profiles 115
Agnico-Eagle 116
AngloGold Ashanti 125
Barrick Gold 137
Buenaventura 146
Centerra 155
DRD Gold 163
Gold Fields 170
Goldcorp 178
Harmony 188
IAMGOLD 196
Kinross 205
Lihir 215
Newcrest 223
Newmont 231
Peter Hambro Mining 240
Randgold Resources 249
Royal Gold 259
Yamana Gold 269
Disclosure appendix 284
Disclaimer 287