Executive Summary 4

Industry Overview 5
Industry Size 5
Market Segments 6
Consumer Market 6
Industrial Market 7
Dental Market 7
Industry Structure 8

Global Gold Market 9
Historical Background 9
Industry Segments 13
Historical Production of Gold 14
Primary Sources of Gold 19
Secondary Sources of Gold 21
Global Market Environment 23

Historical Background of the U.S. Gold Industry 24

Price Trends 28

Global & U.S. Gold Trading 30

Regulatory Framework Affecting the U.S. Gold Industry 31

Industry Outlook 33

Major Players 36
Barrick Gold Corporation 36
U.S. Gold Corporation 37
Newmont Mining Corporation 38

Appendix 41
Definitions of Reserves, Reserve Base, and Resources 46

Glossary 47


List of Figures & Tables

Figures

Figure 1: Gold Production Trends 5
Figure 2: Gold Demand by Market, 2005 6
Figure 3: Cumulative World Gold Mine Production 17
Figure 4: Annual Gold Mine Production 18
Figure 5: Gold Mines Operating in the United States in 2000 18
Figure 6: Recycling Flow of Gold in the United States 22
Figure 7: Numbers of U.S. Gold Mines, including Byproduct Producers, in Production 26
Figure 8: U.S. Gold Mine Production 27
Figure 9: Gold Pricing Trends 29
Figure 10: U.S. Gold Foreign Trade (million troy ounces) 30
Figure 11: Barrick's 2006 Reserves 37
Figure 12: U.S. Gold Price 1993 to 2004 43
Figure 13: Gold Mined in the United States, by Type of Ore 44
Figure 14: Processing Technologies for Gold Ore 44
Figure 15: Gold Consumption Patterns 45

Tables

Table 1: Historical World Gold Production, by Deposit Type 17
Table 2: Minerals Formed by Gold 20
Table 3: Key Indicators for Gold 23
Table 4: Gold Mined in the United States through 2001 24
Table 5: The 10 Largest U.S. Gold Deposits in Terms of Past Production through 1996 25
Table 6: Gold Demand by the Consumer Market (000 troy ounces) 34
Table 7: Gold Demand by Market (000 troy ounces) 35
Table 8: Salient Gold Features 41
Table 9: Mine Production of Gold in the United States, by State 42
Table 10: Leading Gold-Producing Mines in the United States in 2005, in order of output 42
Table 11: Gold Discovered through 1994 in the United States, by Deposit Type (In Metric Tons) 43