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CIBC Annual Investment Outlook 2013

Sunday, January 13, 2013

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A line graph of Gold Price since 1903

The Empire Club of Canada Presents:
CIBC Annual Investment Outlook 2013

2012 was another challenging year for global markets. Continuing turmoil in the Middle East, wars in Afghanistan and on the horn of Africa and in North Africa, rising tensions with Iran all contributed to unsettled markets, especially in oil and gas. The U.S. economy stumbled towards the first of several fiscal cliffs. The Europeans struggled to keep several nations from stumbling into the fiscal abyss. Canada’s traditional commodity strengths saw emerging threats on several fronts with weakening Chinese demand for non-food commodities, India freezing potash imports, and the U.S. fracking explosion widening the oil price gap for Canadian products.

The U.S. may have avoided its own fiscal cliff this week. Others will emerge over the horizon almost every month for the remainder of the year. Canada has weathered the great recession, and the wobbles since, with great skill—and good fortune. Some experts say 2013 may be the most challenging year we have faced since the great crash; others are more bullish.

We are privileged to have three brains and articulate voices from three different places at the top of Canadian capital markets with us today. Avery, David and Tom are truly leaders in their spheres with incontestable track records of success in forecasting, investing and mining. Each brings a unique perspective to helping understand the year ahead for the Canadian economy, the global economy and how we may all survive the turbulence ahead.

Thomas Caldwell, Chairman and CEO, Caldwell Securities

David Harquail, CEO, Franco-Nevada Corporation

Avery Shenfeld, Managing Director and Chief Economist

*The content presented is free of charge but please note that the Empire Club of Canada retains copyright. Neither the speeches themselves nor any part of their content may be used for any purpose other than personal interest or research without the explicit permission of the Empire Club of Canada.*

*Views and Opinions Expressed Disclaimer: The views and opinions expressed by the speakers or panelists are those of the speakers or panelists and do not necessarily reflect or represent the official views and opinions, policy or position held by The Empire Club of Canada.*