Jeffrey M. Christian, Managing Director and founder of the firm, is one of the world’s foremost authorities on the markets for precious metals. He also is well known for his work on copper, foreign exchange markets, and other commodities. Mr. Christian also is considered one of the world’s premier authorities on commodities derivatives, both for hedging and investment purposes. He has worked with governments and organizations such as the United Nations, World Bank, International Finance Corporation, and International Monetary Fund, as well as with many of the world’s largest and most prominent mining companies, industrial companies, investment banks, and institutional and individual investors. He has written and spoken extensively about precious metals and commodities markets, as well as world financial and economic conditions. He has been involved in much of the pioneering work applying economic analysis and econometrics to commodities markets, as well as efforts to improve the quality of commodities market research. Mr. Christian created CPM Group in June 1986, when he and his associates within the Commodities Research Group in the Goldman, Sachs Investment Research Department left that company as a unit to set up an independent research company.