ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING: what's driving these emerging market consumers, say, as opposed to developed market consumers?

DAVID IBEN, CHIEF INVESTMENT OFFICER, KOPERNIK GLOBAL INVESTORS (ENGLISH) SAYING: Okay, a lot of studies will show that when people go from making next to nothing to where they're finally making $5,000 a year plus/minus, they can afford consumer basic needs, sort of a Maslow's need hierarchy if you will. So they tried to put protein in their food, they buy gasoline for the scooter they may have just bought or heat the home they have, and so a lot of basic needs. In a world where we live, 10 years, a lot of people have gone from poverty to that middle class. It's been a massive growth market.

ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING: And buying maybe more sugar for cookies and cakes, and other things. (Yes.) But your theme is consumer spending, but looking at your investments, you're a lot- you're high into utilities and industrials, mining, materials for example. So how does that consumer theme play with this?

DAVID IBEN, CHIEF INVESTMENT OFFICER, KOPERNIK GLOBAL INVESTORS (ENGLISH) SAYING: Okay, once again, it's basic needs. So other people are buying energy or food. Gold can be viewed as a store of value, and much of the world, it's been money for a long, long time. Basic infrastructure, whether it's building out ports or running a port, or airports or just basic energy production - hydroelectric plants, nuclear plants, cheap clean energy - they're all things that should be growth areas in the emerging markets.

ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING: You say should be growth areas, David, but if you look at the prices - for example, gold prices have been slumping - I mean, Moody's, I just remember, just cut their price targets on gold. And you've got- when you look at mining, you got big ones like Caterpillar- had horrible quarterly earnings and were laying off people. So why go into these emerging markets and these industrial areas right now?

DAVID IBEN, CHIEF INVESTMENT OFFICER, KOPERNIK GLOBAL INVESTORS (ENGLISH) SAYING: Well, two things. If you look at gold, it went up for 12 straight years. Not many things go up close to eight years. It went from $255 up to $1,900 thereabouts. It was probably well-overdue for a price correction, and it's almost a two and a half years now of price correction. But a lot of fundamentals would argue for it to resume its uptrend. And like I say, if people want to store a value, they'll probably go there. Things like Caterpillar which we don't own now but we do tend to own industrials that provide transportation for people or clean water for people, or those sort of things- or ports, we do have a lot of that. As to the Caterpillar, the growth should be secular but cyclical growth. So you'll see ups and downs I think. And our strategy is when everybody loves something, we might agree with them but can't afford it. It's a few years later when you're in that cyclical downturn and people don't like it anymore that the bargain start to arise, and hence, our exposure to all these areas.