Performance figures for each account are calculated using time weighted rate of returns on a daily basis. The Composite returns are calculated based on the asset-weighted monthly composite constituents based on beginning of month asset mix and include the reinvestment of all earnings as of the payment date. Composite returns are as follows:


Lead Impact: Precious Metal Mining & Market Volatility with David Garofalo

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PostedMarch 3, 2022

Episode Summary

David Garofalo has worked in various leadership capacities in the natural resources sector over the last 30 years. He served most recently as President and Chief Executive Officer of Goldcorp Inc. until its sale to Newmont Corporation in April 2019. Now, David serves as Chief Executive Officer, President and Chairman of the board of directors of the Gold Royalty Corp.

David Garofalo sits down with Nicola Wealth President, David Sung, to share his experience in creating and growing over 15 multi-billion dollar sustainable mining businesses across multiple continents and leading the largest merger in gold mining history valued at 32 billion dollars. He also sheds some light on the state of the markets and how gold can play to your investment portfolio, his thoughts on cryptocurrencies and blockchain technology, and what he sees for the future of gold and mining.

Key Takeaways


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The Wealth Exchange podcast provides insight, innovation, and access to the experts on a wide range of topics affecting affluent families across Canada. Join our team of hosts as they sit down with leaders and changemakers from around the globe to discuss investing, leadership, philanthropy, entrepreneurship, and more.

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Guest Bio

David Garofalo

David has worked in various leadership capacities in the natural resources sector over the last 30 years. He served most recently as President and Chief Executive Officer of Goldcorp Inc. until its sale to Newmont Corporation in April 2019. Prior to joining Goldcorp, he served as President, Chief Executive Officer and a director of Hudbay Minerals Inc. from 2010 to 2015, where he presided over that company’s emergence as a leading metals producer. Previous to this, he held various senior executive positions with mining companies, including Senior Vice President, Finance and Chief Financial Officer of Agnico-Eagle Limited from 1998 to 2010 and as treasurer and other various finance roles with Inmet Mining Corporation from 1990 to 1998.

He was named Mining Person of the Year by The Northern Miner in 2012 and Canada’s CFO of the Year by Financial Executives International Canada in 2009. A graduate of the University of Toronto (B.Comm.), he is a Chartered Accountant and a Certified Director of the Institute of Corporate Directors. He also serves on the board of directors of the Vancouver Board of Trade and the Vancouver Symphony Orchestra.

About The Host - David Sung

As President of Nicola Wealth, David helps lead the company in its commitment to achieving unsurpassed client satisfaction through the delivery of the highest quality investment management and financial planning services for business owners, corporate executives, foundations and other individuals or entities of substantial income and/or assets.

In addition to working directly with some of the firm’s high net worth clients, David is an active participant in the firm’s portfolio management group, and sits on the firm’s Investment Review Board (IRB), the Real Estate division’s Investment Review Committee (IRC), and the Private Assets Investment Review Committee (IRC).

Read David’s bio here:


This presentation contains the current opinions of the presenter and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide legal, accounting, tax or specific investment advice. Please speak to your Nicola Wealth Advisor regarding your unique situation. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Past performance is not indicative of future results. All investments contain risk and may gain or lose value. Returns are net of fund expenses charged to date. This is not a sales solicitation. This investment is generally intended for tax residents of Canada who are accredited investors. Some residency restrictions may apply. Please read the relevant documentation for additional details and important disclosure information, including terms of redemption and limited liquidity. Please speak to your Nicola Wealth advisor for advice based on your unique circumstances. The Nicola Core Composite returns represent the total returns of Cdn. dollar denominated accounts of all fee-paying portfolios with a Nicola Core mandate. The composite includes clients who are both fully discretionary and nondiscretionary. Historical net of fee composite performance returns are calculated using individual realized time-weighted client returns net of fees and is presented before tax. The Nicola Wealth inclusion policy is based on clients’ weights at calendar month end. The composite returns are asset-weighted based upon ending monthly market value. The Nicola Core mandate may change throughout time. Additional information regarding policies for calculating and reporting returns is available upon request. The composite returns presented represent past performance and is not a reliable indicator of future results, which may vary. Nicola Wealth is registered as a Portfolio Manager, Exempt Market Dealer and Investment Fund Manager with the required provincial securities commissions. At the time of recording, the following securities are held by Nicola Wealth: - Newton Mention of these securities is not a recommendation to buy or to sell.