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Politics : Dutch Central Bank Sale Announcement Imminent?
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To: Tom Byron who wrote (11987)9/7/2001 6:32:19 AM
From: sea_urchin  Read Replies (2) of 81763
 
Thanks Guree. Clearly the Normandy deal has been in the pipeline for some time. I can assure you that Anglo is a master stock manipulator and they are seldom wrong-footed by the "market".

Now we know the reason why AU stock has been held in a tight price range for three months before the announcement and did not keep pace with other gold stocks when they went up. Also the reason for the extraordinary volumes which I showed you on the JSE a few weeks ago.

AU is paying a hefty premium for the Oz company and is correct to anticipate a big sell-off by profit takers.

However, the enlarged company offers me, as a SA investor, advantages of spread and big capitalization on world markets. In due course I wouldn't be surprised to see the "new" company making a bid for one of the big North American miners. I understand what they are after:
1. Increasing control of the world gold market to establish a cartel-type situation as in diamonds and platinum, both of which Anglo controls. Then they can hold back production and also squeeze out the myriad of small producers in order to manipulate the gold price.
2. Re-rating of the investment "quality" of AU upwards from the SA to the US way of valuing a miner on the basis of reserves etc., which we spoke about yesterday.
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