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Strategies & Market Trends : Commodities - The Coming Bull Market
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To: craig crawford who wrote (911)11/2/2001 4:14:57 PM
From: craig crawford  Read Replies (1) of 1643
 
AngloGold sees unclear future for price of gold
thetimes.co.uk

THURSDAY NOVEMBER 01 2001

ANGLOGOLD, the world’s largest gold producer, gave warning that the outlook for the gold price remained uncertain despite the market’s current strength.
In its quarterly outlook AngloGold said that the September 11 attacks in the US elicited a traditional move to gold as a safe haven asset, with spot metal trading above $290 (£199) an ounce through to the end of last month. Yesterday gold traded at $280.

The company said hopes for a new cycle of gold investment have been fuelled by expectations of a weaker dollar, fears of a US recession, renewed inflation arising from lower interest rates and the threat of banking crises in a global economic downturn. But Kelvin Williams, marketing manager, cautioned that there was no guarantee that these expectations would be fulfilled. He said analysts had forecast a weaker dollar for the past two years. But the global nature of economic problems might keep the dollar at current levels, “with no material weakening in the near to medium term”.

Bobby Godsell, AngloGold chairman, attributed the fall to unrealised losses in the company’s hedge book. Without those losses, headline earnings would have been up 19 per cent to 637 million rand. He said the South African operations reduced costs in rand terms by 1 per cent despite wage increases because of the rand’s devaluation against the dollar. Mr Godsell said the bid for Australia’s NormandyMining was progressing according to plan.
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