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To: Square_Dealings who wrote (79434)	11/19/2001 6:13:49 AM
From: long-gone	Respond to of 116912

Haven't heard of the next BoE auction, but rumor was reductions in amount to be sold, but who would bid? Tiffany, Zales, mutual Funds, & there remain a few bullion bankers.

To: Square_Dealings who wrote (79434)	11/19/2001 6:14:45 AM
From: long-gone	Respond to of 116912

fwiw AngloGold Response To Normandy Recommendation Date: Monday, November 19, 2001 Normandy Mining Limited today released its target statement in response to AngloGold Limited’s takeover offer. AngloGold is disappointed with Normandy’s response and believes it is potentially misleading for Normandy shareholders, particularly in regard to the competing takeover offer from Newmont Mining Corporation. The Normandy response statement continually asserts that the Newmont takeover offer is worth A$1.70 per share. Since the announcement of Newmont’s dual takeover offers for Normandy and Franco Nevada, Newmont’s share price has fallen substantially and the value difference between AngloGold’s offer and Newmont’s offer is marginal. Newmont’s offer values Normandy at A$1.46 (which could increase by 5 cents per share in the event of a 90% acceptance of the offer) based on Newmont’s closing share price on Friday, 16 November on the New York Stock Exchange. This compares with the current value of the AngloGold offer for Normandy of A$1.46 per share, also based on the closing share price on the NYSE on Friday. It is AngloGold’s view that the Newmont offer is highly dilutive for Normandy shareholders in terms of earnings, cashflow, dividends and net present value per share. In contrast AngloGold believes that its offer represents a compelling value proposition for Normandy shareholders. These factors are not reflected in Normandy’s target statement. The Newmont proposal is complex and highly conditional. Importantly, there is no guarantee that the three-way merger will be consummated as the Normandy takeover is not dependent on the Franco Nevada transaction being completed. Further, based on the timetable released by Newmont, shareholders will not be able to receive their consideration from Newmont until late February or early March 2002. There is a real risk that the Newmont offer could be materially less than AngloGold’s offer in four months’ time. Given the volatility in Newmont’s share price, this time factor presents significant risk for Normandy shareholders. These risks in relation to the Newmont offer are not highlighted by the Normandy Board in response to AngloGold’s offer. In contrast, AngloGold’s offer is open and capable of immediate acceptance, with a closing date of 14 December 2001. The Normandy response states that AngloGold needs Normandy’s production on the basis that AngloGold is intending to sell its Free State assets in South Africa. This is untrue and this shows a fundamental misunderstanding or misinterpretation of AngloGold’s strategy. Bobby Godsell, AngloGold’s Chief Executive Officer, said the company believed that profit, not production ounces, generated wealth for shareholders and AngloGold had no interest in being the largest gold producer measured by annual production. “AngloGold has a track record of closing or selling marginal or unprofitable production and is pursuing a strategy to produce high margin, profitable ounces,” Mr Godsell said. “The potential sale of the Free State assets is entirely consistent with this strategy and AngloGold’s commitment to increasing shareholder value.” Disclaimer Except for the historical information which may be contained herein, there maybe matters discussed in this news release that are forward-looking statements. Such statements are only predictions and actual events or results may differ materially. For a discussion of important factors including, but not limited to, development of the Company's business, the economic outlook in the gold mining industry, expectations regarding gold prices and production, and other factors, which could cause actual results to differ materially from such forward-looking statements, refer to the Company's annual report on the Form 20-F for the year ended December 31, 2000 which was filed with the Securities and Exchange Commission on April 23, 2001. anglogold.co.za

To: Square_Dealings who wrote (79434)	11/19/2001 10:55:56 AM
From: IngotWeTrust	Respond to of 116912

DUH! Just what part o'the GFMS P/R didn'tcha unnerstand: Highlights: Message 16669122 entirety: Message 16666932

To: Square_Dealings who wrote (79434)	11/26/2001 10:22:31 AM
From: long-gone	Read Replies (1) \| Respond to of 116912

fair use - educational UK auction seen buttressing gold price 11/26/2001 7:53:00 AM By Adrian Dascalu LONDON, Nov 26 (Reuters) - This week's sale of 20 tonnes of gold by the Bank of England may put a floor under a weakening bullion market and eventually push prices slightly higher, analysts and traders said on Monday. "There is some confidence coming back into the market," Frederic Panizzutti, head of research at the Geneva-based Golden Avenue, told Reuters. "Once we have cleared the auction out of the way we might see the market move again. I don't say that everybodyy is turning bullish, but at the moment people see more upside potential than downside potential," he said. Tuesday's sale of 20 tonnes of gold is the first in a fourth series of six auctions under the BoE's programme to reduce Britain's official reserves to some 300 tonnes. Traders said an increase in short positions in the market in recent weeks might be positive for the auction. Latest data from the New York bullion market had shown a huge reduction there in the net speculative long position as of November 13 -- down 25.2 tonnes to 16.9 tonnes. The move was the result of a big fall in the number of long positions -- down 3,270 to 292,312 contracts -- and a large increase in short positions. Further prices weakness since mid-November suggested further long liquidation and short selling and that the market had returned towards neutral and near its traditional net short position. "Tensions are building on the upside. Unless the auction is a totally negative surprise in terms of subscription level and strike price, we expect the market to bounce back again...a couple of dollars at least," one trader said. "We saw some physical activity at $272 an ounce...not exceptional, but sustained," Panizzutti said of early Monday trade. "Next step (after the auction) might be $275, with resistance at $277." Macquarie Research said in a report, "With the market now largely square, we would see prices looking to stabilise above $270.00 an ounce. There is the possibility of some modest firming in prices following the...auction given past patterns." PRICES BACK TO LEVELS BEFORE SEPT 11 Prices had jumped to $294 after the September 11 attacks in the United States as investors sought a haven from crisis, but a firm dollar and the recovery of stock markets had since pulled gold back to pre-attack levels of around $272. "However, the recent fall in prices on long liquidation and some short selling ironically should help for a better auction result, at least in terms of bid level and relative bid price if not actual price," analyst Kamal Naqvi of Maquarie Reserach said. The last UK sale on September 19 was covered 2.6 times, up from a previous 1.3 times but well below a record eight times in September 1999. "We could see gold prices firming as we they have done after the last three auctions. With a subscription of around 2.5 times and a reasonable price...that would be an indication of underlying interest," Naqvi said. Ahead of the auction, with the exception of a brief tick higher in early Australian trade, gold was largely drifting sideways in sluggish Monday trade, dealers said. "At this stage I see little change from the recent $272.50/274.50 trading range. It will stay so for the rest of the day," one trader said. Traders expected market activity to remain thin ahead of the BoE sale, despite the return of players in the United States after the Thanksgiving holiday. "Given...the general reluctance of participants to enter the market in the run-up to the auction, trading conditions are likely to remain subdued," one trader said. Another urged caution. "Any short covering after this auction will not have as much exposure as the rally after the last auction on September 12 and I would be very surprised if the market quickly absorbs the amount of gold being sold," he said. He added: "I expect the market to come under pressure to the downside, but what happens after the auction is a difficult one, it all depends on where it comes in at." By 1200 GMT spot gold <XAU=> was indicated at $272.90/273.40, little changed from the last close in Europe at $273.00/273.50. Results of the UK auction will be available at about 1215 GMT on Tuesday, the BoE said. Rtr 07:53 11-26-01 Selector Code: reuco Copyright 2001, Reuters News Service www2.marketwatch.com;