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To: yard_man who wrote (216444)	1/24/2003 2:34:18 PM
From: Perspective	Read Replies (2) \| Respond to of 436258

Thanks! You see S. Africa's problem then. Gold actually topped Q1 last year, and hasn't made a new high. It was fairly stable through Q1-Q3, and dipped in Q4. Q4 revenues should actually be slightly down by that chart. The past year's advance in gold has been a non-event for the SA producers thanks to strength in the Rand. Actually, the Rand is just recovering from the extreme weakness of the prior years. The big question will be if the POG now starts to rise in Rand as well. Given that the Rand is approaching some resistance, it may actually start to weaken. If Rand weakens faster than gold over the coming months, or if gold remains strong, the S. African producers could see a major launch. If the Rand continues to strengthen and the gold weakens, though, look out below. BC