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To: Thean who wrote (4809)	10/29/1998 5:26:00 PM
From: Lucretius	Respond to of 14427

I WISH it was unlimited!!! I'm just VERY conservative so I never bet it all at once. I still have about 20% in S-T treasuries as reserves. trust me, this call is correct. We will pancake VERY soon. the Bull breathed his last gasp today. If this mkt can't muster more than 2 to 1 breadth and VOLUME on a day that we launch John Glenn out off the atmosphere.... it ain't gonna happen. BULL... may he rest in peace! additionally, I'm starting to think that I ws maybe wrong about Japan having one more move down before it bottoms. Now, i'm starting to think it HAS bottomed. I am already long quite a few Japanes stocks, but I've been hesitant to jump in for the final position. This is something to keep an eye on.

To: Thean who wrote (4809)	10/29/1998 5:52:00 PM
From: Lucretius	Read Replies (1) \| Respond to of 14427

for those that owned GLDFY on the 9th... you now own this too whenever we finally get the distribution. This co BTW was the majority of the value of GLDFY and the primary reason I bought the sucker. Oct 29 1998 8:18AM - Bloomberg News Gold Fields' 1st-Quarter Operating Profit Rises 71% (Update1) Gold Fields' 1st-Quarter Operating Profit Rises 71% (Update1) (Updates with analyst comments, details and company comments throughout.) Johannesburg, Oct. 29 (Bloomberg) -- Gold Fields Ltd., the world's third-largest gold producer, said first-quarter operating profit surged 71 percent, strengthened by gains from the weak rand, which pushed down local production costs. Operating profit rose to 355 million rand ($62 million) in the quarter ended Sept. 30, from 207 million rand in the previous quarter. Income more than quadrupled to 252 million rand, or 1.02 rand per share, from 47 million rand, or 19 cents per share, in the quarter ended June 30. Gold Fields Financial Director Nicholas Holland said the company restated the results for the June quarter to account for the sale of its Evander Gold Mines subsidiary. ''Productivity improvement and the weak rand underpinned their results in the last quarter,'' said Rob Edwards, an analyst with HSBC Simpson Mckie (Pty) Ltd. ''They are going to be depending on additional productivity improvement in the quarter ahead because the rand is no longer on their side.'' The South African rand fell to a record low in the quarter, boosting the earnings of gold producers' like Gold Fields which sell gold for dollars while paying costs in rand. A decline in the value of the rand widens their profit margins while pushing down costs. In the September quarter Gold Fields' production costs in dollar terms fell to $197 per ounce down from $241 per ounce in the previous quarter. The rand has since strengthened against the U.S. dollar, rising by as much as 7 percent this month, and sparking concerns that Gold Fields' second quarter income will grow slower. ''The current spot rand gold price is almost 10 percent lower than it was in the September quarter,'' said Tom Dale, Gold Fields' managing director. ''This will have a material effect on the financial performance of the company given the fact that the company is almost entirely unhedged.'' Hedging refers to the purchase and sale of futures and options contracts to offset the effect of future prices movements of gold or currencies. Gold Fields' shares fell 40 cents to 39.50 rand after the results were announced. The stock has risen about 11 percent this week. Gold Fields was created earlier this year after Gold Fields of South Africa Ltd., and Gencor Ltd. combined their gold assets to boost earnings by combining Gencor's mine-management skills with GFSA's superior gold assets. The merger created Gold Fields Ltd., South Africa's second-biggest gold producer, behind Anglogold Ltd. The September results is the company's third since it was listed in February. Its financial year ends in June. Gold production for the September quarter climbed 10 percent to 744,000 ounces from 674,000 ounces. In rand terms, gold price received by the company in the quarter rose 13 percent to 57,546 rand per ounce from 50,974 per ounce. Gold Fields major operations include Kloof Company and Beatrix, both wholly owned subsidiaries of the company and Driefontein Consolidated Ltd., in which it has a 38 percent stake. Gold output at Kloof increased by 10 percent to 11,540 kilograms while total operating costs fell 2 percent although wages went up by 9 percent. ''The results reflects the combination of improved gold prices, higher production and lower costs in rand and dollar terms,'' Gold Fields' Holland said. ''The company is in a strong financial position. We've got 800 million rand in cash and another 800 million rand in liquid assets.'' --Bolaji Ojo in the Johannesburg bureau (27 11) 784-9944/cs/am Story illustration: GFL SJ