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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Bill Murphy who wrote (32994)	5/1/1999 5:38:00 PM
From: Alex	Respond to of 116762

<<Not a Y2K apocalypse man, Walker does not expect millennium computer bugs to push gold higher. Nor does he subscribe to the conspiracy theory that the US Federal Reserve Bank buffers the gold price - a view being postulated by the Gold Anti-Trust Action group.>> www3.techstocks.com

To: Bill Murphy who wrote (32994)	5/1/1999 5:47:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116762

FOCUS-AngloGold hits investment sector for gold woes 12:30 p.m. Apr 30, 1999 Eastern By Darren Schuettler world's biggest gold producer, on Friday blamed the investment community for prolonging the current gold malaise by urging their clients to sell whenever bullion rallies. ''There is an attitude...that every rally should be used as an opportunity for clients to sell their metal,'' AngloGold executive director Kelvin Williams said at a briefing for the company's March quarter results. Physical off-take of gold in the world was reassuring, with signs of a recovery in South-East Asia and the Middle East, the Johannesburg-based company said. Proposed gold sales by Switzerland and the International Monetary Fund (IMF) had been discounted and were unlikely to have a significant impact on prices. ''This is the most positive position we have faced from this sector of the gold market in the past decade,'' AngloGold said. ''The reasons for the malaise in the gold price appear to lie elsewhere, in a banking and investment sector which seems to ignore any and all good news on gold and which follows a policy of recommending selling on every improvement in the gold price, no matter how modest,'' the company said. AngloGold said it was on track to produce seven million ounces of gold this year after emerging from a first quarter hit by operational problems. It reported a 29 percent jump in attributable profit to 611 million rand ($101 million) in the three months ended March 31. After stripping out exceptional items, including 460 million rand in deferred tax and the writing off of goodwill related to the Minorco deal, AngloGold's earnings slipped three percent to 493 million rand. ''In light of the operational problems we have had, they are good results,'' AngloGold executive director of finance Jonathan Best told analysts at a results briefing. AngloGold said production at its core South African operations fell five percent to 45.5 tonnes, reflecting a series of seismic and infrastructure problems in the March quarter. ''The results were generally okay, but we were a little disappointed with the performance of the South African operations,'' a mining analyst said. Investors pushed AngloGold's shares up 13.40 rand, or nearly five percent, to 286.40 rand on the Johannesburg bourse. The March results included for the first time production from the North and South American mines acquired from sister-company Minorco SA (MNRJ.J) (MNOR.LU) for $550 million earlier this year. Output from the mines in the United States, Brazil and Argentina boosted AngloGold's total gold output by eight percent to 53,711 kg from 49,914 kg in the previous December quarter. This was ahead of the company's revised output forecast of 52,000 kg for the March quarter. ''Management remains confident of achieving the targeted production levels for the year of seven million ounces, at cash costs of around $210 per ounce,'' said AngloGold chief executive Bobby Godsell. The Minorco mines also helped trim AngloGold's cash costs to $209 per ounce from $224 an ounce in the December quarter. Best said the company would focus on dollar cash costs in the future. When it was originally formed 18 months ago through a merger of Anglo American Corp's (AACJ.J) bullion assets, AngloGold executives set a cash cost target of 40,000 rand, or $250 per ounce, for all its operations. At current exchange rates, the target is now $200 per ounce and mine managers will be pressed to meet that target, said Alan Smith, executive director of South African operations. ((Johannesburg newsroom, 27 11 775 3155, newsroom+reuters.co.za)) Copyright 1999 Reuters Limited.

To: Bill Murphy who wrote (32994)	5/1/1999 8:44:00 PM
From: long-gone	Read Replies (1) \| Respond to of 116762

O/T (?) Business Bankers Trust Profit Off Tuesday, April 27, 1999 By Mary Kelleher NEW YORK (Reuters) - Bankers Trust Corp., which plans to be bought by Germany's Deutsche Bank AG this quarter, said Monday its first-quarter net income dropped 37 percent from a year ago to $140 million, but still exceeded Wall Street estimates. The New York-based bank holding company, which reaffirmed its plan to merge with Germany's largest bank, earned $1.30 a diluted share in the first quarter, down from $2.01 a share in last year's first quarter. But it still beat the $1.08 a share that Wall Street expected it to earn, according to tracking service First Call. Hit hard by last year's market turmoil, Bankers Trust scaled back risky positions in the quarter, especially in emerging markets, as it prepares to be acquired by Deutsche Bank for about $10 billion. It also posted stronger trading revenues, as did a host of other Wall Street banks and brokers in the first quarter, although its investment banking profits dropped. Bankers Trust's stock settled Monday at $90.0625, unchanged from Friday, slightly over the $90 a share in cash that Deutsche Bank plans to pay. Earlier Monday, Bankers Trust stock traded as high as $90.875 in composite New York Stock Exchange trading. ''Trading was the main driver,'' Diane Glossman, an analyst at Lehman Brothers, said. ''The company also continues to prepare for the advent of the Deutsche deal and reduce the size of its balance sheet and capital ratios. Investment banking wasn't particularly outstanding in the quarter because the leveraged side of the finance business has yet to really come back.'' The banking company, whose merger with Deutsche Bank is expected to close in the second quarter, saw trading and sales profits rise to $86 million in the first quarter from $64 million in the 1998 first quarter. The 1999 first-quarter trading results were bolstered by Bankers Trust's investment in troubled hedge fund Long-Term Capital Management. The giant fund was rescued from the brink of collapse last year by a group of leading banks. (cont) news.lycos.com