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

To: J. P. who wrote (34326)	5/21/1999 9:25:00 AM
From: John Hunt	Read Replies (1) \| Respond to of 116764

<< What, in your opinion, is the best proxy for gold? >> Hi JP, If you are looking for something that tracks gold, but not a gold producer's shares, you might want to look at: Central Fund of Canada Limited centralfund.com (90% of Central's assets are Gold and Silver at all times) Trades as CEF on AMEX and CEF.A on TSE. I chart it, but hold gold producer shares. John

To: J. P. who wrote (34326)	5/23/1999 9:57:00 PM
From: goldsnow	Respond to of 116764

Anglo extends gains ahead of London listing 09:23 a.m. May 21, 1999 Eastern By Darren Schuettler JOHANNESBURG, May 21 (Reuters) - Shares in UK-bound Anglo American Corp jumped over three percent on the Johannesburg bourse on Friday after two influential brokerages issued buy ratings ahead of its London listing. Anglo shares hit a year high of 326 rand after HSBC Securities and CSFB initiated coverage with an upbeat view of the new Anglo American Plc (AA Plc), which moves its main listing to the UK on Monday. The stock surrendered some of its gains later in the session, but still held up 3.5 percent at 325 rand by 1300 GMT. ''I think the market has known for a couple of days they would issue buy recommendations. They have been strong buyers for the past few days,'' a Johannesburg trader said. ''It's obviously going to help the stock, but I think it's really going to go up on Monday,'' he added. AA Plc, born from a merger of Anglo American Corp and sister company Minorco SA, was relatively undervalued compared to rival Rio Tinto Plc, the brokerages said. But they expected the gap to narrow as management streamlined operations. ''It's a one-off restructuring and we see synergies coming through for the company from that,'' said HSBC mining analyst Daniel Major. On Monday, the new AA plc will dominate a substantially reduced mining board on the Johannesburg Stock Exchange where dozens of listed mines have disappeared into bigger companies. ''Choice has dwindled quite dramatically,'' said Merrill Lynch analyst Bobby Craig, noting that the number of listed gold mines has shrunk to about a dozen from nearly 30 three years ago. In late 1997, Anglo American folded six listed South African gold mines and two promising operations in Namibia and Mali into the world's biggest gold producer, AngloGold Ltd. At the same time, Gold Fields of South Africa Ltd (GFSA) and Gencor Ltd merged their bullion assets, including several listed mines, into Gold Fields Ltd. While some investors grumble over the lack of choice, analysts say the new bigger companies offer better growth opportunities than the old traditional gold mines which were limited geographically by lease boundaries. ''Traditionally, you got very good dividend streams, but you were limited on your resource potential. Now mines are listed in single growth vehicles,'' said Chamber of Mines economist Roger Baxter, making it easier to explore for new resources. The gold consolidation will continue over the next few months as the JCI group, which emerged from failed mining house JCI Ltd last year, contemplates a combination of eight gold and exploration companies. Among the mining houses, GFSA, created by Cecil Rhodes a century ago, is now a shell of its former self since spinning off its gold mines. Most of its remaining assets have either been sold or unbundled. In coal, several major South African producers have disappeared into larger entities, including Anglo American Coal being folded into AA Plc and delisted. A new black empowerment vehicle, New Coal, will soon combine various assets from Amcoal, Ingwe and Gold Fields Coal. The JSE's mining board also lost its chrome component last year when Samancor was delisted after shareholders Billiton and Anglo American agreed to a 60-40 joint venture. Chromecorp was also delisted after being acquired by Switzerland's Sudelektra. Copyright 1999 Reuters Limited