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AngloGold Sees Gold
Soon Trading at $500

From Reuters
Monday, April 11, 2005

http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=8138677

PERTH, Australia -- World No. 2 gold miner AngloGold Ashanti Ltd.
said it expected gold to soon trade as high as $500 or more per
ounce because of a weak U.S. dollar and high jewelry demand, topping
a forecast by larger rival Newmont Mining Corp.Gold, which currently
trades for around $426 per ounce, last topped $500 in 1987.

"I believe there is every reason for the gold price to trade in a
range of $400-$500 (per ounce) for the foreseeable future,"
AngloGold Chief Executive Bobby Godsell told the Australian Gold
Forum meeting of miners and investment bankers.

"There is the possibility to trade at the top end of that range and
even to move modestly outside that top end," Godsell said.

Last week Newmont President Pierre Lassonde predicted the gold price
would likely stay in the $425-$475 per ounce range for most of 2005.

South Africa-based AngloGold, majority-owned by Anglo American,
mined 6.05 million ounces of gold last year, making it second only
to Newmont.

Demand for gold, traditionally regarded as the currency of last
resort, was at its strongest in years thanks to a weakened dollar,
which encourages gold buying by investors outside the United States,
he said.

Even at today's price, gold is regarded as cheap by some when
compared to other commodities -- it takes less than nine barrels of
oil to buy one ounce of gold versus a long-term average of 17.5
barrels.

There was a risk, though, that gold could come under attack if
rising U.S. interest rates further prop up the greenback, Martin
Murenbeeld, chief economist at Vancouver-based Dundee Wealth
Management Group, told the forum.

"The dollar can always experience a correction," Murenbeeld said.

The greenback's fall is partly owing to concerns in the foreign
exchange market that the U.S. would not attract enough foreign
investment to finance the widening U.S. trade deficit, which reached
a record $617.7 billion last year.

Demand for gold jewelry was also running strong, Godsell noted.

Consumer demand for gold rose 7 percent last year, the first rise in
four year, figures from the industry-financed World Gold Council
show.

But the outlook for 2005 pointed to weaker growth, as times were
harder and jewelry purchases less likely.

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