May 1, 2002

Spot gold made a near-term double bottom this morning at $306.70 and has now turned higher. The Gold Cartel selling was met by physical buyers from the MIDDLE EAST.

Tonite's Midas will continue to focus on AngloGold, an important key to understanding what is going on in the gold world.

The following appeared in a MONEYWEB today. It is MOST SIGNIFICANT. I will elaborate in MIDAS later:

BOBBY GODSELL: No, not at all. I actually I am afraid I consider it quite an achievement. I think, in fact, the major feature of our quarterly results which I would describe as operationally steady the major feature is that we've indicated again that we think the gold price is firming and that we've got better prospects for the gold price than we've had certainly since 1993, maybe even since 1987. Against that background, we've been
trimming back our hedge book.