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Barrick, contradicting itself, loses motion to add defendants in Blanchard case
By Bloomberg News Service
Wednesday, May 12, 2004
The introduction of gold-backed shares in the United States
has been delayed because of a longer than expected review
by securities regulators, said Bobby Godsell, chief executive
of AngloGold Ashanti, the world's second-largest gold
producer.
World Gold Trust Services, a subsidiary of the
producer-funded World Gold Council in London, said in May
2003 it was seeking approval from the U.S. Securities and
Exchange Commission to sell as many as 60.4 million
shares in the Equity Gold Trust.
The trust would be listed on the New York Stock Exchange.
The delay in getting approvals reflected a desire by U.S.
officials "to make absolutely sure they understand the nature
of the security and that it's meeting all of the regulatory
requirements," Mr. Godsell said.
Equity Gold Trust shares would be "a little bit between an
equity and money," Mr. Godsell said. "It's a product
innovation. I guess you take time to get through the
regulators when you're innovating a new product. I'm sure
it will come out."
The World Gold Council's members include Denver-based
Newmont Mining, Johannesburg-based AngloGold, and
Toronto-based Barrick Gold, the world's largest producers.
Trust shares trading in London and Australia had generated
43 tonnes of investment demand for gold as the price of the
precious metal had risen during the past two years, Mr.
Godsell said. "We're very encouraged."
Gold futures, which reached a 15-year high of $422 an
ounce in New York on April 1, have fallen more than 10
percent in the past month but are up 7.2 percent from a
year ago.
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