AngloGold, Newmont CEOs cite gold production decline

5:40p ET Thursday, October 30, 2008

Dear Friend of GATA and Gold:

Mining Weekly's Martin Creamer quotes AngloGold Ashanti CEO Mark Cutifani as saying that world gold production is likely to continue declining at 5 percent per year until the gold price stabilizes at between $900 and $1,000. The production decline will only improve gold's fundamentals, Cutifani added. And of course the decline in production will hasten the demand on the already strained reserves of central banks as they continue to try to suppress gold's price. You can read the Mining Weekly report here:

http://www.miningweekly.com/article.php?a_id=146429

Meanwhile MineWeb's Dorothy Kosich gets similar comments from Newmont Mining CEO Richard O'Brien, which you can find here:

http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=71729&sn=Detail

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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