-->
From: Denisenko, Julie [EQRE]
> Sent: Tuesday, May 11, 2004 11:57 PM
> Subject: ETF Alert: U.S. Listing of Gold Shares Delayed by SEC,
> AngloGold CEO Says
>
> The following story was reported by Bloomberg and offers some insight on
> the roadblocks encountered on listing this product in the U.S. We have
> no additional information on when shares of the Equity Gold Trust may
> actually list.
>
> U.S. Listing of Gold Shares Delayed by SEC, AngloGold CEO Says
>
> By Claudia Carpenter
> May 11 (Bloomberg) -- The introduction of gold-backed shares
> in the U.S. may have been delayed because of a longer-than-
> expected review by securities regulators, said Bobby Godsell,
> chief executive of AngloGold Ashanti Ltd., the world's second-
> largest gold producer.
> World Gold Trust Services LLC, a subsidiary of the producer-
> funded World Gold Council in London, said in May 2003 that 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 reflects 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,'' Godsell, 51, said in an interview at a mining
> conference in Boston.
> Shares of the Equity Gold Trust would be ``a little bit
> between an equity and money,'' 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 Corp., Johannesburg-based AngloGold and Toronto-
> based Barrick Gold Corp., the world's largest producers.
> Trust shares trading in London and Australia have generated
> 43 tons of investment demand for gold as the price of the
> precious metal has risen during the past two years, Godsell said.
> ``We've 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 and are up 7.2 percent from a year ago.
>
>
> Julie Denisenko
> Smith Barney
> Closed-End Fund / ETF Research