Ann: Appointment of Chief Executive Officer, page-37

I think OBM is carrying a rucksack full of bad memories. The market does not like OBM - at least at the moment. David's performances - with all due respect - don't help either. From a marketing point of view, it's nothing to carry a good news story.

What makes me confident is the fact that apparently after 2 days of selling pressure, a few weak hands are probably out again. Gold is not in investors' favour at the moment. But I don't see the price collapsing now. Q2 could see a higher POG and then it depends a lot on what the Americans do with their possible inflation. Up to 2 possibly 3% inflation everything is OK - if it goes towards 4 or 5%, it will be dicey for the dollar and for the Fed to keep interest rates under control (yield curve control). So...it's not all over for the gold price.

At the current level, OBM seems cheap to me. Possible good developments are not priced in at all. So it will all depend on what hard results the new CEO brings to the table and how he sells them. From this perspective, the current SP seems to me to be more of an opportunity to accumulate.

Since I could imagine that the POG could fall a bit more in the next 4-6 weeks and the SP might even dip below 25 cents again, I'll wait and see before buying. I had planned to do so towards the end of March.

Good or unexpectedly good news on the other hand could also lift the SP back above 30 cents - to a level that I would consider more appropriate than below 30.