THE world’s largest gold producer, AngloGold, has predicted that 1999 will be a difficult year for the gold industry. Writing in the company’s 1998 annual review released on Monday, chairman Nicky Oppenheimer and chief executive officer Bobby Godsell cited gold prices as one of the hurdles facing the industry. However, Oppenheimer and Godsell forecast a promising year for the physical gold market. Indian and United States off-take of gold reached new highs last year. Only investor sentiment in developed countries keeps gold’s price low. Despite a 10% drop in gold production last year, AngloGold improved its revenue to R12-billion. Headline earnings were up 99% to R1,53-billion.