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Judy Shelton, Lew Lehrman argue for bringing gold back
9:40p ET Thursday, July 7, 2011
Dear Friend of GATA and Gold:
Two respected voices were heard today calling for the reincorporation of gold into the international monetary system to restore financial stability to the world.
Writing in The Wall Street Journal, financial journalist Judy Shelton described what the newspaper headlined as the "golden opportunity" of the new director of the International Monetary Fund, Christine Lagarde.
Shelton writes: "Today both of the world's major currencies are subject to the budgetary transgressions of governments. Government appointees at the European Central Bank and the U.S. Federal Reserve are empowered with deciding how much money should be issued, rather than calibrating the money supply to match productive economic needs through the voluntary conversion of currency into gold."
Shelton's essay is headlined "Lagarde's Golden Opportunity" and you can fnid it at the Journal's Internet site here:
http://online.wsj.com/article/SB1000142405270230480310457642762313596533...
Meanwhile industrialist Lewis E. Lehrman, writing at the Internet site of the Gold Standard Now project, which is underwritten by the Lehrman Institute, notes the gold standard's crucial restraint on irresponsible and unaccountable central bank power. Lehrman writes: "When the dollar is convertible at a fixed parity to gold, then if the Fed and the banks create too much money and credit, causing inflation, the American people can protect themselves by turning in their undesired dollars for gold at the fixed parity. Since the Federal Reserve and the banks would be required by law to redeem the dollars in gold, the banks must then reduce the expansion of credit, tending to reduce inflation. The gold standard, in a word, is democratic money. The sovereign American people should regulate the quantity of money and credit, not the Federal Reserve, a government agency. Gold is also the money of the Constitution as stipulated in Article I, Sections 8 and 10. Thus the monetary system must be regulated by a democratic people, and not by economists manipulating the currency at the Federal Reserve Board and the Treasury."
Lehrman's essay is headlined "What America Can Learn from the Greek Financial Crisis" and you can find it at the Gold Standard Now site here:
http://www.thegoldstandardnow.com/the-lehrman-gold-standard-articles/533...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Prophecy (TSXV: PCY) Secures Russian Far East Seaport Allocation
and Updates Ulaan Ovoo Mine Production
Company Press Release, June 14, 2011
VANCOUVER, British Columbia -- Prophecy Coal Corp. TSX-V: PCY)(OTCQX: PRPCF)(Frankfurt: 1P2) has arranged with the Port of Sovgavan in the State of Khabarovsk, Russia, so the company will have initial access to port allocation of 25,000 tonnes of coal per month starting this month, potentially expandable to 50,000 tonnes per month, representing 300,000 to 600,000 tonnes annually. Prophecy also will be assigned a coal storage area at the port.
This arrangement provides Prophecy's Ulaan Ovoo thermal coal mine with immediate access to the Asian seaborne export coal markets. Sovgavan is strategically located on the seaboard of the Russian Far East. The port is privately owned and can accommodate seagoing vessels of up to 160 meters in length, with the depth of loading site of 9.5 meters. The port has loading capacity of 6,000 tonnes per day and direct connections to Trans-Siberian railroads and uncongested Russian state highways.
Securing the port opens Prophecy to a significant number of coal buyers, and the company is placing top priority to conclude rail transport within Russia and coal offtake contracts.
Prophecy's Ulaan Ovoo mine commenced production in 2011. So far this year the mine has produced 200,000 tonnes of coal, which are being stockpiled. The average quality is 4,200 kcal/kg NAR with 5 percent ash and 0.5 percent sulphur. Those attributes compare favorably to the coal being purchased by local Russian and Mongolian power plants.
For the complete company statement, please visit:
http://www.prophecycoal.com/news_2011_jun14_Prophecy_Secures_Russian_Sea...
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Golden Phoenix Shareholder Conference Call To Discuss
Start of Gold Production at Mineral Ridge Gold Project
Company Press Release, June 27, 2011
SPARKS, Nevada -- Golden Phoenix Minerals, Inc. (GPXM) has scheduled its second quarter 2011 shareholder conference call for Tuesday, July 12. Shareholders are invited to participate in the call, will begin at 1 p.m. Pacific and 4 p.m. Eastern time.
Company management will provide updates on accomplishments in the second quarter and explain how the company's royalty mining growth strategy is expected to unfold in the second half of the year.
Topics to be updated include the start of gold production at Mineral Ridge, developments on the Vanderbilt Silver and Coyote Fault Gold projects, the Shining Tree and Peru projects, and drilling plans for 2011. Questions from shareholders will be answered as well.
"Thirteen months after closing the joint venture between Golden Phoenix and Scorpio Gold, the Mineral Ridge property has entered gold production," said Tom Klein, CEO of Golden Phoenix. "Last week both companies completed joint tours of Mineral Ridge. We look forward to providing a complete update on our conference call."
Participation in the shareholder conference call can be arranged by telephone, webcast, or Skype. To participate, dial 952-356-0015 and enter Conference ID 419582#.
For the company's full press release, please visit:
http://goldenphoenix.us/pressreleases/
Golden Phoenix (GPXM) is a U.S. mining company with international exposure to gold, silver, and strategic metals. The company's business model combines project generation and royalty mining that offers the potential for exploration upside, coupled with the backing of production and future royalty streams. View company videos here: http://www.GoldenPhoenix.us
