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Discrepancies found in Fed and Treasury gold statements
10:09p ET Thursday, July 7, 2011
Dear Friend of GATA and Gold:
Financial writer Adam Rabie, CEO of GoldNews.com in Toronto, has examined Federal Reserve and Treasury Department statements involving the U.S. gold reserves and reports discrepancies. Rabie concludes:
"There appear to be many gaps in audit work already done. The remaining issues that stand are that past audit work was not thorough or of a strict enough standard to ensure against possible misstatement. In short, independent auditors are often not directly involved in the physical audits and rather are admittedly working off of numbers provided to them by a potentially biased party. Furthermore, there have been no thorough and complete checks on whether the Treasury's use of their gold stock complies with current legislation, in particular the Gold Reserve Act. In addition, a lack of matching between Federal Reserve and Treasury financial statements calls into question some possibly obvious and odd errors. Moreover, there still lacks any audit on the Treasury's gold held at the Federal Reserve Bank of New York or the working stock of gold. Lastly, the issue of encumbrances remains as a major possibility of abuse of the Treasury's gold stock and will be difficult to settle without an extensive audit of all historical government financial dealings."
Rabie's report is headlined "On Auditing the Treasury's Gold" and you can find it at GoldNews here:
http://goldnews.com/2011/07/05/auditing-the-treasurys-gold/
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
