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Things that make you go ... holy ----!" (Anybody seen our gold?)
12:20p ET Monday, August 22, 2011
Dear Friend of GATA and Gold:
Grant Williams' latest "Things that Make You Go Hmmm" market letter examines the potential for Venezuela's gold repatriation demand to blow up the Western central bank and bullion bank fractional-reserve gold banking system, and with it the gold price suppression scheme.
Williams quotes GATA board member Adrian Douglas and GATA consultants Rob Kirby and James Turk at length, and indeed his whole thesis is also GATA's. It's reminiscent of GATA's full-page ad in The Wall Street Journal on January 31, 2008, which was headlined: "Anybody Seen Our Gold?":
http://www.gata.org/node/wallstreetjournal
GATA's conference in Washington in May that year was titled the same way.
Williams summarizes:
"-- It is common practce for most central banks to hold part of their gold reserves overseas in 'gold trading centres' (read London and New York).
"-- One of those central banks -- that of Venezuela -- wants its gold back.
... Dispatch continues below ...
Lewis E. Lehrman on How to Solve the U.S. Debt Problem
Lewis E. Lehrman, chairman of the Lehrman Institute, sponsor of The Gold Standard Now project, advises that to reduce the $1 1/2 trillion U.S. deficit, the Republican Party must initiate an investment program.
Working Americans are not saving, which enables the banks to lead the country into a cycle of debt, leverage, boom, panic, and bust.
Lehrman says: Eliminating the budget deficit of a trillion and a half dollars cannot be done overnight. The proposal by U.S. Rep. Paul Ryan was very dramatic -- one Republican called it radical -- but it was not happily received. The solution, of course, is to design an American program for prosperity, because you can solve these entitlement problems with a growing economy. We need a tremendous program of investment, and investment comes from savings. When you pay savers, middle-income professionals, and working people 0 percent at the bank, you are not going to encourage them to save. Then we are left with a bank cycle of debt, leverage, boom, panic, and bust."
To read more and to sign up for The Gold Standard Now's free, noncommercial, weekly report, "Prosperity through Gold," please visit:
http://www.thegoldstandardnow.org/gata
"-- That means that a group of banks (mainly in the UK and the United States) that are supposed to have that gold in their vaults need to give it back ...
"-- ... which in turn could potentally trigger a race to repatriate national gold holdings.
"-- Neither Fort Knox nor the Federal Reserve (the world's two biggest gold depositories) have been independently audited in recent times.
"-- The status of the gold held in the Bundesbank (home to the world's third-largest hoard) is somewhat unclear.
"-- The practice of leasing gold by central banks has been going on so long that it predates even the time when Alan Greenspan advocated sound money.
"-- The gold 'physical market' is approximately 100 times the size of the amount of actual underlying metal by which it is purportedly backed.
"-- The top four bullion banks, or 'commercials' on the COMEX, continue to run what we shall politely call 'significant' short positions."
Williams also speculates:
"If there is any delay in repatriating Venezuela's gold, it could potentially start a frantic scramble by central banks to claim their physical gold, and, if that happens, you can be assured that a fire will be lit under the gold price the likes of which we haven't yet seen -- even as gold has appreciated from $250 to $1,850 over the past 11 years."
Looks like GATA's message is finally getting around and being acted upon.
You can find Williams' letter at Scribd here:
http://www.scribd.com/doc/62765636/Hmmm-August-20-2011
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit,
Extending the Mineralization of the Southwest Vein on the Property
Company Press Release, October 27, 2010
VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include:
-- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres.
-- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres.
-- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre.
Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface.
"The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest."
For the company's full press release, please visit:
http://sonaresources.com/_resources/news/SONA_NR19_2010.pdf
