You are here
Paper gold and gold passbook scams
9:10p ET Tuesday, September 11, 2012
Dear Friend of GATA and Gold:
Gold and silver broker GoldSilver.com tonight publishes a fascinating review of the prospectuses of some Asian banks that offer "paper" gold funds and are pretty candid in acknowledging that investors aren't really buying gold at all. "With paper gold, you don't own gold," GoldSilver.com says. "In most cases you don't even own a promise to receive physical gold."
Indeed, "paper gold" is the mechanism by which central banks long have suppressed the gold price, as "paper gold" allows them to increase the purported gold supply to keep up with the growth in the world money supply without having to go through the trouble of actually mining any metal. Like central bank money, "paper gold" is potentially infinite.
The GoldSilver.com commentary is headlined "Paper Gold and Gold Passbook Scams" and it's posted here:
http://goldsilver.com/article/paper-gold-and-gold-passbook-scams/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Prophecy Platinum Intercepts Best Pt+Pd+Au Grades Yet
at Wellgreen Project in Yukon Territory: 5.36 g/t
Company Press Release
Tuesday, September 11, 2012
VANCOUVER, British Columbia -- Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces more results of its 2012 drill program on the company's fully-owned Wellgreen platinum group metals, nickel, and copper project in southwestern Yukon Territory, Canada. Four surface holes and four underground holes all intercepted significant mineralized widths, ranging from 28.5 meters (WS12-201) and up to 459.5 metres (WS12-193). Highlights include WU12-540, which returned 8.9 metres of 5.36 grams per tonne platinum, palladium, and gold; 1.73 percent copper; and 1.01 percent nickel within 304.5 meters of 0.66 g/t platinum-palladium-gold, 0.20 percent copper, and 0.27 percent nickel.
The surface drill program started in June and has completed 16 holes (assays pending for 12 holes) with two rigs now on site. The surface program continues to progress at a steady pace.
Prophecy Chairman John Lee commented: “Wellgreen is a very large nickel, copper, and platinum group metals project with near-surface high-grade zones. High-grade intercepts will be incorporated into resource modeling and mine planning in the pre-feasibility study. We expect further positive drill results from Wellgreen shortly.”
Wellgreen features a low 2.59-to-1 strip ratio, is situated at an altitude of 1,300 meters, and is only 15 kilometers from the two-lane paved Alaska Highway. Those factors significantly minimize the project's indirect costs.
For the complete company statement with full tabulation of the drilling results, please visit:
http://prophecyplat.com/news_2012_sep11_prophecy_platinum_drill_results.php
Join GATA here:
Toronto Resource Investment Conference
Thursday-Friday, September 27-28, 2012
Toronto Sheraton Centre Hotel
Toronto, Ontario, Canada
http://www.cambridgehouse.com/event/toronto-resource-investment-conference
New Orleans Investment Conference
Wednesday-Saturday, October 24-27, 2012
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
http://www.neworleansconference.com/
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
Special Offer for GATA Supporters from The Calandra Report
Financial journalist Thom Calandra, co-founder of MarketWatch.com and a longtime GATA supporter, has revived his weekly market letter, The Calandra Report, which is aimed at believers in natural resources and metals equities. His three recommended stocks so far -- prospectors in Nevada, Portugal, and Colombia looking for gold, silver, copper, and tungsten -- have risen since his recommendation, and he is traveling throughout the world to research more recommendations. Through Sept. 22 the TCR's subscription price is $48 per year and during that time Calandra will donate to GATA $5 for every GATA supporter who subscribes. After that the TCR's subscription price will rise to $54.
Calandra will join GATA's Bill Murphy and Chris Powell at the Toronto Resource Investment Conference on Thursday and Friday, Sept. 27 and 28 --
http://cambridgehouse.com/event/toronto-resource-investment-conference-2012
-- and at the New Orleans Investment Conference from Wednesday through Saturday, Oct. 24-27:
https://jeffersoncompanies.com/new-orleans-investment-conference/home
For a sample of a recent edition of The Calandra Report and to subscribe, please visit:
http://www.babybulls.com/index.cfm/page/THE-CALANDRA-REPORT:-AUGUST-26,-...
