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Sovereigns may prove bigger than commercials shorting gold, Fitzpatrick says
9:13p ET Thursday, October 4, 2012
Dear Friend of GATA and Gold:
CitiGroup market analyst Tom Fitzpatrick today tells King World News that gold investors may worry too much about the rising open interest in gold futures, which often indicates preparation by the big commercial trading shorts to run small speculative longs out of the market.
Fitzpatrick says: "People are concerned about the commercial shorts in gold, but at the end of the day there are a number of different players in the gold market. The ones we are most focused on are the players who are taking gold out of the market and are not going to be putting it back onto the market. Those large entities are obviously official authorities, central banks, sovereign wealth funds, etc. So while it is possible to chop around because of commercial speculation, and maybe that worries day-to-day traders, for us it is not really a dynamic we are focused on in the big-picture view."
An excerpt from Fitzpatrick's interview is posted at the King World News blog here:
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
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New Orleans Investment Conference
Wednesday-Saturday, October 24-27, 2012
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
http://www.neworleansconference.com/
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GoldMoney adds Toronto vaulting option
In addition to its precious metals storage facilities in Hong Kong, Switzerland, and the United Kingdom, GoldMoney customers now can store their gold and silver in a high-security vault operated by Brink's in Toronto, Ontario, Canada.
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It's easy to open an account, add funds, and liquidate your investment. For more information, visit:
http://www.goldmoney.com/?gmrefcode=gata
