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Ned Naylor-Leyland: Gold market is a game of musical chairs
8:20p ET Wednesday, March 31, 2010
Dear Friend of GATA and Gold (and Silver):
In commentary posted yesterday at Stockopedia, GATA's friend Ned Naylor-Leyland, a fund manager for Cheviot Asset Management in London, remarks on the game of musical chairs being played in the gold market, where even the so-called physical market has only a single ounce of gold to support every 100 ounces that have been sold to gold investors, who have been largely unsuspecting until lately. Most gratifyingly, Naylor-Leyland writes: "That gold is manipulated and managed by banks is a matter (repeatedly) of public record." Yes, public record, not "conspiracy theory." Naylor-Leyland's commentary is headlined "Gold: Could the Last Person to Get Their Coat Please Turn the Lights Off?" and you can find it at Stockopedia here:
http://www.stockopedia.co.uk/content/gold-could-the-last-person-to-get-t...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Preliminary Feasibility Study Completed for Seabridge Gold's KSM Project
Study Reports Reserves of 30.2 Million Oz. Gold, 7 Billion Lbs. Copper,
133 Million Oz Silver, 210 Million Lbs. Molybdenum
Base Case Life of Mine Cash Operating Costs Estimated at $144/oz. Gold Produced
(Net of Base Metal Credits)
Toronto -- Seabridge Gold Inc. has announced results from a National Instrument 43-101 compliant preliminary feasibility study of its 100-percent owned KSM project in northern British Columbia, Canada. The study was prepared by Wardrop, a Tetra Tech company, a major international engineering and consulting firm.
Seabridge President and CEO Rudi Fronk says, "The study confirms that the KSM project now hosts the largest gold reserve in Canada and one of the largest in the world. KSM is projected to provide an extraordinary mine life of more than 35 years with estimated cash operating costs well below the current average of the major gold producers. Estimated capital costs are in line with those of comparable, large-scale, undeveloped gold-copper projects and KSM has the advantage of being located in a low-risk jurisdiction."
For the complete Seabridge Gold statement:
http://www.seabridgegold.net/readmore.php?newsid=283
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Prophecy Resource Corp. Appoints Rob McEwen to Advisory Board
Prophecy Resource Corp. (TSX.V: PCY, OTC: PCYRF) is pleased to announce the appointment of Rob McEwen to the company's Advisory Board. McEwen is a leading Canadian mining industry entrepreneur. He is the chairman and CEO of U.S. Gold Corp. and Minera Andes Inc. McEwen was the founder and former chairman and CEO of Goldcorp Inc., whose Red Lake Mine in northwestern Ontario, Canada, is considered to be the richest gold mine in the world. During his tenure at Goldcorp, McEwen transformed the company from a collection of small companies into a mining powerhouse, growing its market capitalization from $50 million to approximately $8 billion.
For Prophecy Resource Corp.'s complete statement:
http://www.prophecyresource.com/news_2010_mar11b.php
