Christopher Barker: Is your safe haven a house of cards?
5:55p ET Monday, April 5, 2010
Dear Friend of GATA and Gold (and Silver):
Christopher Barker, a blogger at Motley Fool, joins the growing chorus of writers who realize that there is really something to the gold and silver price suppression scheme besides the tin-foil hats supposedly worn by those who complain about it. In his commentary today Barker writes:
"I have been tracking this topic for several years, and we would need to sit down over a gigantic coffee to pore over all the verifiable evidence amassed by researchers like GATA (Gold Anti-Trust Action Committee), John Embry of Sprott Asset Management, silver analyst Ted Butler, and many others."
Barker emphasizes GATA's vindication at the recent hearing of the U.S. Commodity Futures Trading Commission, where gold market expert Jeffrey Christian of CPM Group directly confirmed GATA board member Adrian Douglas' assertion that the so-called physical market for gold in London is not just a paper market but a paper market leveraged at 100 to 1 against a paltry amount of real metal. "I believe," Barker writes, "that these revelations place this entire leveraged house of cards at risk."
Let's hope so.
Barker's commentary is headlined "Is Your Safe Haven a House of Cards?" and you can find it at Motley Fool here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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:
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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: