Jim Rickards: Don't keep your gold in bank vaults
12:15a ET Wednesday, April 14, 2010
Dear Friend of GATA and Gold (and Silver):
Interviewed by Eric King of King World News, Jim Rickards, senior managing director of the Omnis Inc. consulting firm in McLean, Virginia, says:
-- Far more claims to gold have been sold than can be delivered upon.
-- To save the dollar the United States will be forced back on a gold standard with convertibility and gold revalued to $5,500 per ounce.
-- China's need for gold to back its own currency and hedge its U.S. debt exposure is massive but the metal isn't available even as the Chinese government is commandeering the output of Chinese mines.
-- And gold owners should keep their metal in vaults not operated or controlled by banks, since keeping gold in bank vaults negates gold's purpose as a wealth preserver outside the banking system, which is vulnerable to a run on gold banks.
It's a great interview, 30 minutes long, and you can find it at King World News here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Swiss America's Fred Goldstein to Hold Free Seminar on Gold in Palm Springs
Long-time GATA supporter Swiss America Trading Corp. and its senior broker, Fred Goldstein, will hold a free seminar on Friday, April 16, titled "All About Gold," in the Palm Springs-Indian Wells area in the southern California desert. GATA supporters are welcome to attend and learn about various ways of owning gold and why gold prices should continue to rise. Attendees will receive free educational DVDs, CDs, and financial reports and have their questions answered face to face. There also will be drawings for free U.S. silver coins. This will be an excellent opportunity for those new to gold investing. To attend this free seminar, just register at www.goldwealthgroup.com and mention that GATA sent you.
Support GATA 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:
Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:
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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: