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FOFOA: The 21st-century bank run
8:45p ET Thursday, April 15, 2010
Dear Friend of GATA and Gold (and Silver):
After some review of monetary history, the FOFOA (Friend of Friend of Another) blog tonight examines the recent statements made by CPM Group Managing Director Jeff Christian to the March 25 hearing of the U.S. Commodity Futures Trading Commission and to Jim Puplava's Financial Sense Newshour program on April 10, as well as the statements made this week to King World News by Omnis consulting firm Senior Managing Director Jim Rickards.
In their various comments Christian and Rickards both confirmed that the investment bank gold business is actually a fractional-reserve scheme that cannot produce even a large fraction of the gold claims it has sold. But FOFOA argues that Rickards' idea of returning the United States to a gold standard with convertibility and gold highly priced, around $5,500, would be just as likely to destroy the dollar and Wall Street as to save them.
The FOFOA commentary is headlined "The 21st-Century Bank Run" and you can find it here:
http://fofoa.blogspot.com/2010/04/21st-century-bank-run.html
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:
http://gata.org/node/wallstreetjournal
Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:
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Help keep GATA going
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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
