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Gene Arensberg: Something unusual is afoot in gold and silver
12:40p ET Sunday, June 13, 2010
Dear Friend of GATA and Gold (and Silver):
Gene Arensberg's new "Got Gold Report" examines the latest futures market data on the precious metals and concludes with some ambivalance:
"Having just missed our chance to reenter silver this past Monday, we remain on the lookout for a re-entry signal on both gold and silver, but until we analyze all the charts, ratios, and data this weekend, we won't know if Sunday night or Monday morning will find us on the bid or not. We repeat that our instinct is that something unusual is under way and it could be 'good' unusual or 'bad' unusual, but until which becomes more clear to us the sideline is not such a bad port to anchor off and gauge the weather.
"We have the strange situation where some of the Big Sellers are not -- that's NOT -- acting in a way that shows they are confident in lower gold and silver prices even though gold is not very far from a new all time high. However, the gold open interest is too high to be aggressive on the long side ourselves unless we become convinced that extraordinary demand is coming in -- not just soon, but coming in immediately."
You can find the "Got Gold Report" here:
http://treo.typepad.com/got_gold_report/2010/06/20100612COTflash.pdf
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Prophecy to Become Coal Producer This Year
with 1.5 Billion Tonnes of Resource
Prophecy Resource Corp. (TSX.V: PCY) announced on May 11 that it has entered into a mine services agreement with Leighton Asia Ltd. to begin coal production this year. Production will begin with a 250,000-tonne starter pit as planned in August, with production advancing to 2 million tonnes per year in 2011. Prophecy is fully funded to production and its management team includes John Morganti, Arnold Armstrong, and Rob McEwen.
For Prophecy's complete press release about its production plans, please visit:
http://www.prophecyresource.com/news_2010_may11.php
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