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If you want to know WHY Scotiabank abused that cancer-stricken silver depositor. ...
12:29a ET Monday, July 19, 2010
Dear Friend of GATA and Gold (and Silver):
Thanks to our great friend A.D. in Vancouver for writing, hours before your secretary/treasurer could attempt something similar, an e-mail letter to Toronto Globe and Mail columnist Christie Blatchford, whose compelling account of Scotiabank's abuse of a cancer-suffering silver depositor was dispatched to you Sunday. (See http://www.gata.org/node/8837.) The letter from A.D. is appended.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Sunday, July 18, 2010
Dear Christie:
You wrote a great human-interest story on Scotiabank's treatment of a very ill old lady but missed the background that accounts for the lengths Scotiabank went to in an effort not to have to part with a precious ounce of real physical silver bullion.
If, after extensive study and research, you were to form an opinion and disclose the facts from the background to which I refer, your editors would not publish it.
In a nutshell, world prices of silver and gold are largely controlled by bullion banks that sell paper futures contracts on the New York Commodities Exchange -- JPMorganChase and HSBC being the big two, with Scotiabank also involved. The paper tail wags the physical dog. (Your dog Obie would like that!)
... Dispatch continues below ...
Sona Resources Expects Positive Cash Flow from Blackdome,
Plans Aggressive Exploration of Elizabeth Gold Property
On May 18, 2010, Sona Resources Corp. (TSXV: SYS, Frankfurt: QS7) announced the release of a preliminary economic assessment for gold production at its flagship Blackdome and Elizabeth properties in British Columbia.
Sona Executive Chairman Nick Ferris says: "We view this as a baseline scenario for gold production. The project is highly sensitive to the price of gold. A conservative valuation of gold at $1,093 per ounce would result in a pre-tax cash flow of $54 million. The assessment indicates that underground mining at the two sites would recover 183,600 ounces of gold and 62,500 ounces of silver. Permitting and infrastructure are already in place for processing ore at the Blackdome mill, with a 200-tonne per day throughput over an eight-year mine life. Our near-term goal is to continue aggressive exploration at Elizabeth and develop a million-plus-ounce gold resource, commencing production in 2013."
For complete information on Sona Resources Corp. please visit: www.SonaResources.com
A handful of banks are naked short massive quantities of futures contracts in gold and silver and there is smoke coming out of the market, in particular the silver market. Of the Canadian banks, Scotiabank is the leading player in precious metals trading.
Before you dismiss me as a conspiracy nut wearing a tinfoil hat, take a look at a few sentences just written by Ed Steer of Edmonton in his daily commentary for Casey Research. Ed has a worldwide readership, and wrote the following:
"Well, I guess you've already figured out that there was nothing free-market about what happened in both the gold and silver pits yesterday. This was all collusively orchestrated by the big bullion banks. Platinum and palladium weren't spared either ... with the bids on both pulled at the New York open as well. It took Ted Butler quite a number of years to pound into my brain that what happens anywhere else in the world is irrelevant as far as the precious metals are concerned. The price is always set by the big bullion banks, led by JPMorgan in New York. I hope, Dear Reader, that you've got that figured out now too."
If you want to read all of Ed's commentary it's here:
Christie, if your appetite is whetted sufficiently to want to learn more, try the free two-week trial subscription at Bill Murphy's LeMetropoleCafe.com, and once you are into that site, click on:
http://www.lemetropolecafe.com/man_ray_table.cfm?pid=8642
Also Google the Gold Anti-Trust Action Committee, which has spent more than 10 years accumulating firm evidence of the manipulation of prices of gold and silver and which also has a large, worldwide subscriber base.
I hope that you may now appreciate that the treatment afforded by Scotiabank to the ailing elderly cancer patient who just wanted her silver bullion back was motivated by forces running deeper than you may have anticipated when you wrote your article.
Regards,
A.D.
Vancouver, British Columbia
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New Orleans Investment Conference
Wednesday-Saturday, October 27-30, 2010
Hilton New Orleans Riverside Hotel
http://www.neworleansconference.com/redirect.php?page=index.html&source_...
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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
