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Ted Butler: Now it's when, not if, for metals position limits
5p ET Wednesday, July 21, 2010
Dear Friend of GATA and Gold (and Silver):
Silver market analyst Ted Butler notes that the financial regulation law enacted today with President Obama's signature requires the U.S. Commodity Futures Trading Commission to do what Butler has been urging it to do for years: establish position limits in precious metals futures trading. Butler credits CFTC Chairman Gary Gensler, but it seems likely that CFTC Commissioner Bart Chilton, the commission's most outspoken advocate of position limits, had much to do with the new law's requirements as well -- as did the thousands of ordinary U.S. investors who heeded the calls of Butler and GATA to write to the CFTC in support of position limits.
Now, Butler notes, the CFTC has to act, and the question becomes the level of position limits. Butler again argues for a limit of 1,500 contracts. His commentary is headlined "When, Not If" and you can find it at GoldSeek's companion Internet site, SilverSeek, here:
http://news.silverseek.com/SilverSeek/1279732290.php
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
Join GATA here:
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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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
