Adrian Douglas: LBMA restores access to gold, silver clearing data
By Adrian Douglas
Monday, July 26, 2010
My essay yesterday, "The LBMA Joins the Gold Squeeze Cover-Up" (http://www.gata.org/node/8858), was written after I attempted to access gold and silver clearing statistics at the London Bullion Market Association Internet site and encountered a password-protected log-in screen that allowed access only to members.
Interestingly today the information I sought was once again accessible in the public domain at the LBMA Internet site. So I called the LBMA to find out what had happened and spoke to Ruth Crowel in the public relations department.
Crowel said she didn't know why I couldn't get access to the clearing statistics because it has always been the LBMA's intention to make them public. She suggested that the problem perhaps had been with my computer, but I told her that others had been unable to get access to the data at the same time as well.
Only then did Crowel reveal that the LBMA had completely changed its Internet site architecture over the weekend and even had different software running it.
I don't know why that wasn't given as the immediate explanation of the likely cause of the blocking of the clearing statistics. But it appears that I and some others attempted to access the data while the LBMA was installing its new Internet site.
A bit strangely, today an inquiry to the LBMA from a major U.S. newspaper as to what had happened with the clearing data was met with "no comment."
So the question remains whether the new Internet site architecture initially blocked access to the clearing statistics and was modified after publication of my essay, or if the blocking was simply a glitch in the Internet site's updating.
We may never know but for the moment we may have to give the LBMA the benefit of the doubt.
Adrian Douglas is published of the Market Force Analysis letter (http://www.MarketForceAnalysis.com) and a member of GATA's Board of Directors.
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
Join GATA here:
New Orleans Investment Conference
Wednesday-Saturday, October 27-30, 2010
Hilton New Orleans Riverside Hotel
* * *
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:
* * *
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
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: