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Chris Weber: How much gold remains in Fort Knox? Not much
2:50p ET Tuesday, August 17, 2010
Dear Friend of GATA and Gold:
Financial newsletter writer Chris Weber's new essay, published today at Lew Rockwell's Internet site, describes the efforts of the late industrialist Edward Durrell to ascertain the true status of the U.S. gold reserve in the 1970s. Superficially, Durrell's efforts didn't yield much -- but they did expose the U.S. government's refusal to fully account for the metal and did produce a written acknowledgement from the Government Accounting Office that in 1975 less than a tenth of the gold claimed to be stored at the Fort Knox depository constituted "good delivery" gold, gold of the purity usually required in international transactions.
Weber, who in 1988 published a book, "'Good As Gold?': How We Lost Our Gold Reserves and Destroyed The Dollar," which he hopes to make available on the Internet soon, believes that any honest audit of the U.S. gold reserve "would shock the nation." His essay is headlined "The Great American Disaster: How Much Gold Remains In Fort Knox?" and you can find it at the Rockwell site here:
http://www.lewrockwell.com/orig11/weber-c1.1.1.html
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:
Toronto Resource Investment Conference
Saturday-Sunday, September 25-26, 2010
Metro Toronto Convention Center, Toronto, Ontario, Canada
http://www.cambridgeconferences.com/index.php/toronto-resource-investmen...
The Silver Summit
Thursday-Friday, October 21-22, 2010
Davenport Hotel, Spokane, Washington
http://www.silversummit.com/
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
