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Jim Sinclair: Strapping in for the big move
11:57p ET Tuesday, September 7, 2010
Dear Friend of GATA and Gold:
For fearlessness, straightforwardness, and commitment, nobody in the gold world tops Jim Sinclair, the veteran trader and mining executive who runs JSMineSet.com as an financial education forum and, sometimes, as a handholding service for gold bugs at risk of losing their nerve.
Six years ago, as gold had been hovering around $400 for a year, Sinclair offered a great gift to his readers. He made an arrangement with Monex Deposit Co. (http://www.monex.com/) in Newport Beach, Calif., by which his readers could purchase and take delivery of 1-ounce Austrian Philharmonic gold coins with his guarantee that he would buy the coins from them at $400 a year hence if gold fell below that price. It might have been called the Sinclair put on gold.
Emboldened by the Sinclair put, a fair number of his readers, including your secretary/treasurer, took a bunch of real metal off the market and socked it away. They have tripled their money in six years, an average of 33 percent per year.
Tonight Sinclair again has put his money where his mouth is. In commentary headlined "Strapping in for the Big Move," Sinclair writes that, as in 1979, it is now time to go "throttle to floor" in gold -- and that he has done so himself, "committing 100 percent of all the cash I can accumulate to what I believe in." He expects gold to reach $1,650 by January 14, 2011 -- barely three months away.
He adds that if he's wrong with that prediction, he'll make another one -- that gold will be "much higher than $1,650 five months later."
GATA often has noted that those pursuing free markets in the precious metals are up against all the money and power in the world. But we do have Sinclair. To find his proclamation that the big move in gold begins now, visit JSMineSet.com here:
http://jsmineset.com/2010/09/07/strapping-in-for-the-big-move/
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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Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:
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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
