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Dan Norcini: Commodity inflation is loose, portending ruin of middle class
7:35p ET Tuesday, September 14, 2010
Dear Friend of GATA and Gold (and Silver and Everything Else):
Dan Norcini's nightly market commentary at Jim Sinclair's Internet site tonight may be even more compelling than usual. Norcini writes:
"The funny money has made its way into the commodity sector, driving food prices to unseemly high levels once again just as happened in 2008. Corn is now within spitting distance of $5, wheat is more than $7, soybeans are over $10, sugar is over 24 cents per pound, cotton is closing in on $1, coffee is near $2 per pound wholesale (a 13-year high), cattle are just shy of $1 per pound, and bellies are trading over $1.50 per pound for fresh product. In short, the consumer is on the verge of watching his disposable income decimated by high food prices just when a record number of Americans are on food stamps and either unemployed or underemployed. I shudder to say it but based on what I can see of the price action across the commodity sector today, an evil has been loosed upon the land that portends the ruin of the middle class."
Norcini's commentary is headlined "Hourly Action In Gold From Trader Dan" and you can find it at JSMineSet.com here:
http://jsmineset.com/2010/09/14/hourly-action-in-gold-from-trader-dan-332/
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
