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Bruce Krasting: The Fed talks too much to too few
10:40a ET Sunday, September 19, 2010
Dear Friend of GATA and Gold:
Bruce Krasting, a retired investment fund manager who lives in New York and occasionally publishes commentary on the markets, this week analyzed some market manipulation undertaken by the Federal Reserve through selective and confidential conveyance of information about government policy to favored parties in the news media and financial industry. Krasting writes:
"I am troubled by the Fed's attempts to use the media like this. If the Fed has anything to say, they should make it public. If they want to talk to the media, they should do it for attribution. Hints and disinformation are no way to run an open monetary policy."
But of course it has been many years since the United States had "an open monetary policy," many years since capitalism in the United States was anything but crony capitalism. This is all simply taken for granted by the news media, most elected officials, financial houses, and the public. Krasting's commentary particularly notes information apparently given by the Fed exclusively and confidentially to the Washington Post and certain New York financial houses. Will The New York Times, The Wall Street Journal, CNN, or even Fox News complain about having been left out? Will any financial houses or ordinary investors complain? They should.
Krasting's commentary is headlined "The Fed Talks Too Much" and you can find it at his blog here:
http://brucekrasting.blogspot.com/2010/09/fed-talks-too-much.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
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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
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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
