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Doubt growing about central bank gold reserves
3p ET Monday, October 4, 2010
Dear Friend of GATA and Gold:
In a wide-ranging interview about the financial markets, Robin Griffiths, market strategist for Cazenove Capital Management, tells Eric King of King World News that central banks probably don't have the gold they claim to have. The interview is 13 minutes long and you can listen to it here:
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/10/2_R...
Over at GoldSeek, market analyst Peter Degraaf writes that the U.S. gold reserve is probably largely sold or leased out. Degraaf's essay is headlined "Gold and Silver -- It Could Well Be A Whole New Ballgame!" and you can find it here:
http://news.goldseek.com/GoldSeek/1286203863.php
Back at King World News, gold-friendly commentary is offered from the dean of market analysts, Richard Russell, whose remarks are headlined "Rising Gold Signals Death Knell for U.S. Dollar":
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/10/4_Ri...
And Eric King's own commentary there finds "Strong, Steady Accumulation in Gold":
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/10/4_St...
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:
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
