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Lee Quaintance: Gold's upward revaluation can solve the big economic problems
11:25a ET Thursday, October 7, 2010
Dear Friend of GATA and Gold:
Lee Quaintance, partner in QB Asset Management in New York (http://qbamco.com/), has just written a wonderful study of how an upward revaluation of gold could be used to reliquify the Federal Reserve and the U.S. government generally, deleverage the world economy, and return strength to government currency.
Quaintance thereby elaborates on an idea developed by the British economist Peter Millar of Valu-Trac Investment Research Ltd. in May 2006 (http://www.gata.org/node/4843), hinted at by former Fed Governor Lyle Gramley in an interview with Business News Network in Canada in 2008 (http://www.gata.org/node/6989), and discussed by Omnis market intelligence director Jim Rickards in an interview with King World News last month (http://www.gata.org/node/8982).
Quaintance's study is titled "Who Is John Galt?" and he has kindly given GATA permission to share it with you at our Internet site here:
http://www.gata.org/files/QBAMCO_Who_is_John_Galt.pdf
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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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