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U.S. wants gold up now to devalue dollar, Rickards tells King World News
11:45a ET Saturday, October 16, 2010
Dear Friend of GATA and Gold:
Interviewed for 14 minutes today by Eric King of King World News, Omnis market intelligence chief Jim Rickards comments further on the essay by former U.S. Treasury Department and Federal Reserve official Edwin M. Truman advocating that the United States should sell its gold reserves. (See http://www.gata.org/node/9150.) Rickards construes Truman's essay to mean that the U.S. political and financial establishment isn't thinking about using gold to restore some strength to the dollar and as a result the dollar will collapse and the world monetary system's return to gold will be chaotic rather than rational.
Maybe, but that is to take Truman's essay at face value rather than as manipulative disinformation, which most official and semi-official commentary about gold has been for many years.
In any case, Rickards also remarks that its gold reserve makes the United States a gold superpower, the more so since the United States has custody of the gold reserves of many other countries, which, he says, could be commandeered in pursuit of U.S. policy.
Rickards credits GATA for documenting how governments long have suppressed the price of gold but, like market analyst Stewart Thompson, among others, he believes that the U.S. government now wants gold to rise as the best mechanism for devaluing the dollar against the currencies of its trading partners.
King's interview with Rickards may be the most relevant and compelling journalism in the financial markets this week and you can listen to it at King World News here:
http://kingworldnews.com/kingworldnews/Broadcast/Entries/2010/10/16_Jim_...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Prophecy Resource Goes Into Production
at Ulaan Ovoo Coal Mine in Mongolia
A commission appointed by Mongolia's Ministry of Mineral Resources and Energy has conducted the final permit inspection at Prophecy Resource Corp.'s Ulaan Ovoo mine site and has instructed the company to begin coal production. Prophecy Resource (TSX.V: PCY) has begun production of its first 10,000 tonnes of coal as a trial run of supply to be taken by rail to electric power stations in Darkhan and Erdenet, Mongolia's second and third largest cities after the capital, Ulaanbaatar. The company is the second-ever Canadian mining company to get a permit to mine in Mongolia and start production there.
For the company's complete announcement, please visit:
http://www.prophecyresource.com/news_2010_oct14.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
