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Gene Arensberg: Silver is strong mainly because it's remonetizing
10:40a ET Wednesday, October 27, 2010
Dear Friend of GATA and Gold (and Silver):
The Got Gold Report's Gene Arensberg writes today that he's all for fairer rules in futures trading and less privilege for those who designate themselves "bona-fide hedgers" but he doesn't think that investigation of the silver market by the U.S. Commodity Futures Trading Commission is the underlying reason for silver's recent price strength. Arensberg writes:
"We believe there is a tectonic shift under way for silver -- a shift of historic and generational proportions that is only just now starting to surface in a material way. We believe that global public demand for precious silver is once again returning the metal to its historic role as money -- alongside its rarer cousin gold. We believe that the recent absence of concerted short selling is more likely a logical market reaction by hedgers and short sellers to the reality of much higher demand and the realization that existing and available supplies may not be sufficient to satisfy that burgeoning demand at current pricing."
Arensberg's commentary is headlined "CFTC's Chilton Probably Not Why Silver Strong" and you can find it at the Got Gold Report here:
http://www.gotgoldreport.com/2010/10/cftcs-chilton-probably-not-why-silv...
Or try this abbreviated link:
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:
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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