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Price suppression is no bargain once gold and silver are acquired
11:17a ET Sunday, November 20, 2010
Dear Friend of GATA and Gold (and Silver):
While GATA is grateful for fund manager Peter Schiff's interviewing GATA board member Adrian Douglas on his Internet radio program Friday (http://schiffradio.com/pg/jsp/charts/audioMaster.jsp?dispid=301&pid=51163), it was awfully disappointing to hear Schiff fall into the rationalization for gold and silver price suppression that has been used by newsletter writer Dennis Gartman and so many others over the years.
That is, as Schiff said, gold and silver price suppression is a great gift to gold and silver investors, since it allows them to acquire the metals and related assets at bargain prices.
Price suppression prior to an asset's acquisition may be fine for a buyer, but of course price suppression after acquisition is deadly, and the world now is working on 50 years of gold price suppression by Western governments, and particularly the U.S. government, if the count starts with the establishment of the London Gold Pool in 1961. Vast documentation of gold price suppression instigated by the U.S. government has been compiled by GATA here:
http://www.gata.org/taxonomy/term/21
How many precious metals investors have died in the decades since the gold price suppression scheme began? How many will die before the scheme is busted and ends? Will they go to their graves content in Schiff's assurance that they were able to acquire precious metals at bargain prices if they are not able to realize the rewards of their foresight?
In his interview with Douglas, Schiff did acknowledge that gold price suppression would be bad for its giving false signals to the world financial system about inflationary conduct by central banks, which is indeed a primary purpose of the scheme, another way of deceiving and cheating the markets and investors. Anyone who can see that much of it should be able to see the whole of it eventually, and GATA will keep working to that end.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit,
Extending the Mineralization of the Southwest Vein on the Property
Company Press Release, October 27, 2010
VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include:
-- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres.
-- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres.
-- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre.
Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface.
"The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest."
For the company's full press release, please visit:
http://sonaresources.com/_resources/news/SONA_NR19_2010.pdf
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Prophecy Receives Permit To Mine at Ulaan Ovoo in Mongolia
VANCOUVER, British Columbia -- Prophecy Resource Corp. (TSX-V:PCY, OTCQX: PRPCF, Frankfurt: 1P2) announces that on November 9, 2010, it received the final permit to commence mining operations at its Ulaan Ovoo coal project in Mongolia. Prophecy is one of few international mining companies to achieve such a milestone. The mine is production-ready, with a mine opening ceremony scheduled for November 20.
Prophecy CEO John Lee said: "I thank the government of Mongolia for the expeditious way this permit was issued. The opening of Ulaan Ovoo is a testament to the industrious and skilled workforce in Mongolia. Prophecy directly and indirectly (through Leighton Asia) employs more than 65 competent Mongolian nationals and four expatriots. The company also reaffirms its commitment to deliver coal to the local Edernet and Darkhan powerplants in Mongolia."
The Ulaan Ovoo open pit mine is 10 kilometers from the Russian border and within 120km of the Nauski TransSiberian railway station, enabling transportation of coal to Russia and its eastern seaports. Thermal coal prices are trading at two-year highs at Russian seaports due to strong demand from Asian economies.
For the complete press release, please visit:
http://prophecyresource.com/news_2010_nov11.php
