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Paul says he'll ask Fed about transactions with foreign banks
Let's hope that includes gold swaps like the ones the Fed acknowledged here:
http://www.gata.org/files/GATAFedResponse-09-17-2009.pdf
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Congressman Paul Says Fed Transparency Is His Goal
By Tabassum Zakaria
Reuters
Sunday, December 19, 2010
http://www.reuters.com/article/idUSTRE6BI1BD20101219
WASHINGTON -- Republican Congressman Ron Paul, the new head of the subcommittee that oversees the Federal Reserve, said on Sunday he will seek greater transparency but will not be sending subpoenas to the central bank chairman from Day 1.
Paul, a longtime critic of the Fed, will be the new chairman of the domestic monetary policy subcommittee of the House Financial Services Committee when the new Congress is seated in January.
"Now that doesn't mean that the first week in January I send over a subpoena for (Fed Chairman Ben) Bernanke and demand that he come over with a pile of papers. I don't think that would be logical," Paul said in an interview on C-SPAN.
He will be sending requests for information to others at the Federal Reserve such as the accountants, "and say this is what I want, and see what happens," Paul said. "And then they can still hide behind the law if I want to demand every transaction with foreign banks," he said, adding that it would benefit Americans to know who was getting bailed out.
Paul has written a book called "End the Fed" and believes the dollar should be backed by gold or silver. The United States stopped linking the dollar to gold in 1971.
Republicans will control the House of Representatives in January after winning a majority of seats in the November elections on a wave of anti-government and anti-incumbent sentiment.
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 power plants 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
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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:
