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China FX custodian wants world to think it won't buy much gold, silver, oil
... At least not until China has obtained surreptitiously all the gold, silver, and oil it wants.
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China Urges U.S. to Boost Confidence in Debt, Dollar
By Zhou Xin and Koh Gui Qing
Reuters
Wednesday, July 20, 2011
http://www.reuters.com/article/2011/07/20/china-us-idUSL3E7IK18420110720
China pressed the United States to take "responsible" measures to boost market confidence in the dollar and U.S. government debt on Wednesday, underscoring investor worries that Washington could default on its debt.
The urging, from China's currency regulator, came as U.S. leaders tried to hammer out an 11th-hour deal to raise a $14.3 trillion debt ceiling for the United States before it runs out of money to cover all its bills on Aug. 2.
"We hope the U.S. government will take responsible policies and measures to boost global financial market confidence and respect and protect the interests of investors," the State Administration of Foreign Exchange said.
... Dispatch continues below ...
Prophecy Platinum Reports 10.97 Million Ounces Inferred
and 1.04 Million Ounces Indicated PGM+Gold in Yukon
An independent resource report on the Wellgreen project in the Yukon Territory in Canada has just confirmed that it as one of the largest platinum group metals projects in Canada and one of the few outside South Africa, Prophecy Platinum Corp. Chairman John Lee says.
The report, compliant with Canadian National Instrument 43-101, was written by geologist Todd McCracken of Wardrop Engineering Inc., a Tetra Tech company. It incorporated drill data from 701 diamond drill holes (182 surface and 519 underground) totaling more than 53,222 metres. Using a 0.4 percent nickel equivalent cutoff grade, the Wellgreen deposit now contains a total inferred resource of 289.2 million tonnes at an average grade of 0.53 g/t platinum, 0.42 g/t palladium, 0.23 g/t gold (1.18 g/t PGM and gold), 0.38 percent nickel, and 0.35 percent copper. Separately, the deposit also contains an indicated resource of 14.3 million tonnes at an average grade of 0.99 g/t platinum, 0.74 g/t palladium, 0.52 g/t gold (2.25 g/t PGM and gold), 0.69 percent nickel, and 0.69 percent copper.
Prophecy Platinum Corp. trades on the Toronto Venture Exchange under the symbol NKL, on the pink sheets in the United States as PNIKD, and in Frankfurt as P94P.
For the complete press release on the Wellgreen report, please visit:
http://prophecyplat.com/news_2011_july14_prophecy_platinum_new_resource_...
The remarks, published on its website, were carried as a response to queries on whether Beijing will cut its investment in U.S. Treasuries following through from rating agencies saying they may cut the United States' credit rating.
The agency, which manages China's $3.2 trillion in foreign exchange reserves, the world's largest, said its buying and selling of Treasuries were part of normal investment operations.
Due to the size of China's reserves, Beijing has few choices but to invest the bulk of the stash in U.S. Treasuries, by far the world's biggest and most liquid asset class.
About two-thirds of China's reserves are estimated to be invested in dollar assets, ranking Beijing as the biggest creditor to the United States.
While China is keen to cut its reliance on the dollar by investing its reserves in other assets, its currency regulator acknowledged the crucial role of Treasuries by saying it is "an important investment product for both U.S. domestic and international institutional investors."
The currency regulator also argued it cannot invest too much of China's reserves in commodities such as oil, gold, and silver, as these markets are too volatile and small.
"Chinese companies and households consume a large amount of gold and crude oil," it said. "If we use much of our foreign exchange reserves to invest in such areas, we could push up market prices, which may affect our people's consumption and economic development."
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Golden Phoenix Q2 2011 Conference Call Posted at Company Internet Site
The second quarter 2011 conference call of Golden Phoenix Minerals Inc. (GPXM) has been posted at the company Internet site for immediate playback. The call includes updates on the start of gold production at the company's Mineral Ridge gold project in Nevada, the letter of intent to acquire the Santa Rosa gold mine in Panama, and the company's due-diligence efforts to secure a senior stock exchange listing.
The conference call is 18 minutes long and you download an mp3 of it here:
http://www.goldenphoenix.us/audio/GPXMCC071211.mp3
Or play back the call here:
http://goldenphoenix.us/conferencecalls/
Golden Phoenix is a U.S. mining company with international exposure to gold, silver, and strategic metals. The company's business model combines project generation and royalty mining that offers the potential for exploration upside, coupled with the backing of production and future royalty streams. View company videos here:
