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Uneasiness in the Netherlands about national gold reserve

Section: Daily Dispatches

Thanks to our friend Louis Boer for the translation of this report from Dutch to English.

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From Nederlands Dageblad
Barneveld, Netherlands
Wednesday, October 24, 2012

Almost 300 "concerned Netherlands citizens" have joined the German initiative for insight about the gold reserves.

In a petition the citizens committee demands "full openness on the quantity and storage location of the Netherlands' physical gold, and on the extent and nature of the gold claims."

In Germany a lot of uneasiness has risen about the quantity, value, and quality of the gold reserves, which have not been audited in many years at various storage locations. Led by the tabloid newspaper Bild, German news media are wondering whether the 3.4-million kilograms of ingots are really there (valued at about E150 billion).

Under pressure from the German federal audit office, part of the gold stock will be repatriated from the United States to Frankfurt.

... Dispatch continues below ...


Prophecy Platinum Intercepts Best Pt+Pd+Au Grades Yet
at Wellgreen Project in Yukon Territory: 5.36 g/t

Company Press Release
Tuesday, September 11, 2012

VANCOUVER, British Columbia -- Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces more results of its 2012 drill program on the company's fully-owned Wellgreen platinum group metals, nickel, and copper project in southwestern Yukon Territory, Canada. Four surface holes and four underground holes all intercepted significant mineralized widths, ranging from 28.5 meters (WS12-201) and up to 459.5 metres (WS12-193). Highlights include WU12-540, which returned 8.9 metres of 5.36 grams per tonne platinum, palladium, and gold; 1.73 percent copper; and 1.01 percent nickel within 304.5 meters of 0.66 g/t platinum-palladium-gold, 0.20 percent copper, and 0.27 percent nickel.

The surface drill program started in June and has completed 16 holes (assays pending for 12 holes) with two rigs now on site. The surface program continues to progress at a steady pace.

Prophecy Chairman John Lee commented: “Wellgreen is a very large nickel, copper, and platinum group metals project with near-surface high-grade zones. High-grade intercepts will be incorporated into resource modeling and mine planning in the pre-feasibility study. We expect further positive drill results from Wellgreen shortly.”

Wellgreen features a low 2.59-to-1 strip ratio, is situated at an altitude of 1,300 meters, and is only 15 kilometers from the two-lane paved Alaska Highway. Those factors significantly minimize the project's indirect costs.

For the complete company statement with full tabulation of the drilling results, please visit:

The Netherlands faces similar uneasiness about the position of its gold treasure -- 612,000 kilograms with of a value of about E25 billion. The gold, in part located at De Nederlandse Bank in Amsterdam (about 10 percent), is also located at the Federal Reserve Bank of New York, in Ottawa, and London.

The Netherlands comes tenth on the list of gold reserves. The United States leads with 8.1 million kilograms. Germany comes second.

Tom Lassing, one of the signers of the petition and owner of the website, says central banks are unjustly mysterious with gold reserves.

"The last years have seen a loss of trust in the financial system and we have been fooled a lot," Lassing says. "So I say: Just let the central banks like DNB show the gold is really there."

According his fellow signer Harm van Wijk of there is every reason for an audit. "The reliability of politicians appeared not very great on the Greek issue, so rather than being ostriches we should seek certainty on the gold reserves."

One of the concerns is that the gold reserves of central banks has been pledged repeatedly through negotiable title deeds. Experts like commodities dealer Eric Sprott maintain that there is much more "paper" gold in circulation than there are ingots in the bank vaults.

Since 1990 the Netherlands has sold almost 1.1 million kilograms of its gold reserves.

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