Gold World News Flash |
- GoldSeek.com Radio: Brandon Rook, CEO of Batero Gold, Gerald Celente, and your host Chris Waltzek
- The Red Dragon turns Golden – Chinese Gold demand explodes
- International Forecaster December 2010 (#2) - Gold, Silver, Economy + More
- Empire of Fraud no. 6 (The moment of truth)
- Copper: Part I The new currency.
- James Turk: The scramble for physical metal intensifies
- HOW TO BRING DOWN JP MORGAN – BUY A SILVER COIN
- The Talk In China: Gold
- Global silver vigilantes buying up every piece of physical they can find forcing JP Morgan to crawl up its own corrupt ahole. Psycho witch Blythe Masters seen bleeding from ears trying to figure out how to stop JPM’s balance sheet implosion.
- The scramble for physical metal intensifies
- Spontaneous buying frenzy aimed at killing finanancial terrorist JPM decimating silver supplies. . . Major price explosion imminent. JPM tries to cover multi-trillion silver-short liability by cornering copper market.
- Silvergoldsilver.com Runs Out Of All Precious Metals In Hours
- More silver shortages reported. . . JP Morgan is short more ounces of silver than physically exists . . . Countdown to Comex default.
- You Ain't Seen Nothing, Yet!
- My brother, streetmoney21 breaks it down. Powder keg in silver price ready to explode? Oh HELL YA!
- JPM Corners Copper Market, LME Says Not To Worry, All Is Good
- Weekly metals wrap, Hathaway interview at King World News
- GATA cited by CNBC Asia's Bernie Lo and newsletter publisher Jay Taylor
- GATA cited by CNBC Asia's Bernie Lo and newsletter publisher Jay Taylor
- China's increasing gold sympathy is reply to U.S. easing, Rickards says
- China's increasing gold sympathy is reply to U.S. easing, Rickards says
- “Ant Jesus” Ban Heralds New Age of Gov’t. Censorship…in Time for Christmas!
- It's Morgan that's cornering copper in London, Telegraph reports
- It's Morgan that's cornering copper in London, Telegraph reports
- Crash JP Morgan Buy Silver. Funny.
- KWN Weekly Metals Wrap – First Gold Close above $1400
- 2&3, 3&4 or 4&5? That is the Question.
- In the News Today
- FreedomFileUSA: Crash JP Morgan Buy Silver
- What's behind the 2010 gold rush?
- Collapse of the Debt Dollar Discipline: Financial Discipline & Punish
- Stock Market Holds Up Despite Terrible Jobs Report
- Stocks, Gold, and Oil Crude Remain Range Bound
- The Irrationally Rising Gold Price?
- Solving the Global Iron Ore Shortage
- Gold and Silver Investors and Year End Tax Loss Selling
- The Rising Sea of Debt, Part Two of Two
- Gold and the Twilight of the Euro
- Silver Shortage Pre Panic Trend Line, 21st Century Bull Market Junctures
- Euro Dämmerung
- Elitists Leading On An Odyssey Of Economic Ruin
- Four-Figure Silver and December 11th
| GoldSeek.com Radio: Brandon Rook, CEO of Batero Gold, Gerald Celente, and your host Chris Waltzek Posted: 05 Dec 2010 04:00 PM PST 1st Hour: Headline news & the Market Weatherman Report. Spotlight Stock Picks. Host Chris Waltzek & Bob Chapman, The International Forecaster discussion and answer listener's questions. 2nd Hour: Gerald Celente, Trends Research Institute CEO Brandon Rook, Batero Gold Corp.
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| The Red Dragon turns Golden – Chinese Gold demand explodes Posted: 05 Dec 2010 01:00 PM PST Chinese demand is behaving as we predicted. If you look at the recent history of Chinese gold demand, you start in 2003 when gold ownership was acceptable, having been banned from 1945 until then. This occurred at a time when the agency for the People's Bank of China began buying gold for their reserves. Prior to that, HSBC tried to persuade China to buy gold, but the time was not quite right for them. Now it is very right for China to buy gold. What has happened since 2003 and during 2010?
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| International Forecaster December 2010 (#2) - Gold, Silver, Economy + More Posted: 05 Dec 2010 03:53 AM PST Presently many of our subscribers tell us that people who they explain the problem to think gold and silver are too high. We heard the same thing when gold was $350.00 and silver was $10.00. Unfortunately, 98% of the population doesn't have a clue to what is going on. They do not understand the massive printing of dollars and credit that has been flooding the world.
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| Empire of Fraud no. 6 (The moment of truth) Posted: 05 Dec 2010 03:01 AM PST In financial matters, gold and silver enforce the truth. We are near the moment of truth. Only gold and silver will remain when the moment arrives. All those who wish to maintain a portion of their wealth and power will have no choice other than to connect their systems to gold and silver.
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| Copper: Part I The new currency. Posted: 04 Dec 2010 05:50 PM PST
I don’t know if you have noticed what I have, but lately it appears that people are using Copper as a poor mans currency. I started to notice during the crash of 2008, that copper was being sold in a .999 pure bullion. The photo attached is for a single troy oz of “Fine Copper”. The list price for this copper, as is, was 12 dollars. Think about that for a moment. Copper sells for about $4 per pound in the futures market. The contract size is for 25,000 pounds, and it costs $250 dollars per penny when quoting copper, the December forward month is currently quoted at 400.60 pennies, for a total cash cost of $100,150 per contract. I dont know about you, but I would love to have a business where my future cost of inventory was 27 cents per oz, and after some remarketing costs, I am able to charge $10 to $12 per oz. Check out this google link to Copper Bullion for sale. It’s not just the 1 oz bars, people are now selling copper bullion in kilo bars, coins, rounds and pretty much anything else they can make it look like a legitimate currency. The ironic aspect to this, is that if the rumored one world currency is deployed, and it has in it, physical commodities like copper, you can expect an increase in crime to break out. If people started to look up at power-lines and instead of seeing a few pennies per pound in realized value at a junk shop, instead becomes thousands of future World Dollars, we will have problems. Utilities, which are already heading underground will have to be moved there even quicker, and the deployment of new communications like WiMax will be necessary. The era of cell phones, and 4G internet, will end the need for copper to be installed in homes going forward. The Net will always be there, and why leave your phone at home wired to the desk? In simple terms, we are close to turning a point in the technology curve, where the value of the copper in the old POTS (plain old telephone system) is more valuable torn out of the walls, than left in them. Consider that for a moment. Now, think about how easily accessible to anyone this stuff is. Savaging will greatly outweight the cost of trying to find job’s for our chronically unemployed. The streets are currently lined with money hanging from wood poles. When you think about buried fiber optics, WiMax and Cell phones, the question becomes why do we have all of this copper in the walls, buried under the yard, etc. Ironically, copper is already one of the most owned metals, due to its usage in home building. It could be argued that it is already distributed to the masses, and as such could be considered a currency already. A buyer of an abandoned house in today’s economy *already* has to make sure that it still has its copper in the walls. It takes very little effort in the big picture, to strip out hundreds or thousands of pounds of copper from an abandoned home or factory. If Copper becomes part of the next global currency, the world will have a new crime wave. The only difference, is that it will be based on a physical commodity changing hands, or at least represented in the exchange. While there is not enough Gold in the world, or Silver in the world to act as the physical basis of a currency, there is enough Copper. Is that enough of a reason to develop it into an international currency? What say you? Disclosure: Jack Barnes has no exposure to Copper, or any companies listed in this article. This disclosure and others are available at JackHBarnes.com
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| James Turk: The scramble for physical metal intensifies Posted: 04 Dec 2010 02:43 PM PST 10:35p ET Saturday, December 4, 2010 Dear Friend of GATA and Gold: Gold and silver are in unprecedented backwardation, Free Gold Money Report editor and GATA consultant James Turk reports tonight. That is, prices for immediate delivery are higher than prices for future delivery, indicating strong physical demand and concern about counterparty risk. Turk's commentary is headlined "The Scramble for Physical Metal Intensifies" and you can find it at the FGMR Internet site here: http://www.fgmr.com/scramble-for-physical-metal-intensifies.html CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT 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 Support GATA by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: * * * Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit:http://www.gata.org/node/16 ADVERTISEMENT Prophecy Drills 71.17 Metres of 0.52% NiEq Prophecy Resource Corp. (TSX-V: PCY) reports that it has received additional assays results from its 100-percent-owned Wellgreen PGM Ni-Cu property in the Yukon, Canada. Diamond drill holes WS10-179 to WS10-182 were drilled during the summer of 2010 by Northern Platinum (which merged with Prophecy on September 23, 2010). WS10-183 was drilled by Prophecy in October 2010. Highlights from the newly received assays include 71.17 metres from surface of 0.52 percent NiEq (0.310 percent nickel, 0.466 g/t PGMs + Au, and 0.233 percent copper) and ended in mineralization. For more drill highlights, please visit: http://prophecyresource.com/news_2010_nov29.php
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| HOW TO BRING DOWN JP MORGAN – BUY A SILVER COIN Posted: 04 Dec 2010 12:48 PM PST The manipulation of the silver market explained. Do you feel helpless? Here is a way to take down one of the biggest criminal banks in the world.
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| Posted: 04 Dec 2010 12:11 PM PST Gold's record rally has been attributed to everything from worries about inflation, the dollar and the emergence of exchange-traded funds. One big factor many may have missed: huge buying from China. Data cited Thursday by China's state-run Xinhua news agency showed that China imported 209.7 metric tons of gold in the first 10 months of the year, a fivefold increase compared with the same period last year. That surpassed purchases made by ETFs and surprised analysts, who until now had no clear insight into the size of China's buying. Gold demand in general has soared globally this year, as a result of the sovereign-debt crisis in Europe and the Federal Reserve's new round of bond buying. Gold prices were pushed up to an all-time high of $1,409.80 a troy ounce on Nov. 9. Thursday, gold settled $1.20 higher, or 0.1%, to $1,388.50, up 27% for the year. "Everybody in the gold market knew there was a surge in investment demand, but they didn't know it was China," said Jeff Christian, managing director at CPM Group. China's import growth is a reminder of the country's huge but nascent purchasing power. It comes as the government loosens its restrictions on gold purchases by financial institutions and individual investors. In August, the country began allowing more banks to import and export gold, opening up the gold market to the institutions and their clients. Then this week, the Chinese securities regulator approved the country's first gold fund designed to invest in overseas-listed gold ETFs, a move analysts interpreted as another bullish sign for gold. More Here..Ben Bernanke on 60 Minutes: Doesn't rule out QE3 
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| Posted: 04 Dec 2010 08:23 AM PST JPM Corners Copper Market, LME Says Not To Worry, All Is Good Comment on Zerohedge by the mad hatter on Sat, 12/04/2010 – 14:38 #778294 “China should take a long silver/short copper position to teach these fuckers a lesson.” Share this:
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| The scramble for physical metal intensifies Posted: 04 Dec 2010 08:15 AM PST December 4, 2010 The scramble for physical gold and silver is intensifying. People increasingly want to own the real thing, and not some paper substitute, all of which come with
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| Posted: 04 Dec 2010 08:10 AM PST zerohedge Silvergoldsilver.com Runs Out Of All Precious Metals In Hours Share this:
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| Silvergoldsilver.com Runs Out Of All Precious Metals In Hours Posted: 04 Dec 2010 08:00 AM PST
Since Zero Hedge posted (unsolicited and uncompensated) the "Crash The JP Morgue" now-viral video late last night , it appears that among the tens of thousands of viewers who have subsequently gone to the goldsilvergold.com website, there have been quite a few conversions. So much so that as of today, the company is not taking any orders and is sold out of all products. The company goes on to say that it will not be accepting any new orders until December 6. We can only hope that the profits JPM will make in its copper market manipulation will be sufficient to offset the ever increasing pain it will experience courtesy of what is gearing up to be a massive margin call.
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| Posted: 04 Dec 2010 07:56 AM PST silvergoldsilver.com sold out in hours “We are current SOLD OUT of products. Due to intense buying this AM (December 4, 2010) we will NOT be accepting ANY new orders until Dec 6, 2010.” Share this:
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| Posted: 04 Dec 2010 07:55 AM PST We appear to be at the 3rd wave juncture where the large cap producer gold and silver stocks and intermediate precious metals producer/developer stocks tend to start to move much better - and where the smaller explorer class starts to ... Read More...
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| My brother, streetmoney21 breaks it down. Powder keg in silver price ready to explode? Oh HELL YA! Posted: 04 Dec 2010 06:57 AM PST Share this:
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| JPM Corners Copper Market, LME Says Not To Worry, All Is Good Posted: 04 Dec 2010 06:23 AM PST
Not content with holding the biggest paper short position in silver, JP Morgan is now intent on cornering the copper market, as the monopolist firm stretches its FRBNY-facilitated muscles in an attempt to stem the massive losses incurred via its silver short. As the Telegraph reports, following up on a story of a "rogue" purchaser who bought up $1.5 billion in copper on the LME, "the American investment bank JP Morgan is the mystery trader that grabbed more than half the copper on the London Metal Exchange." This is a huge copper purchase, and represents between 50% and 80% of the 350,000 tonnes in reserves, confirming that JPM is now the dominant manipulator in yet another commodity market. The purchase also pushed the price for immediate delivery to $8,700, the highest since October 2008. It is unclear how China, which is the biggest non-speculative end user, will react to this development, nor whether the CFTC will (ever) take any action against such blatant market manipulation. One thing is certain: the LME will do absolutely nothing: "Diarmuid O'Hegarty, head of compliance, said: "The LME has noted recent comments about the current circumstances in the copper market. Such circumstances are not unusual and the exchange is exercising its well established procedures for maintaining an orderly market." He added that large trades were not a cause for concern because the market's rules dictate that holders have to lend out a proportion of their stock to ensure a smooth supply of the metal." And who would possibly assume that JPM may not follow the rules... As to the reason why JPM is manipulating this latest market: simple -ETF frontrunning:
It's all good, though: the LME is on top of it: "The LME moved to quash claims that a rogue speculator was attempting to corner the copper market." See, it's not rogue. It's just JPM. Ergo all is good. As for the CFTC, we now know why they are so intent on delaying the size limit discussion: after all, any regulation will be forward looking - better let JPM accumulate all commodities it can and distribute these via hidden channels to affiliated subs before the ever so busy Gary Gensler corrupt cronies decide to raise their finger on what is increasingly an ever more blatant market manipulation scheme. At least in this case, JPM will push the price higher unlike what it is doing courtesy of its gold and silver manipulation. However, the PM market (especially Asian accounts) will soon make sure Blythe Masters is looking for a job within 3 months as we predicted a few weeks ago.
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| Weekly metals wrap, Hathaway interview at King World News Posted: 04 Dec 2010 05:21 AM PST 1:09p ET Saturday, December 4, 2010 Dear Friend of GATA and Gold (and Silver): A great week in the precious metals produces a great weekly market wrapup at King World News with Bill Haynes of CMI Gold & Silver, Dan Norcini of JSMineSet.com, and the Got Gold Report's Gene Arensberg. It's 20 minutes long and you can listen to it here: http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/12/4_K... Eric King's interview with Toqueville Gold Fund manager John Hathaway, excerpted for you in a dispatch Tuesday, is 14 minutes long and can be heard here: http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/12/4_J... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT 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 Support GATA by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: Help keep GATA going: GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, 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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| GATA cited by CNBC Asia's Bernie Lo and newsletter publisher Jay Taylor Posted: 04 Dec 2010 04:37 AM PST 12:30p ET Saturday, December 4, 2010 Dear Friend of GATA and Gold: Interviewing newsletter publisher Jay Taylor on Thursday on CNBC Asia from Hong Kong, program host Bernie Lo brought up GATA and its complaint about gold price suppression. The interview with Taylor is headlined "China's Insatiable Appetite for Gold" and begins at about 7 minutes into the clip that can be found at the CNBC Internet site here: http://www.cnbc.com/id/15840232/?video=1679508597&lay=1 CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Opportunity in the gold coin market Swiss America Trading Corp. alerts GATA supporters to an opportunistic area of the gold coin market. While the gold bullion market has been quite volatile lately and as of November 29 gold has risen only $7 per ounce over the last month, the MS64 $20 gold St. Gaudens coin has risen about 10 percent in the same time. The ratio between the price of these coins and the price of gold is rising. If you'd like to learn more about the ratio and $20 gold coins, Swiss America can e-mail you a three-year study of it as well as other information. Swiss America also can provide a limited number of free copies of "Crashing the Dollar," a book written by Swiss America's president, Craig Smith. For information about the ratio between the $20 gold pieces and the gold price and for a free copy of "Crashing The Dollar," please call Swiss America's Tim Murphy at 1-800-289-2646 X1041 or Fred Goldstein at X1033. Or e-mail them at trmurphy@swissamerica.com and figoldstein@swissamerica.com. Support GATA by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: * * * Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Prophecy Drills 71.17 Metres of 0.52 percent NiEq Prophecy Resource Corp. (TSX-V: PCY) reports that it has received additional assays results from its 100-percent-owned Wellgreen PGM Ni-Cu property in the Yukon, Canada. Diamond drill holes WS10-179 to WS10-182 were drilled during the summer of 2010 by Northern Platinum (which merged with Prophecy on September 23, 2010). WS10-183 was drilled by Prophecy in October 2010. Highlights from the newly received assays include 71.17 metres from surface of 0.52 percent NiEq (0.310 percent nickel, 0.466 g/t PGMs + Au, and 0.233 percent copper) and ended in mineralization. For more drill highlights, please visit: http://prophecyresource.com/news_2010_nov29.php
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| GATA cited by CNBC Asia's Bernie Lo and newsletter publisher Jay Taylor Posted: 04 Dec 2010 04:37 AM PST 12:30p ET Saturday, December 4, 2010 Dear Friend of GATA and Gold: Interviewing newsletter publisher Jay Taylor on Thursday on CNBC Asia from Hong Kong, program host Bernie Lo brought up GATA and its complaint about gold price suppression. The interview with Taylor is headlined "China's Insatiable Appetite for Gold" and begins at about 7 minutes into the clip that can be found at the CNBC Internet site here: http://www.cnbc.com/id/15840232/?video=1679508597&lay=1 CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Opportunity in the gold coin market Swiss America Trading Corp. alerts GATA supporters to an opportunistic area of the gold coin market. While the gold bullion market has been quite volatile lately and as of November 29 gold has risen only $7 per ounce over the last month, the MS64 $20 gold St. Gaudens coin has risen about 10 percent in the same time. The ratio between the price of these coins and the price of gold is rising. If you'd like to learn more about the ratio and $20 gold coins, Swiss America can e-mail you a three-year study of it as well as other information. Swiss America also can provide a limited number of free copies of "Crashing the Dollar," a book written by Swiss America's president, Craig Smith. For information about the ratio between the $20 gold pieces and the gold price and for a free copy of "Crashing The Dollar," please call Swiss America's Tim Murphy at 1-800-289-2646 X1041 or Fred Goldstein at X1033. Or e-mail them at trmurphy@swissamerica.com and figoldstein@swissamerica.com. Support GATA by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: * * * Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Prophecy Drills 71.17 Metres of 0.52 percent NiEq Prophecy Resource Corp. (TSX-V: PCY) reports that it has received additional assays results from its 100-percent-owned Wellgreen PGM Ni-Cu property in the Yukon, Canada. Diamond drill holes WS10-179 to WS10-182 were drilled during the summer of 2010 by Northern Platinum (which merged with Prophecy on September 23, 2010). WS10-183 was drilled by Prophecy in October 2010. Highlights from the newly received assays include 71.17 metres from surface of 0.52 percent NiEq (0.310 percent nickel, 0.466 g/t PGMs + Au, and 0.233 percent copper) and ended in mineralization. For more drill highlights, please visit: http://prophecyresource.com/news_2010_nov29.php
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| China's increasing gold sympathy is reply to U.S. easing, Rickards says Posted: 04 Dec 2010 04:12 AM PST 12:11p ET Saturday, December 4, 2010 Dear Friend of GATA and Gold: In a 20-minute interview with Eric King of King World News, Omnis Inc. Senior Managing Director James G. Rickards remarks that China's increasingly explicit support for gold purchases is meant to show the world that China isn't going to keep accepting U.S. dollar printing and being subservient to U.S. policy. Rickards also criticizes the Federal Reserve for lending against junky collateral. You can listen to the interview at the King World News Internet site here: http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/12/4_J... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT 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 Support GATA by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: * * * Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit:http://www.gata.org/node/16 ADVERTISEMENT Prophecy Drills 71.17 Metres of 0.52% NiEq Prophecy Resource Corp. (TSX-V: PCY) reports that it has received additional assays results from its 100-percent-owned Wellgreen PGM Ni-Cu property in the Yukon, Canada. Diamond drill holes WS10-179 to WS10-182 were drilled during the summer of 2010 by Northern Platinum (which merged with Prophecy on September 23, 2010). WS10-183 was drilled by Prophecy in October 2010. Highlights from the newly received assays include 71.17 metres from surface of 0.52 percent NiEq (0.310 percent nickel, 0.466 g/t PGMs + Au, and 0.233 percent copper) and ended in mineralization. For more drill highlights, please visit: http://prophecyresource.com/news_2010_nov29.php
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| China's increasing gold sympathy is reply to U.S. easing, Rickards says Posted: 04 Dec 2010 04:12 AM PST 12:11p ET Saturday, December 4, 2010 Dear Friend of GATA and Gold: In a 20-minute interview with Eric King of King World News, Omnis Inc. Senior Managing Director James G. Rickards remarks that China's increasingly explicit support for gold purchases is meant to show the world that China isn't going to keep accepting U.S. dollar printing and being subservient to U.S. policy. Rickards also criticizes the Federal Reserve for lending against junky collateral. You can listen to the interview at the King World News Internet site here: http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/12/4_J... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT 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 Support GATA by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: * * * Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit:http://www.gata.org/node/16 ADVERTISEMENT Prophecy Drills 71.17 Metres of 0.52% NiEq Prophecy Resource Corp. (TSX-V: PCY) reports that it has received additional assays results from its 100-percent-owned Wellgreen PGM Ni-Cu property in the Yukon, Canada. Diamond drill holes WS10-179 to WS10-182 were drilled during the summer of 2010 by Northern Platinum (which merged with Prophecy on September 23, 2010). WS10-183 was drilled by Prophecy in October 2010. Highlights from the newly received assays include 71.17 metres from surface of 0.52 percent NiEq (0.310 percent nickel, 0.466 g/t PGMs + Au, and 0.233 percent copper) and ended in mineralization. For more drill highlights, please visit: http://prophecyresource.com/news_2010_nov29.php
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| “Ant Jesus” Ban Heralds New Age of Gov’t. Censorship…in Time for Christmas! Posted: 04 Dec 2010 04:00 AM PST First it was piss, then it was elephant dung, now it's… ANTS! If you thought it was 1989 all over again, with puritanical moral agendas gaining amazing ground, you just might be right. This time, it's not the NEA or the Brooklyn Museum of Art. It's the hallowed Smithsonian under attack from the Catholic League and the new majority leader of the House. Just what were those ants doing, you ask. The video, A Fire in My Belly by artist David Wojnarowicz, has these upsetting ants creepy-crawling all over a crucifix. Merry Christmas, Rep. Eric Cantor! While we are certain this can't be the first time that Rep. Cantor and his constituency have encountered a metaphor, I think they've proven once again they do not know how to handle one. Cantor called this newest offensive art piece (no longer on view) at the Smithsonian's National Portrait Gallery an "outrageous use of taxpayer money and an obvious attempt to offend Christians during the Christmas season." Oh, boo! Christmas is about mangers and Virgin Marys, not so much the crucifix. It's not even an actor playing Christ being devoured by ants. It's just a crucifix, a potent symbol of suffering. Equally a symbol of rebirth. As for the ants? Well, siafu are scary. They attack in columns of 50 million when they are hungry: the terror of villages. They can devour your whole body as you die of asphyxiation, not the poison of their bite. What else is scary? AIDS. I'm betting this was what Wojnarowicz was after: a startling metaphor that strikes the heart of those watching. The artist's collaborator died of AIDS the same year the film was made: 1987. The artist himself succumbed to the disease in 1992 at age 37. This metaphor tells not only the artist's personal struggle, but the history of AIDS. Recall how it was first dismissed as a "gay" disease? So naturally the church pretended it could ignore it and could wag the finger of the Lord from the pulpit, calling such things the price of being "unclean." Watch the video here*, and you'll hear a list of "that which is unclean" sung in hymn tones with drums tolling. The whole thing ends with a burning globe. [* Fair Warning: This video contains mature content, including, but not limited to, parts of the human body that may cause some viewers to feel uncomfortable and/or ashamed of owning them. Those prone to anatomical envy are advised to proceed at the risk of their own ego. Moreover, those prone to writing complaint letters are urged to save their virtual stamp and to refrain from watching altogether.] So that's the offense. Is this not a topic worthy of citizens to debate? Artwork about plague and death is classic, church-sponsored and otherwise. How is A Fire in My Belly different? It may not be as pretty as a rotting corpse embracing a maiden of the buxom glory of the 14th century, but I am proud of the National Portrait Gallery for being willing to put such work on display. And I am ashamed for those behind the ban. Congress never acts without its constituents or its lobbyists telling it what to do. Catholic League president Bill Donohue really got the waters boiling. He hasn't actually seen the exhibition…but he took Congress and the Board of Regents to task about it. Mr. Donohue's main line of argument: "You wouldn't do this to a Muslim image." "Well, duh, Mr. Donohue," I'd respond, were I the artist. "Some Muslims may go in for fatwas, Mr. Donohue. But America and the Catholic Church are supposed to be different, right?" Blogger "A Conservative Mom" calls artists cowards since they don't dare have ants crawl on Muhammad's face too. Gauntlet thrown, Madame; someone will answer it! In fact, artists in Europe already have. Why Such Offense at What Hardly Anyone Sees? In an NPR story, The Catholic League's Donohue broadens his remarks: "I don't go to museums any more than any Americans do." So by this "logic"… If no average Americans bother going to museums, there's really no chance of contamination or offense after all. Christmas is saved! No one needed to shut off the video, close down the exhibit or pull funding. No Christians will be offended, because only Good Ol' Average Joe American celebrates Christmas (or Hanukkah, Kwanzaa, etc.) and wouldn't dare bother leaving the malls, masses or family fire long enough to go to Washington, DC, to see this "degenerate" exhibit exploring gay and lesbian American artists. He calls museum-going the "leisure of the elite" and suggests we subsidize pro wrestling. God bless America! Do Your Research: Private Funding of Hide-and-Seek The Smithsonian does get federal funds for the building. Funds for exhibitions all come from private sources. This exhibition, Hide/Seek: Difference and Desire in American Portraiture got dough from the likes of the Robert Mapplethorpe Foundation, the Andy Warhol Foundation for the Visual Arts, the Calamus Foundation and the John Burton Harter Charitable Foundation. Is this really like "the Pentagon going out and paying $500 for a hammer?" – as alleged by Georgia Rep. Jack Kingston? Are we actually making the citizen bankroll "the propagation of opinions which he disbelieves and abhors" – as others quote Thomas Jefferson regarding this case? I think not. There is no natural propagation or proselytizing in art. Art asks questions of the viewer. The viewer injects meaning. That's what we mean when we say, "Beauty is in the eye of the beholder." Art is mute. When looking at a painting, video, photograph or what have you, one assents to understand it. You look at bad art to know what good art is, after all. The artist, when he is dead, can no longer even speak for it. However, Wojnarowicz did speak out against the homophobic positions of such as John Cardinal O'Connor, Sen. Jesse Helms and others. In fact, Wojnarowicz was no stranger to the debate about public funding of the arts, and his art in particular. He got the NEA in trouble back in the 1980s. Dan Cameron, curator of Wojnarowicz's retrospective at New Museum, puts it well: Wojnarowicz's most lasting achievement may have been to show by concrete example that the artist's unshakeable responsibility is to his own version of the truth, even when it takes on forms and meanings that are extremely difficult to witness. That's where the First Amendment comes in, see. In a similar controversy in 1999, then-Mayor Giuliani froze the Brooklyn Museum of Art's funding because a painting by Chris Ofili, The Holy Virgin Mary, happened to employ elephant dung. (Let's leave aside that dung is actually a sacred material in African/Vodun culture, and absolutely a part of the artist's Nigerian heritage.) Whatever his reason… Giuliani had his way, until federal judge Nina Gershon ordered him to restore it. She wrote: "There is no federal constitutional issue more grave than the effort by government officials to censor works of expression and to threaten the vitality of a major cultural institution as punishment for failing to abide by governmental demands for orthodoxy.'' In an online poll being conducted by TBD about the video's removal, only 12% believed the work should be removed. A whopping 84% said that the work should stay. And 4% agreed that while the removal of the art was wrong, it was good for the museum to "quickly diffuse the situation." That's the real rub. In an age where deficits, spending cuts and pay freezes are very real, every arts organization knows it will be the first to be axed. What else are they but "leisure" in the minds of the voters? So arts organizations are less willing than ever to pick a fight. Even if it's a matter of the First Amendment! Although art of late has been very little about pretty paintings, it's also the first political organ to be silenced by lack of funds. The easiest way to kill "degenerate" art is to starve the artists. The question becomes what happens when state representatives become curators? While I began this essay with a healthy dose of mockery, I do it as one who was carded at 12, with my sister, age 17, to see a retrospective of Robert Mapplethorpe at my local art museum. We had to go back home and bring our mother on the weekend. We were both photography students and had studied drawing from live models. We had seen penis before. I can tell you I didn't "catch homosexual disease" from looking at these images, nor other works by fellow lesbian photographer Annie Leibovitz (also featured in Hide/Seek). My Republican/Christian-raised mom was outraged when interviewed by reporters that her children were carded in an art museum. She would fault a museum that would consider dropping controversial works rather than dealing with politicians and bad press. Is it really propagandist to put a photo of Ellen DeGeneres squeezing her boobs next to the room that has portraits of presidents and another hung with photos of a young Elvis? Gee, I thought that's what made America great: a multitude of voices and images that resembles not a white Nazi Germany and the destruction or silencing of art and artists. Besides, wasn't Elvis' pelvis a threat to preteen girls' morals everywhere back in the day? Maybe I'm too liberal. And yes, dear reader, we wouldn't be having this debate if the Smithsonian were not a publicly funded institution. However, that's not its start. In 1829, the English scientist James Smithson left his fortune to us – the people of the United States. He longed to establish an institution "for the increase and diffusion of knowledge." Like it or not, even our gay-lesbian/religious dialogue is part of American history and our cultural knowledge. We know the winners write history…but why not preserve the dialogue? Andrew Jackson (the hallowed monetary reform president) thought America could accept this rich legacy. Many states' rights advocates, nationalists, federalists and xenophobes weren't so sure about it. Still, by 1846, the Act of Incorporation allowed for a lecture hall, library, chemical laboratory, natural history laboratory and art gallery. I, for one, am very glad we took it. If arts funding gets fully privatized, who steps in? And who suffers? That's the real debate here. Not a bunch of ants. A 2010 NEA Arts Journalism Institute Fellow who apologizes to her Austrian friends, Samantha Buker [Author's note: Rumor has it that the Smithsonian may start charging $7.50 a head. If you want to get a FREE look at the exhibit Hide/Seek: Difference and Desire in American Portraiture you have until mid-February to hit DC to see what could be the last truly ballsy portrait exhibit to be mounted in the United States!] "Ant Jesus" Ban Heralds New Age of Gov't. Censorship…in Time for Christmas! originally appeared in the Daily Reckoning. The Daily Reckoning, offers a uniquely refreshing, perspective on the global economy, investing, gold, stocks and today's markets. Its been called "the most entertaining read of the day."
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| It's Morgan that's cornering copper in London, Telegraph reports Posted: 04 Dec 2010 03:20 AM PST JP Morgan Revealed as Mystery Trader that Bought L1 billion Worth of Copper on LME By Louise Armitstead and Rowena Mason http://www.telegraph.co.uk/finance/newsbysector/industry/8180304/JP-Morg... The American investment bank JP Morgan is the mystery trader that grabbed more than half the copper on the London Metal Exchange, The Daily Telegraph has learned. The $1.5 billion (L1 billion) trade was described in the LME's daily update as "between 50 and 80 percent" of the 350,000 tonnes in reserves. This pushed up the price for the immediate delivery of copper to $8,700 -- its highest level since the financial crisis in October 2008. A high premium on the spot copper price normally reflects fear of a shortage of the metal, which is in hot demand across the world as a vital component in a mass of products from electrical gadgets to wiring. A source close to the situation said that JP Morgan had bought the copper contracts, adding that amount is closer to the "lower portion of the range" disclosed by the LME. ... Dispatch continues below ... ADVERTISEMENT 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 Traders said JP Morgan's name had been circulating the market all day as the most likely buyer, especially since it is about to launch a physically-backed "exchange-traded fund" (ETF) in copper imminently. One metals broker dealing on the LME said: "The story is that they're positioning themselves in front of the ETF. There's been a lot of speculation it's them." Traders noted that there was no physical shortage of copper in the markets but that fears of a squeeze have persisted ever since a raft of investment banks announced their intention to launch ETFs this autumn. Last month metal traders wrote to the Financial Services Authority (FSA) claiming that licensing the funds, which are also likely to be launched by BlackRock, Goldman Sachs and Deutsche Bank, may amount to "approving the next financial bubble." It is estimated that if the copper funds are fully subscribed they would be looking to buy more than half the total stocks in LME warehouses. Traders' concerns are based on the ETF model that will require the investments to be backed by physical metals, such as copper, lead, aluminium and nickel, rather than paper assets offered by futures contracts. Daniel Major, a metals analyst at RBS, said: "There isn't a huge buffer available for the market. The supply situation can quite easily tighten in copper." The LME moved to quash claims that a rogue speculator was attempting to corner the copper market. Diarmuid O'Hegarty, head of compliance, said: "The LME has noted recent comments about the current circumstances in the copper market. Such circumstances are not unusual and the exchange is exercising its well established procedures for maintaining an orderly market." He added that large trades were not a cause for concern because the market's rules dictate that holders have to lend out a proportion of their stock to ensure a smooth supply of the metal. Fundamental supply pressures have also been pushing up the copper market. Rio Tinto, the mining giant, warned last week that next year's copper production would be lower than expectations. And a strike at an Xstrata mine in Chile, the third largest in the world, has been going on for longer than predicted. JP Morgan declined to comment. Support GATA by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: * * * Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, 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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| It's Morgan that's cornering copper in London, Telegraph reports Posted: 04 Dec 2010 03:20 AM PST JP Morgan Revealed as Mystery Trader that Bought L1 billion Worth of Copper on LME By Louise Armitstead and Rowena Mason http://www.telegraph.co.uk/finance/newsbysector/industry/8180304/JP-Morg... The American investment bank JP Morgan is the mystery trader that grabbed more than half the copper on the London Metal Exchange, The Daily Telegraph has learned. The $1.5 billion (L1 billion) trade was described in the LME's daily update as "between 50 and 80 percent" of the 350,000 tonnes in reserves. This pushed up the price for the immediate delivery of copper to $8,700 -- its highest level since the financial crisis in October 2008. A high premium on the spot copper price normally reflects fear of a shortage of the metal, which is in hot demand across the world as a vital component in a mass of products from electrical gadgets to wiring. A source close to the situation said that JP Morgan had bought the copper contracts, adding that amount is closer to the "lower portion of the range" disclosed by the LME. ... Dispatch continues below ... ADVERTISEMENT 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 Traders said JP Morgan's name had been circulating the market all day as the most likely buyer, especially since it is about to launch a physically-backed "exchange-traded fund" (ETF) in copper imminently. One metals broker dealing on the LME said: "The story is that they're positioning themselves in front of the ETF. There's been a lot of speculation it's them." Traders noted that there was no physical shortage of copper in the markets but that fears of a squeeze have persisted ever since a raft of investment banks announced their intention to launch ETFs this autumn. Last month metal traders wrote to the Financial Services Authority (FSA) claiming that licensing the funds, which are also likely to be launched by BlackRock, Goldman Sachs and Deutsche Bank, may amount to "approving the next financial bubble." It is estimated that if the copper funds are fully subscribed they would be looking to buy more than half the total stocks in LME warehouses. Traders' concerns are based on the ETF model that will require the investments to be backed by physical metals, such as copper, lead, aluminium and nickel, rather than paper assets offered by futures contracts. Daniel Major, a metals analyst at RBS, said: "There isn't a huge buffer available for the market. The supply situation can quite easily tighten in copper." The LME moved to quash claims that a rogue speculator was attempting to corner the copper market. Diarmuid O'Hegarty, head of compliance, said: "The LME has noted recent comments about the current circumstances in the copper market. Such circumstances are not unusual and the exchange is exercising its well established procedures for maintaining an orderly market." He added that large trades were not a cause for concern because the market's rules dictate that holders have to lend out a proportion of their stock to ensure a smooth supply of the metal. Fundamental supply pressures have also been pushing up the copper market. Rio Tinto, the mining giant, warned last week that next year's copper production would be lower than expectations. And a strike at an Xstrata mine in Chile, the third largest in the world, has been going on for longer than predicted. JP Morgan declined to comment. Support GATA by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: * * * Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, 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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| Crash JP Morgan Buy Silver. Funny. Posted: 04 Dec 2010 03:02 AM PST Share this:
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| KWN Weekly Metals Wrap – First Gold Close above $1400 Posted: 04 Dec 2010 02:18 AM PST HOUSTON – Wealth frantically danced between the two largest fiat currencies this week, first out of the troubled euro and into the greenback, and then, as if Forex traders suddenly had a monumental change of heart, right back out of the dollar and into the euro and pound sterling in rapid, violent, high percentage moves. Currency traders have to be nimble or perish in such a "Wild Wild West" environment. No wonder, then, that gold finished the week closing above USD $1,400 nominal for the first time ever, and more volatile silver "answered" with a stunning $2.65 pop to a weekly close above $29 for the first time since the Iranian Hostage Crisis 30 years ago. ... More...
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| 2&3, 3&4 or 4&5? That is the Question. Posted: 04 Dec 2010 02:00 AM PST
I think this day chart of the 30 year says it all. After the very stinky NFP numbers the bond made a predictable jump higher. But it wasn’t long after that the air started leaking out and the bond closed on the lows.  Why the stinky price action when we get a big miss on NFP number? QE and the talk of stimulus done it. The numbers were so bad that by 9:30 talking heads and pundits concluded that the tax cuts were coming and we might just get a break on Social Security payroll deductions any day. Forget about restraining QE-2; the talk went straight into high gear with the only question; “How big might QE-3 be?” So with that gibberish in mind bonds headed to the crapper while gold set new highs. The confirm that QE is now driving bonds lower came late in the day when there was a convenient leak of a Sunday TV appearance by Ben B. The only quote leaked was: “We might do more”. Stocks liked that talk and ended up; while the bonds ratcheted down another notch. I am pleased that the market has made the connection that more QE and more stimulus is bad for bonds. The market is the only discipline left that may slow the insanity creeping over D.C. When market forces turn on the “New Monetarism” and shut the door on the insanity, the policies will change. Until they get hit hard over the head the Fed will continue to print. We are getting closer by the day. Consider this graph of the long bond since QE-2 was announced:  Long rates have backed up by 40 bp in just the past month. The exact opposite reaction that ‘the Bernank’ wants. How deflationary is this increase in interest rates? Mildly so. My guess is that the impact of rising rates exactly offsets the stimulative benefit of keeping short rates at historic lows. Yes, more debt is financed short term than long, but a back up in mortgage rates and the increase in long term fixed rate capital for municipalities and corporations will offset any benefits from ZIRP. On the question(s): “Will interest rates fall from the current levels of ~3% for ten-year and ~4% for thirty-year to the 2%/3% that Bernanke is trying to engineer? Or will they rise to the 4%/5% that is staring us in the face? In my opinion we are headed to 4% for the tens and at least 5% on the 30- year. QE is going to produce the exact opposite results of what was intended. Consider this chart of where the US stands on debt. Please do not point to Japan as the example of why rates will have to fall in the US. Japan is/was in a much different position than America.  At the heart of Bernanke’s dilemma is the following graph on the labor force participation. Bernanke wants to juice the economy back to a level where the slack in labor participation rises back up to where it was in 2005. He believes that this is the Fed’s mandate. He wants to turn the clock back. But he can’t. The lines on this chart gapped down as a result of the 08 recession, but the trend toward a lower level has been in place for a decade. Aging demographics, an economy too dependent on consumer consumption and globalization that makes US workers less productive make it inevitable that the US faces a much higher level of un/underemployment. Bernanke is not buying that conclusion. He feels that it is his mission to push against the laws of nature. The market is pushing back. The market will win. Ben will fail.  I am not a fan of Greenspan. I think he got us into the mess we are in. But I do respect his opinion. On the question of whether the US would change its ways he had this to say recently: "The only question is, is it before or after a bond market crisis?" Too bad Bernanke is not listening. A bond market crisis is inevitable as a result. 
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| Posted: 04 Dec 2010 12:41 AM PST View the original post at jsmineset.com... December 03, 2010 06:04 PM Jim Sinclair's Commentary Do not take today’s close above $1,400 lightly. Gold is assuming an entirely new position of acceptance. Gold’s value will, without any doubt, reach and exceed $1650. China Should Consider Increasing Gold Reserves to Boost Trade in the Yuan By Bloomberg News – Dec 3, 2010 China should consider adding to its gold reserves as a long-term strategy to pave the way for the yuan's internationalization, central bank adviser Xia Bin wrote in the China Business News today. The country must revise its foreign-reserves management principle, Xia wrote. China is the world's largest producer and second-biggest user of gold and has a world-record $2.65 trillion in foreign-exchange reserves. Gold is set for a 10th annual increase, the longest winning streak since at least 1920, spurring central banks globally to add the metal to reserves. China is allowing greater use of its curren...
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| FreedomFileUSA: Crash JP Morgan Buy Silver Posted: 04 Dec 2010 12:29 AM PST Share this:
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| What's behind the 2010 gold rush? Posted: 04 Dec 2010 12:08 AM PST Investors and central banks are buying up the yellow metal at unprecedented levels, but will its allure last as fears over the global economy ease?
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| Collapse of the Debt Dollar Discipline: Financial Discipline & Punish Posted: 03 Dec 2010 11:15 PM PST *The following is Part I in a two part series of articles on the relatively rapid emergence and collapse of the "debt-dollar discipline" imposed on our global society. It is being done in two installments mainly due to my current time constraints, but also for the sake of shorter length and targeted focus. This part will introduce Michel Foucault's (renowned french philosopher, 1926-1984) analysis of "discipline" and "punish" in the modern state, and apply it to the global debt-dollar reserve system. The next part will focus entirely on the ongoing collapse of this disciplinary system, as it such an important and far-reaching topic.
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| Stock Market Holds Up Despite Terrible Jobs Report Posted: 03 Dec 2010 11:05 PM PST You have to scratch your head in disbelief. How can this market hold up with such a terrible Jobs Report? The jobs created were basically 100,000 below expectations, and the unemployment level ran up to 9.8% when 9.6% was expected. The futures reversed only 75 points lower on the Dow, which to me, was a miracle unto itself. I thought a 300-point reversal was imminent. With the market hanging in there very well up to this report, it seemed that a major disappointment was the tonic the bears needed. The market refused to cave in. The gap down was quickly stabilized with the market slowly working its way back in to the green as the day rolled on, especially late in the day as the dollar fell hard late. A real surprise across the board, but the market is focused on other things at this point and thinks it sees good news at the end of the tunnel.
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| Stocks, Gold, and Oil Crude Remain Range Bound Posted: 03 Dec 2010 10:51 PM PST Pre-Market trading on Friday morning was wild as the S&P 500 did not react well to the latest jobs report. Sellers stepped in and pushed down the e-mini contract by over 10 points in less than 15 minutes which is a pretty drastic move. It is critical to note that before the jobs announcement, the S&P 500 had put in a new high in the pre-market drawing in bulls and leaving many of them trapped. Today's price action will be interesting as Fridays are usually pretty quiet.
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| The Irrationally Rising Gold Price? Posted: 03 Dec 2010 10:26 PM PST I have made so many wrong calls in the past few months that I’m starting to wonder why. Because I have for years had a policy of not using the charts for “trading” decisions it has not been impacting on either my ego or my bank balance that I have been wrong or that I have been wrong so often. What has been bothering me is what have I been missing?
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| Solving the Global Iron Ore Shortage Posted: 03 Dec 2010 10:21 PM PST If there is one thing UBS Securities' Dieter Hoeppli knows it's steel. As global head of steel, as well as metals and mining in the Americas for UBS, he's spent the last 20 years analyzing the steel business and acting as an advisor on countless mergers and takeover deals. He regularly travels the world and crunches numbers to determine what's going to grow and what's not. In this Gold Report exclusive, we take you inside the recent Forbes & Manhattan summit for some of Dieter's candid thoughts on the shortage of iron ore global steel manufacturers are now facing.
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| Gold and Silver Investors and Year End Tax Loss Selling Posted: 03 Dec 2010 10:11 PM PST What has been completely overlooked or not mentioned during this sizable run up in stock market profits, including the precious metals sector, is the imminent advent of tax loss selling. Every year around this time, as sure as snow falls in Vermont, more than ever, there are reasons why this unmentioned event is apt to be at least modestly affecting stocks before the year end especially precious metals.
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| The Rising Sea of Debt, Part Two of Two Posted: 03 Dec 2010 09:30 PM PST The dollar has indeed been much stronger of late, two possible reasons for which are mentioned above. This implies that dollar-denominated debt has become more rather than less expensive to service in real terms. This is in direct opposition to what the Federal Reserve is trying to achieve with QE2, which is to raise the rate of inflation. But because the Fed is now buying up Treasuries, it is not as if the US is suddenly going to face a funding crisis like Ireland. However, just as US Treasury debt has recently become more expensive to service, so has that for US states and municipalities. Here is where things are going to get much more interesting before long. Relative to the debt crises facing a number of US states, the Irish debt crisis is but a storm in a teacup. California, for example, has an economy nearly TEN TIMES the size of Ireland. New York and Illinois, in comparably dire financial straits, have economies some FIVE TIMES and THREE TIMES the size of Ireland, respectively. All three states are struggling to service their debts amidst rising financing costs. As a result, these state governments are seeking ways to raise taxes and cut spending. But wait a minute: Not only do these states have large debt burdens; they are relatively high tax states; they are growing weakly; they have governments which appear gridlocked and generally unable to take decisive action to reduce spending. Well, what happens if state residents begin to consider the possibility that it might be better just to default than to saddle their families with huge debt burdens? What are investors going to think about that? Will they panic and dump the debt, as they already have done with Ireland and Greece and are now doing with Portugal and Spain? What about US businesses? Wouldn't it be better for profitable small businesses or wealthier, higher-rate taxpayers to move to lower-tax states? Indeed, there is evidence that this is already taking place, as the three states listed above have been losing population to lower-tax states in recent years. This, of course, shrinks the future tax base available to service the exponentially growing debt, something investors will no doubt fail to notice. There is much schadenfreude in the US and to a lesser extent UK financial press regarding what is happening in the euro-area periphery, how poorly-designed the eurosystem is, how profligate member governments have been and how a big blowup is inevitable. But this schadenfreude is misplaced. Step back, take a look at the bigger picture and notice the real and growing similarities between the US and the euro-area. Consider that, when you add state and municipal debts to the federal total, the overall US government debt burden and that of the euro-area are comparable in size. (This is without taking future entitlements into account, which arguably would place the US is a somewhat worse relative position.) Also, when you add in state and local taxes–which are increasing on average–then the overall US tax burden is also comparable to the euro area. However, and this is an important distinction, the US has a huge net foreign debt position–the legacy of years of current account deficits–whereas the euro-area has no such external imbalance. The imbalances in the euro-area are internal instead, as the periphery runs a huge current account deficit with Germany and other core countries, which run surpluses. When compared according to these important credit criteria, the US economy bears a much stronger resemblance to the euro periphery than to the euro core. Indeed, we would argue that this similarity is growing rapidly as US state and local debt and tax burdens rise; as unfunded federal mandates such as healthcare increase; as stricter regulations for all kinds of business, big and small, stifle traditional American entrepreneurialism and replace it with rent-seeking activities (and associated corruption) at all levels of government. Although a few more dominoes in Europe are probably yet to fall, there is a huge stack waiting on the other side of the Atlantic. We have written before that we consider it highly likely that the US will face some sort of debt and dollar funding crisis before the end of 2012. The current, rapid pace of events on the euro periphery should not elicit schadenfreude from the US, but rather foreboding. Early this year, when we published the inaugural issue of the Amphora Report, we listed the three key assumptions behind our core investment approach:
Everywhere you look, there are increasing risks to currencies, sovereign bonds, corporate securities and financial assets generally. The problem is, as pointed out above, there is just too much credit risk in the world and investors demand that it be reduced, by crisis if necessary. But how to avoid taking credit risk when even sovereign debt is at risk of default? When the world's reserve currency, the dollar, is being deliberately devalued? There is only one asset class that has zero credit risk or devaluation risk: Unencumbered real assets. While in principle this includes property owned free and clear, with banks still on the hook for massive losses in residential and commercial lending, most of which are still not marked-to-market on balance sheets, we think it is too early to venture back into the property market. A much safer alternative is liquid commodities that can be traded for other goods, or services, all over the world. These cannot be defaulted on. They cannot be devalued by central banks or governments. As such, in a world of unstable currencies and financial markets generally, a well-diversified basket of liquid commodities provides the best available store of value until the reduction in credit risk has run its course, one way or the other. As global debt levels are still rising, we have a long, long way to go yet. Regards, John Butler, [Editor's Note: The above essay is excerpted from The Amphora Report, which is dedicated to providing the defensive investor with practical ideas for protecting wealth and maintaining liquidity in a world in which currencies are no longer reliable stores of value.] The Rising Sea of Debt, Part Two of Two originally appeared in the Daily Reckoning. The Daily Reckoning, offers a uniquely refreshing, perspective on the global economy, investing, gold, stocks and today's markets. Its been called "the most entertaining read of the day."
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| Gold and the Twilight of the Euro Posted: 03 Dec 2010 09:02 PM PST Germany's "swivel-eyed" gold bugs simply show more imagination than journalists, policy-makers and academic economists... MONEY is always and everywhere a political phenomenon, nowhere more clearly than Germany.
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| Silver Shortage Pre Panic Trend Line, 21st Century Bull Market Junctures Posted: 03 Dec 2010 08:54 PM PST For years we have heard of the coming silver shortage but somehow price was always contained and was a wild swinging commodity. But that changed last spring when allegations of silver manipulation made it to mainstream internet sites and became a focal point of testimony by Bill Murphy of GATA to the CFTC in early spring. Since last August the silver market has been on a tear to the upside and the physical market is now again facing reported shortages. The demand for coin is at its highest levels in 25 years as reported by coin dealers.
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| Posted: 03 Dec 2010 07:11 PM PST Germany's "swivel-eyed" gold bugs simply show more imagination than journalists, policy-makers and academic economists...
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| Elitists Leading On An Odyssey Of Economic Ruin Posted: 03 Dec 2010 07:00 PM PST Prices to continue to rise, dollar devaluation threat, and a major loss of buying power is to come, Europe papers over the mess, housing bottom soon to appear, job cuts,
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| Four-Figure Silver and December 11th Posted: 03 Dec 2010 02:05 PM PST Owning silver, like gold, is an act of peaceful disobedience against the powers that be. What is often overlooked, though, is just how little silver there is to go around for savers. Much of the conventional thinking surrounding silver labels it an...
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