Alasdair Macleod: Gold, politics, and Venezuela

Section:

6:12p ET Sunday, August 27, 2011

Dear Friend of GATA and Gold:

Economist and former banker Alasdair Macleod writes today that Venezuelan strongman Hugo Chavez, seeking to repatriate his country's gold reserves, is attacking capitalism's weakest point. Macleod writes of Chavez:

"He has been told by his central bank that the Fed, the Bank of England, and the Bank for International Settlements hold gold for the whole central banking community in the main trading centers and that much of this gold exists only as a ledger entry and is not backed by physical metal. Whether or not Venezuela’s gold is held in these fractionally backed sight accounts or in earmarked accounts where the gold is held separately, we do not actually know. But there is little doubt that this move is designed to encourage other central banks to demand that their gold is also repatriated."

Macleod's commentary is headlined "Gold, Politics, and Venezuela" and you can find it at the GoldMoney Internet site here:

http://www.goldmoney.com/gold-research/gold-politics-and-venezuela.html?...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



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Prophecy Platinum Drills 49.5 Meters Grading 1.27 g/t PGM+Au at Yukon Wellgreen Project

Company Press Release
August 22, 2011

Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces results from its 2011 drilling program for its first completed hole on the Wellgreen Project in the Yukon Territory, Canada.

Borehole WS11-184 encountered 472.6 meters of mineralization grading 0.43%
nickel equivalent from surface to the footwall contact. Within this larger swath of mineralization the hole encountered 49.5 meters of 1.27 grams per ton platinum group metals plus gold, 0.71% nickel, and 0.45% copper (or 1.11% nickel equivalent).

The geology transitioned from blebby disseminated to net-textured to massive sulphide approaching the footwall contact grading 6.3% nickel, 1.7% copper, 2.7 grams per ton platinum, 1.6 grams per ton palladium, 0.17 grams per ton gold, and 3.4 grams per ton silver. The drilling zones and results are tabulated here, with more information:

http://www.prophecyplat.com/news_2011_aug22_prophecy_platinum_wellgreen_...



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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:

http://goldenphoenix.us/