South African trader is persuaded of central bank intervention against gold


11:25a BST Tuesday, October 11, 2011

Dear Friend of GATA and Gold:

Writing for MineWeb, David Levenstein of Lakeshore Trading in Rivonia, South Africa, has been persuaded by the attack on gold amid the Swiss franc's devaluation that central banks are intervening surreptitiously to push the metal's price down. Levenstein writes:

"With regard to the recent selloff in gold, I am absolutely certain that there is a great deal of truth to the commentaries that suggest that this selloff was engineered by central banks and their agents the bullion banks in an attempt to thwart the upward momentum in gold and thus take the spotlight away from the yellow metal.

"In a blatant attempt to drive the price of gold down, some large sell orders came onto the futures market during the time when the market was least liquid. You have to ask the question: Why would anyone sell at the most illiquid times? The seller was obviously determined to move the market in the direction he wanted and was not interested in the least in attempting to liquidate at the best possible price. Then, as the prices of equities, commodities, and most currencies plunged, it appears that certain hedge funds that were taking a beating in their stock positions used the profits made in gold and silver to cover those losses. This added to the downward momentum. The cherry on the top of the cake was the action taken by the CME. They hiked the margin for gold by 21 percent and in a falling market. Yet while the S&P plummeted, the CME reduced margins for this contract by 33 percent."

Levenstein's commentary is headlined "Politicians, Financial Regulators, Banking Officials, and Gold" and you can find it at MineWeb here:

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


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Golden Phoenix Signs Definitive Agreement to Acquire and Reopen Santa Rosa Gold Mine in Panama

Company Press Release
Monday, September 19, 2011

SPARKS, Nevada -- Golden Phoenix Minerals Inc. (OTC Bulletin Board: GPXM) has signed a definitive agreement to acquire a 60 percent interest, with an option to buy an additional 20 percent interest, in the Santa Rosa gold mine in Panama, now owned by Silver Global S.A., a Panamanian corporation.

Santa Rosa produced more than 100,000 ounces of gold from 1996 to 1998 before being closed in part to low gold prices, which are now more than five times higher.

Golden Phoenix intends to acquire its initial 60 percent interest in Santa Rosa by acquiring 60 percent of the share capital of a recently created company under the name Golden Phoenix Panama S.A., formed to hold and operate the mine.

Tom Klein, CEO of Golden Phoenix says: "The agreement establishes a solid framework from which we can advance Mina Santa Rosa to production-ready status."

For Golden Phoenix's complete statement, please visit: