CNBC Europe interviews Hinde Capital's Davies on gold paper risk

Section:

10:52p ET Thursday, July 8, 2010

Dear Friend of GATA and Gold:

On Tuesday CNBC Europe gave nine minutes to Ben Davies, CEO of Hinde Capital in London, to explain how the exchange-traded funds for gold and the so-called physical gold market are relying on paper gold rather than real metal, how London metals trader Andrew Maguire documented a metals market manipulation to the U.S. Commodity Futures Trading Commission, and how governments want precious metals prices suppressed. As you may recall, Davies lately has been doing heroic work to spread the word of gold price suppression with an appearance on CNBC Europe in May (http://www.gata.org/node/8683) and a report published in June (http://www.gata.org/node/8738). Davies' latest appearance on CNBC Europe is headlined "Potential Gold Bubble Forming?" and you can watch it at the CNBC Internet site here:

http://www.cnbc.com/id/15840232/?video=1538347357&play=1

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



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Prophecy to Become Coal Producer This Year
with 1.5 Billion Tonnes of Resource

Prophecy Resource Corp. (TSX.V: PCY) announced on May 11 that it has entered into a mine services agreement with Leighton Asia Ltd. to begin coal production this year. Production will begin with a 250,000-tonne starter pit as planned in August, with production advancing to 2 million tonnes per year in 2011. Prophecy is fully funded to production and its management team includes John Morganti, Arnold Armstrong, and Rob McEwen.

For Prophecy's complete press release about its production plans, please visit:

http://www.prophecyresource.com/news_2010_may11.php


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Sona Resources Expects Positive Cash Flow from Blackdome,
Plans Aggressive Exploration of Elizabeth Gold Property

On May 18, 2010, Sona Resources Corp. (TSXV: SYS, Frankfurt: QS7) announced the release of a preliminary economic assessment for gold production at its flagship Blackdome and Elizabeth properties in British Columbia.

Sona Executive Chairman Nick Ferris says: "We view this as a baseline scenario for gold production. The project is highly sensitive to the price of gold. A conservative valuation of gold at $1,093 per ounce would result in a pre-tax cash flow of $54 million. The assessment indicates that underground mining at the two sites would recover 183,600 ounces of gold and 62,500 ounces of silver. Permitting and infrastructure are already in place for processing ore at the Blackdome mill, with a 200-tonne per day throughput over an eight-year mine life. Our near-term goal is to continue aggressive exploration at Elizabeth and develop a million-plus-ounce gold resource, commencing production in 2013."

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