You are here
Mike Kosares: Venezuela pushed the golden Humpty Dumpty off the wall
2:20p ET Saturday, August 20, 2011
Dear Friend of GATA and Gold:
Michael Kosares, proprietor of Centennial Precious Metals in Denver and host of its Internet site, USAGold.com, today analyzes Venezuela's withdrawal from the Western bullion banking system.
Kosares writes: "It is unlikely that Venezuela's gold is sitting prettily in the above-named bullion banks just waiting to be loaded on a cargo plane and sent to Caracas. It was probably loaned out long ago, and then, perhaps, redeposited at some other bullion bank and loaned out again, etc., on down the line until it was fractionalized, atomized, and otherwise depleted from its unified whole. In short, it will not be easy for the bullion banks to reassemble this golden Humpty Dumpty."
Kosares' commentary is headlined "Not Easy for Bullion Banks to Put Golden Humpty Dumpty Back Together Again" and you can find it at USAGold here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Prophecy Platinum Reports 10.97 Million Ounces Inferred
and 1.04 Million Ounces Indicated PGM+Gold in Yukon
An independent resource report on the Wellgreen project in the Yukon Territory in Canada has just confirmed that it as one of the largest platinum group metals projects in Canada and one of the few outside South Africa, Prophecy Platinum Corp. Chairman John Lee says.
The report, compliant with Canadian National Instrument 43-101, was written by geologist Todd McCracken of Wardrop Engineering Inc., a Tetra Tech company. It incorporated drill data from 701 diamond drill holes (182 surface and 519 underground) totaling more than 53,222 metres. Using a 0.4 percent nickel equivalent cutoff grade, the Wellgreen deposit now contains a total inferred resource of 289.2 million tonnes at an average grade of 0.53 g/t platinum, 0.42 g/t palladium, 0.23 g/t gold (1.18 g/t PGM and gold), 0.38 percent nickel, and 0.35 percent copper. Separately, the deposit also contains an indicated resource of 14.3 million tonnes at an average grade of 0.99 g/t platinum, 0.74 g/t palladium, 0.52 g/t gold (2.25 g/t PGM and gold), 0.69 percent nickel, and 0.69 percent copper.
Prophecy Platinum Corp. trades on the Toronto Venture Exchange under the symbol NKL, on the pink sheets in the United States as PNIKD, and in Frankfurt as P94P.
For the complete press release on the Wellgreen report, please visit:
Join GATA here:
Toronto Resource Investment Conference
Thursday-Friday, September 15-16, 2011
Sheraton Toronto Centre
The Silver Summit
Thursday-Friday, October 20-21, 2011
Davenport Hotel, Spokane, Washington
New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2011
Hilton New Orelans Riverside Hotel
Support GATA by purchasing gold and silver commemorative coins:
Or 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:
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:
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:
Or play back the call here:
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: