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Big buyers bypassing bullion banks, London trader tells King World News

Section: Daily Dispatches

8:31p ET Tuesday, December 20, 2011

Dear Friend of GATA and Gold:

Big gold and silver buyers increasingly are bypassing the rigged futures markets and the bullion banks that rig them and instead buying metal from the major gold and silver exchange-traded funds and from miners directly, the London trader source of King World News remarks today. These remarks echo those made two weeks ago by AngloGold Ashanti CEO Mark Cutifani to Takoa Da Silva of Bull Market Thinking:

But the London trader tells King World News a lot more -- including that the new kind of buying is transforming the precious metals market, cutting off supply from the bullion banks and diminishing their ability to leverage their short positions in the futures market. "We're making an historic bottom right now" in the gold market, he says. An excerpt from the interview is posted at the King World News blog here:

Also at King World News, Tangent Capital's Chris Whalen sees the possibility of bank holidays as countries forced to break out of the euro zone need time to re-establish their own currencies. An excerpt from that interview is here:

And Fox Business News canceled its interview scheduled for this morning with gold advocate and GATA supporter Peter Grandich. Let's hope he is rescheduled soon.

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


Sonora Aims to Follow First Majestic's Success
With Silver Mining Exploration in Mexico

Sonora Resources (OTCBB: SURE) is a silver mining exploration company focused on the development of prospective opportunities in Mexico. The company president and CEO is Juan Miguel Rios Gutierrez, who helped build First Majestic Silver Corp., which began trading for pennies and today is at more than $16 per share. Gutierrez was the fourth person to join First Majestic Silver, originally as general manager, then manager for new business initiatives and strategic planning. He left First Majestic Silver to work with Sonora Resources and yet maintains strong contacts with First Majestic. In fact, First Majestic is a large shareholder in Sonora and has a joint venture with the company.

For more information about Sonora Resources, please visit:

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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: