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Chris Martenson: What to do when every market is manipulated
11:12a ET Thursday, August 16, 2012
Dear Friend of GATA and Gold:
Market analyst Chris Martenson today asks what investors can do when all markets are manipulated or outright frauds. About the gold market he writes:
"One of the prime reasons that I support the notion that the price of gold is neither free nor fair is that I think there is an incentive for the U.S. and U.K. central banks (and the others too) to have no serious questions raised about fiat money. Gold is the only monetary barometer that exists outside of the world of fiat money.
"If the Fed was willing to look the other way while banks colluded to keep LIBOR artificially low because that sent the 'right' signal about bank health and boosted profits, do you really think they would not also look the other way if banks could make money by manipulating the gold market into a more stable or even lower price band than it otherwise might occupy?
"To me, it is a given that the Fed, et al., would condone literally any and all activities that would boost the apparent health of major banks (their prime clients) and the apparent health of fiat money (their only product). Said more directly, it is unthinkable that they do not have gold squarely in their sights on a daily basis.
"The second point I want to make about gold is that with every revelation of fraud and/or price manipulation, I grow more convinced that gold should play an increasing role as an anchor to your portfolio."
Martenson's commentary is headlined "What to Do When Every Market Is Manipulated" and it's posted at his Internet site, Peak Prosperity, here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Fred Goldstein and Tim Murphy open All Pro Gold
Longtime GATA supporters Fred Goldstein and Tim Murphy have brought their many years of experience in the precious metals and numismatic coins to All Pro Gold as metals brokers who specialize in the delivery of gold and silver bullion bars and coins as well as numismatic gold and silver coins. Fred and Tim follow these markets closely and are assisted by a team of consultants in monitoring market trends. All Pro Gold offers GATA supporters competitive pricing on all bullion products and welcomes inquiries. Tim can be reached at 602-299-2585 and Tim@allprogold.com, Fred at 602-799-8378 and Fred@allprogold.com. Ask about their ratio strategy and the relationship of generic $20 dollar gold pieces to 1-ounce gold bullion coins. Visit their Internet site at http://www.allprogold.com/.
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Prophecy Platinum Announces Wellgreen Preliminary Economic Assessment:
38% Pre-Tax IRR, $3.0 Billion NPV, and a 37-Year Mine Life
Company Press Release
VANCOUVER, British Columbia, Canada -- Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) reports the results of an independent NI 43-101-compliant preliminary economic assessment for its fully owned Wellgreen nickel-copper-platinum group metals project in the Yukon Territory.
The independent assessment, prepared by Tetra Tech, evaluated a base case of an open-pit mine (with a mining rate of 111,500 tonnes per day), an on-site concentrator (with a milling rate of 32,000 tonnes per day), and an initial capital cost of $863 million. The project is expected to produce (in concentrate) 1.959 billion pounds of nickel, 2.058 billion pounds of copper, and 7.119 million ounces of platinum, palladium, and gold during a mine life of 37 years with an average strip ratio of 2.57.
The financial highlights of the preliminary economic assessment, shown in U.S. dollars, are as follows:
Payback period: 3.55 years
Initial capital investment: $863 million
IRR pre-tax (100% equity): 38 percent
NPV pre-tax (8% discount): $3 billion
Mine life: 37 years
Total mill feed: 405.3 million tonnes
Mill throughput: 32,000 tonnes per day
Prophecy Chairman John Lee says: "We are pleased with the preliminary economic assessment results. The numbers indicate that Wellgreen is one of most exciting mineral projects in the Yukon. The company is drilling to upgrade and expand the resource base. The infrastructure is excellent as the project is only 1,400 meters in altitude and 14 kilometers from the paved Alaska Highway, which leads to the Haines deep seaport. Discussions are under way with support from local stakeholders regarding permitting and logistics."
For the complete press release, please visit: