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Gold is 'that simple' for China, Leeb says; Bryan says gold should be at $1,900 already
7:49p ET Friday, September 7, 2012
Dear Friend of GATA and Gold (and Silver):
Turn off ABC, CBS, NBC, CNN, and even the Cartoon Network. Turn on King World News, where you'll find fund manager Stephen Leeb musing about the irrelevance of the national political party conventions just held in the United States.
"How can you have a convention in times like this, when you are looking at record droughts, record corn prices, the marginal cost of oil at $100, where you are not hearing any of these words mentioned even once by these politicians?
"Money will be worth less," Leeb adds. "So if you are China and you know you are going to have to buy resources, you know you are not going to be able to buy as many resources by sitting on the $3 trillion you have because those dollars are becoming worth less and less as we print more and more. ... You are going to be looking for something that people will accept, and that's gold. It's that simple. ... I would add silver as well because silver is a monetary metal. ... but it's also a critical industrial metal."
The interview with Leeb is posted at the King World News blog here:
Also at King World News, Gabelli gold fund manager Caesar Bryan says the recent rise in gold has been "pretty mild" and the price right now "should already be above $1,900." Yes, and your secretary/treasurer should be rich, handsome, and 40 years younger. But as Gabelli seems to think that there's still a chance in the first respect, you can find an excerpt from his interview at King World News here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Fred Goldstein and Tim Murphy open All Pro Gold
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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: