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Grant Williams: Gold market manipulation is more than plausible

Section: Daily Dispatches

9:40p ET Tuesday, November 27, 2012

Dear Friend of GATA and Gold:

Grant Williams, editor of the "Things That Make You Go Hmmm" letter, suggests in his letter published today that he follows GATA's work closely and gives it some credence, insofar as he notes in detail the growing demands for repatriation of central bank gold reserves held in vaults other than the owner's own.

Williams' broader topic is gold market manipulation, and he writes: "I believe there is no smoke without fire, and I always apply the two criteria of motive and means to any suspected conspiracy. In the case of gold (and silver), I cannot help but conclude that central banks and governments certainly have the motive to suppress prices (as they reveal only too clearly the extent to which the purchasing power of fiat currency is being debased), and as for the means. ...? Well, based on what we have seen in terms of intervention in the far larger sovereign bond markets in recent years, I think arguments over that particular part of the equation have been rendered somewhat redundant. ...

"The West sees gold as a means to hide the existence of inflation while the East sees it as protection from inflation. That means the West is selling gold whilst the East is buying it. ... The more central banks ask for audits and repatriation of their gold, the more that trend will accelerate; and the more that trend accelerates, the less gold will be left in the 'safe' confines of the Federal Reserve and the Bank of England."


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Rephrasing a thought that came to your secretary/treasurer the other night as he mused that those who deny gold market manipulation have the difficult task of proving a negative --

-- Williams quotes from a play by the British novelist, comic, and academic China Mieville: "Is it more childish and foolish to insist that there is a conspiracy or that there is not?"

Here at GATA we don't like the word "conspiracy" because it seldom comes our way without "theory" or "theorists" close behind. But of course there are conspiracies here and there, and more importantly there are even public policies arising from the coordinated actions of governments or government agencies, polices that may involve "conspiracies" insofar as those who carry them out try to keep them secret. But such secrecy does not necessarily diminish the complaints of those who document any particular secret policy, as GATA long has done with the Western central bank gold price suppression scheme:

All we ask is that critics first take the time to familiarize themselves with the evidence that has been set out for them and then dispute it specifically.

Williams' new letter, its first 21 pages devoted to the growing indications of gold price suppression and headlined "The Mousetrap," is posted here --

-- and with it he has earned his tin-foil hat complete with earflaps just in time for the Northern Hemisphere's winter, if not the Kondratieff one.

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

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Prophecy Platinum Intercepts Best Pt+Pd+Au Grades Yet
at Wellgreen Project in Yukon Territory: 5.36 g/t

Company Press Release
Tuesday, September 11, 2012

VANCOUVER, British Columbia -- Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces more results of its 2012 drill program on the company's fully-owned Wellgreen platinum group metals, nickel, and copper project in southwestern Yukon Territory, Canada. Four surface holes and four underground holes all intercepted significant mineralized widths, ranging from 28.5 meters (WS12-201) and up to 459.5 metres (WS12-193). Highlights include WU12-540, which returned 8.9 metres of 5.36 grams per tonne platinum, palladium, and gold; 1.73 percent copper; and 1.01 percent nickel within 304.5 meters of 0.66 g/t platinum-palladium-gold, 0.20 percent copper, and 0.27 percent nickel.

The surface drill program started in June and has completed 16 holes (assays pending for 12 holes) with two rigs now on site. The surface program continues to progress at a steady pace.

Prophecy Chairman John Lee commented: “Wellgreen is a very large nickel, copper, and platinum group metals project with near-surface high-grade zones. High-grade intercepts will be incorporated into resource modeling and mine planning in the pre-feasibility study. We expect further positive drill results from Wellgreen shortly.”

Wellgreen features a low 2.59-to-1 strip ratio, is situated at an altitude of 1,300 meters, and is only 15 kilometers from the two-lane paved Alaska Highway. Those factors significantly minimize the project's indirect costs.

For the complete company statement with full tabulation of the drilling results, please visit: