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Chilton's agenda is troublesome, so watch out for that truck

Section: Daily Dispatches

7:55p ET Tuesday, March 23, 2010

Dear Friend of GATA and Gold (and Silver):

In his conference call today with investors, journalists, and generally interested parties, U.S. Commodity Futures Trading Commission member Bart Chilton proposed much more vigorous regulation of the futures and options markets in the precious metals.

Chilton advocated:

-- Trading position limits. He lamented that the CFTC has position limits in the metals only for the spot trading month and no restrictions at all on market concentration.

-- Giving the CFTC authority to regulate the over-the-counter markets in gold and silver futures.

-- Changing commission procedures to bring more transparency to the gold and silver futures markets, as by making public more commission data.

-- Better communication with and responsiveness to the public.

There were about 35 people on the conference call and most of those who asked questions showed great familiarity with the gold and silver price suppression schemes.

For months now Chilton has corresponded at length with people who have e-mailed him about these issues, including members of GATA's Board of Directors. He could not have been more conscientious -- nor more troublesome to the price suppression scheme.

In a related matter, last Friday at his Economic Policy Journal blog --

-- Robert Wenzel reported:

"A fire earlier this week in the basement of the building located at 140 Broadway in New York City has forced the temporary move of the New York office of the Commodity Futures Trading Commission, which was located in the building. The office has been reloacted on a temporary basis to 201 Varick St. Reports on the Internet state that gold and silver records of the CFTC were damaged in the fire, which would be interesting given it is just one week before the precious metals manipulation hearing. However, Steve Schneider, a CFTC spokesman at the CFTC's Washington headquarters, informs me that the damage was unrelated to the CFTC and that no CFTC documents were lost or damaged in the fire."

GATA didn't distribute anything about the fire at the CFTC's New York office. But it's easy to anticipate the next news-like rumor likely to sweep the gold and silver blogosphere: that the truck removing the ashes of the records burned in the fire at the CFTC's New York office ran over Chilton as he walked to an interview at The New York Times.

Of course nobody will believe the part about the Times being interested in a story on market manipulation.

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


Prophecy Resource Corp. Appoints Rob McEwen to Advisory Board

Prophecy Resource Corp. (TSX.V: PCY, OTC: PCYRF) is pleased to announce the appointment of Rob McEwen to the company's Advisory Board. McEwen is a leading Canadian mining industry entrepreneur. He is the chairman and CEO of U.S. Gold Corp. and Minera Andes Inc. McEwen was the founder and former chairman and CEO of Goldcorp Inc., whose Red Lake Mine in northwestern Ontario, Canada, is considered to be the richest gold mine in the world. During his tenure at Goldcorp, McEwen transformed the company from a collection of small companies into a mining powerhouse, growing its market capitalization from $50 million to approximately $8 billion.

For Prophecy Resource Corp.'s complete statement:

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