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Peter Keusgen: More IMF duplicity on gold

Section: Daily Dispatches

8:15p ET Thursday, April 8, 2010

Dear Friend of GATA and Gold:

In commentary posted today at the Ostrich Head blog, our friend Peter Keusgen has taken a closer look at the protocols of the International Monetary Fund and found a provision that appears to allow IMF members to loan gold that belongs to the IMF, or at least to allow IMF members to count gold as being in two places at once. Some years ago GATA called attention to the IMF's dubious gold accounting, but Keusgen adds some interesting details.

As usual the idea is to make Western central bank gold reserves look far larger than they are so that they may be used to manipulate and intimidate the gold market without ever allowing the public and the market to verify any official assertions. Indeed, as your secretary/treasurer likes to remark, the location and disposition of Western central bank gold reserves are far more sensitive secrets -- the deadly secrets of the hugely vulnerable fractional reserve gold banking system -- than the plans for construction of nuclear weapons.

Keusgen's commentary is headlined "IMF Gold Holdings: Why Mine the Stuff When Your Accountants Can Create It?" and you can find it at the Ostrich Head blog here:

Or try this abbreviated link:

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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Preliminary Feasibility Study Completed for Seabridge Gold's KSM Project

Study Reports Reserves of 30.2 Million Oz. Gold, 7 Billion Lbs. Copper,
133 Million Oz Silver, 210 Million Lbs. Molybdenum

Base Case Life of Mine Cash Operating Costs Estimated at $144/oz. Gold Produced
(Net of Base Metal Credits)

Toronto -- Seabridge Gold Inc. has announced results from a National Instrument 43-101 compliant preliminary feasibility study of its 100-percent owned KSM project in northern British Columbia, Canada. The study was prepared by Wardrop, a Tetra Tech company, a major international engineering and consulting firm.

Seabridge President and CEO Rudi Fronk says, "The study confirms that the KSM project now hosts the largest gold reserve in Canada and one of the largest in the world. KSM is projected to provide an extraordinary mine life of more than 35 years with estimated cash operating costs well below the current average of the major gold producers. Estimated capital costs are in line with those of comparable, large-scale, undeveloped gold-copper projects and KSM has the advantage of being located in a low-risk jurisdiction."

For the complete Seabridge Gold statement: