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Puru Saxena: Why wouldn't gold be manipulated? Everything else is
9:44p ET Friday, April 23, 2010
Dear Friend of GATA and Gold:
John Dourekas of Kitco News today got some interesting comments out of Hong Kong-based money manager Puru Saxena. Dourekas writes:
"Regarding rumored gold market manipulation by the major banking powers, Saxena has some suspicions and would not be surprised if some paper selling was occurring to keep the gold price down.
"'The central and private banks make their money by promoting the fiat money system. If the price of gold suddenly jumps fivefold, that is a red flag that there is something seriously wrong with the system,' he said. 'It would not be surprising for me to hear that they are suppressing the price of gold. We had the biggest financial crisis in decades and rather than increasing in value, the price of gold actually fell.'
"Saxena said he has been following the work of GATA for a long time and 'they make a reasonable case for that, but my argument is: What market is not manipulated? Everything is manipulated,' he added."
We can't help but wish that Saxena would tell it to the staff of the Securities and Exchange Commission when they come out from "Behind the Green Door," or to the Commodity Futures Trading Commission as the CFTC's supposed investigation of the gold and silver futures markets nears its third year, or to London "physical" gold market apologist Jeff Christian of CPM Group, or even to Kitco's own senior analyst, Jon Nadler.
If someone will provide Saxena's postal address, we'll try to ship him his own tinfoil hat.
The Kitco News interview with Saxena is headlined "Gold Most Likely to Double: Puru Saxena" (wouldn't that ruin the careers of a few analysts?) and can be found at Kitco here:
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: