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Get your gold out of the banking system, Rickards tells King World News
12:14a ET Tuesday, December 7, 2010
Dear Friend of GATA and Gold:
Interviewed by King World News, market analyst and scholar Jim Rickards of Omnis Inc. says he knows of a gold investor who recently had to struggle for a month with a Swiss bank to arrange return of his gold -- not a futures contract receipt but real gold that had been put on deposit at the bank. Only the gold owner's threat to restore to legal action and the news media pried the gold loose, Rickards says. He concludes that the bank didn't have the gold it should have had and that this shorting is endemic to the Western banking system. He advises gold investors to use "private non-bank storage" for their gold to get it outside the banking system and expects that at some point governments may seek to freeze gold in the banking system.
Rickards argues that the United States will return to some sort of gold standard in a deliberate and studied way or will be forced to return to gold with chaotic and disruptive suddenness. A non-deflationary gold price then likely will be in the many thousands of dollars per ounce, Rickards says.
Rickards also rates Federal Reserve Chairman Ben Bernanke a bigger threat to national security than the terrorist Osama bin Laden, insofar as bin Laden is on the run while Bernanke still stands at the pinnacle of power.
The interview with Rickards is 21 minutes long and you can listen to it at King World News here:
Or try this abbreviated link:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, Extending the Mineralization of the Southwest Vein on the Property
Company Press Release, October 27, 2010
VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include:
-- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres.
-- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres.
-- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre.
Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface.
"The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest."
For the company's full press release, please visit:
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Prophecy Drills 71.17 Metres of 0.52% NiEq
(0.310 % Nickel 0.466 g/t PGMs +Au and 0.223% Copper)
from surface at Wellgreen Project in the Yukon
Prophecy Resource Corp. (TSX-V: PCY) reports that it has received additional assays results from its 100-percent-owned Wellgreen PGM Ni-Cu property in the Yukon, Canada. Diamond drill holes WS10-179 to WS10-182 were drilled during the summer of 2010 by Northern Platinum (which merged with Prophecy on September 23, 2010). WS10-183 was drilled by Prophecy in October 2010. Highlights from the newly received assays include 71.17 metres from surface of 0.52 percent NiEq (0.310 percent nickel, 0.466 g/t PGMs + Au, and 0.233 percent copper) and ended in mineralization. For more drill highlights, please visit: