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More credit for GATA for busting silver market rig
1:27p ET Wednesday, February 9, 2011
Dear Friend of GATA and Gold (and Silver):
Market analyst Bill Downey, writing for Futures magazine, published in Chicago, credits GATA heavily for the strength of silver prices ever since the March 25, 2010, hearing of the U.S. Commodity Futures Trading Commission on the precious metals markets.
Downey writes: "At the beginning of April 2010, news of whistleblower and trader Andrew Maguire hit the media. This London metals trader warned an investigator from the CFTC in advance about a gold and silver market manipulation to be undertaken by traders for JPMorgan Chase in February to bring forth lower prices. When the CFTC did not address the alleged manipulation publicly, the market dropped. Thanks to the work of the Gold Anti-Trust Action Committee and others, Maguire's testimony was brought to a public forum during a CFTC review of position limits. This public testimony provided a floor for silver. The cat was out of the bag, and those suppressing the price would need to change tactics."
Downey's commentary is accompanied by a wonderful chart of the silver price plotted against GATA's work at the CFTC hearing and the resulting awareness of the silver market rig.
Downey's commentary is headlined "Silver: Reflections on a Breakout" and you can find it at Futures magazine's Internet site here:
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 Resource Spins Off Platinum/Palladium Venture:
World-Class PGM Deposit in Yukon
Company Press Release, January 18, 2011
VANCOUVER, British Columbia -- Prophecy Resource Corp. (TSX-V:PCY)and Pacific Coast Nickel Corp. announce that they have agreed that PCNC will acquire Prophecy's Nickel PGM projects by issuing common shares to Prophecy.
PCNC will acquire the Wellgreen PGM Ni-Cu and Lynn Lake nickel projects in the Yukon Territory and Manitoba respectively by issuing up to 550 million common shares of PCNC to Prophecy. PCNC has 55.7 million shares outstanding.
Following the transaction:
-- Prophecy will own approximately 90 percent of PCNC.
-- PCNC will consolidate its share capital on a 10 old for one new basis.
-- Prophecy will change its name to Prophecy Coal Corp. and PCNC will be renamed Prophecy Platinum Corp.
-- Prophecy intends to distribute half of its PCNC shares to shareholders pro-rata in accordance with their holdings.
Based on the closing price of the common shares of PCNC on January 17, $0.195 per share, the gross value of the transaction is $107,250,000.
For the complete announcement, please visit: