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Rob Kirby: The Amaranth kill shot
7:56p ET Tuesday, April 19, 2011
Dear Friend of GATA and Gold:
The use of derivatives as essentially infinite naked short positions in the commodity markets to divert inflationary money creation away from real things whose purchase would be seen to drive up their price was perhaps first noted by the British economist Peter Warburton in his 2001 essay, "The Debasement of World Currency: It Is Inflation, But Not as We Know It":
Today GATA consultant Rob Kirby of Kirby Analytics in Toronto describes in detail how derivatives were brought to bear against the hedge fund Amaranth Advisers LLC in 2006, when Amaranth was amassing a huge position in natural gas that was driving commodity prices in the prohibited direction, upward. The assassin was the U.S. government, acting through its usual agent, J.P. Morgan Chase & Co., which has access to essentially infinite amounts of government money and whose own grotesquely disproportionate positions in the bond and commodity markets will never be officially challenged by any regulatory agency, as they are really government positions.
At GoldSeek, Kirby's analysis is headlined "Amaranth Kill Shot: Collateral Damage in a $78 Trillion Derivatives Book Compliments of J.P. Morgan Chase" and you can find it here:
At 24hGold, it's headlined "$78 Trillion Derivatives Book Compliments of J.P. Morgan Chase" and you can find it 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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An Evening with Bill Murphy and James Turk
Sponsored by Deutsche Edelmetall-Gesellschaft
Friday, April 29, 2011
Hofbrauhaus, Munich, Germany
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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: