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Fed managing 'orderly' rise in gold, Rickards tells Schall
1:34p ET Thursday, June 9, 2011
Dear Friend of GATA and Gold:
The international currency wars will end in devaluation against gold, market analyst James G. Rickards tells the German journalist Lars Schall in an outstanding interview posted this week.
Rickards, who will speak at GATA's Gold Rush 2011 conference in London in August (http://www.GATAGoldRush.com), says that central banks long have manipulated the gold price but Federal Reserve officials, wanting inflation, now are content to allow an "orderly" rise in gold, like the 10-15 percent increase gold has averaged for a decade. "If it increases that way, they do not mind it, because it cheapens the dollar, which is what they want," Rickards tells Schall. "But what they don't want is to see it maybe double in six-month period or a spike, because that might cause a panic buying of gold, a panic dumping of the dollar, and that can get out of control."
Schall's interview with Rickards is headlined "The Devaluation Against Gold Is the Inflation" and you can find it at Schall's Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Prophecy Resource (TSXV:PCY) and Pacific Coast Nickel (TSXV:NKL)
Begin 8,000-Meter Drilling Program Wellgreen Project
Company Press Release, June 2, 2011
VANCOUVER, British Columbia -- Prophecy Resource Corp. TSX-V:PCY, OTC-QX: PRPCF, Frankfurt: 1P2) and Pacific Coast Nickel Corp. (TSX-V: NKL, US-PINK: PNIKF, Frankfurt: P94) have begun an expansion drilling program on their Wellgreen platinum, nickel, and copper project in the Yukon Territory, Canada. The program has been commenced by Prophecy and will be completed by Pacific Coast Nickel upon completion of the arrangement transaction whereby Pacific Coast Nickel will acquire the Lynn Lake and Wellgreen properties from Prophecy.
The program includes 8,000 meters of solid-core diamond drilling from through September with up to three drills to test at least 17 infill and exploration targets. This drilling will augment the existing resource which is being updated to National Instrument 43-101 standards by Wardrop Engineering, a Tetra-tech company. The resource estimate (based on 701 drillings before 2011) is expected to be released in July. The 2011 drilling is aimed to further augment the resource estimate.
The grades and type of disseminated mineralization at Wellgreen are highly analogous to those observed in Minnesota's Duluth Complex.
For the complete company statement, please visit:
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Lewis E. Lehrman on How to Solve the U.S. Debt Problem
Lewis E. Lehrman, chairman of the Lehrman Institute, sponsor of The Gold Standard Now project, advises that to reduce the $1 1/2 trillion U.S. deficit, the Republican Party must initiate an investment program.
Working Americans are not saving, which enables the banks to lead the country into a cycle of debt, leverage, boom, panic, and bust.
Lehrman says: "Eliminating the budget deficit of a trillion and a half dollars cannot be done overnight. The proposal by U.S. Rep. Paul Ryan was very dramatic -- one Republican called it radical -- but it was not happily received. The solution, of course, is to design an American program for prosperity, because you can solve these entitlement problems with a growing economy.
"We need a tremendous program of investment, and investment comes from savings. When you pay savers, middle-income professionals and working people, 0 percent at the bank, you are not going to encourage them
to save. Then we are left with a bank cycle of debt, leverage, boom, panic, and bust."
To read more and to sign up for The Gold Standard Now's free, noncommercial, weekly report, "Prosperity through Gold," please visit: