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Former Fed Governor Warsh admits that the central bank manipulates markets

Fri, 08/26/2016 - 12:39

Adjudicating GATA's freedom-of-information claim against the Federal Reserve when he was a member of the Fed's Borad of Governors in 2009, the author revealed that the Fed has secret gold swap arrangements with foreign banks --

http://www.gata.org/node/7819

-- a business about which New York Fed President William Dudley refused to answer questions five months ago:

http://www.gata.org/node/16341

* * *

The Federal Reserve Needs New Thinking

By Kevin Warsh
The Wall Street Journal
Thursday, August 24, 2016

http://www.wsj.com/articles/the-federal-reserve-needs-new-thinking-14720...

The conduct of monetary policy in recent years has been deeply flawed. U.S. economic growth lags prior recoveries, falling short of forecasts and deteriorating in the most recent quarters. This week in Jackson Hole, Wyoming, the Federal Reserve Bank of Kansas City hosts the world's leading central bankers and academics to consider monetary reform. The task is timely and consequential, but the Fed needs a broader reform agenda.

Policy makers around the world neither predicted nor can adequately explain the reasons for current inflation readings below their targets. So it is puzzling that so many academics are pushing to raise the current 2% inflation target to a higher target of 3% or 4%. In the telling of the economics guild, the Fed's leaders should descend from the Grand Tetons with supreme assurance that their latest monetary policy invention will remedy the economy's ills.

... Dispatch continues below ...


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The Fed's leaders should not take the bait. Raising the inflation target is a bad idea being considered at the wrong time for the wrong reasons.

A new inflation target would undermine the Fed's commitment to any policy framework. It would please the denizens of Wall Street who pine for still-looser Fed policy. And households would be understandably miffed to receive a new lecture on unconventional monetary policy -- this one on the benefits of higher prices.

A change in inflation targets would also add to the growing list of excuses that rationalize the economic malaise: the persistent headwinds from the crisis of the prior decade, the high-sounding slogan of "secular stagnation," and the convenient recent alibi of Brexit.

A numeric change in the inflation target isn't real reform. It serves more as subterfuge to distract from monetary, regulatory, and fiscal errors. A robust reform agenda requires more rigorous review of recent policy choices and significant changes in the Fed's tools, strategies, communications, and governance.

Two major obstacles must be overcome: groupthink within the academic economics guild, and the reluctance of central bankers to cede their new power.

First, the economics guild pushed ill-considered new dogmas into the mainstream of monetary policy. The Fed's mantra of data-dependence causes erratic policy lurches in response to noisy data. Its medium-term policy objectives are at odds with its compulsion to keep asset prices elevated. Its inflation objectives are far more precise than the residual measurement error. Its output-gap economic models are troublingly unreliable.

The Fed seeks to fix interest rates and control foreign-exchange rates simultaneously -- an impossible task with the free flow of capital. Its "forward guidance," promising low interest rates well into the future, offers ambiguity in the name of clarity. It licenses a cacophony of communications in the name of transparency. And it expresses grave concern about income inequality while refusing to acknowledge that its policies unfairly increased asset inequality.

The Fed often treats financial markets as a beast to be tamed, a cub to be coddled, or a market to be manipulated. It appears in thrall to financial markets, and financial markets are in thrall to the Fed, but only one will get the last word. A simple, troubling fact: From the beginning of 2008 to the present, more than half of the increase in the value of the S&P 500 occurred on the day of Federal Open Market Committee decisions.

The groupthink gathers adherents even as its successes become harder to find. The guild tightens its grip when it should open its mind to new data sources, new analytics, new economic models, new communication strategies, and a new paradigm for policy.

The second obstacle to real reform is no less challenging. Real reform should reverse the trend that makes the Fed a general purpose agency of government. Many guild members believe that central bankers -- nonpartisan, high-minded experts -- are particularly well-suited to expand their policy remit. They fail to recognize that central bank power is permissible in a democracy only when its scope is limited, its track record strong, and its accountability assured.

The Fed is suffering from a marked downturn in public support. Citizens are rightly concerned about the concentration of economic power at the central bank. Long after the financial crisis, the Fed holds trillions of dollars of assets that would otherwise be in private hands. And it appears to make monetary policy with the purpose of managing financial asset prices, including bolstering the share prices of public companies.

With the enactment of the Dodd-Frank Act, the Fed claims the mantle of reform. It now micromanages big banks and effectively caps their rate of return. The biggest banks' growth in market share corresponds to that of their principal regulator. They are joint-venture partners with the Fed, serving as quasi-public utilities. As the dispenser of fault and favor, the Fed is contributing to the public perception of an unfair, inequitable economic system. Real reform this is not.

Most gathered in Jackson Hole will judge that the Fed's aggressive actions are necessary and wise. Even if that were true, the Fed finds itself in an increasingly untenable position. Congress will tag the Fed for its failures, and the public will assail the Fed for favoritism for its ostensible successes.

In the best of circumstances, the U.S. economy will accelerate to "escape velocity." In that event the Fed might get the benefit of the public doubt.

If, as is more likely, the economy is closer to recession than resurgence, the Fed is poorly positioned to respond with force, efficacy, and credibility. The Fed is vulnerable. Its recent centennial as our nation's central bank should not be confused with its permanent acceptance in the American political system.

-----

Mr. Warsh, a former member of the Federal Reserve board, is a distinguished visiting fellow in economics at Stanford University's Hoover Institution.

* * *

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Ronan Manly: Is any gold still stored at U.S. Mint in Denver?

Fri, 08/26/2016 - 12:17

11:15a ET Friday, August 26, 2016

Dear Friend of GATA and Gold:

Gold researcher Ronan Manly reports today that the U.S. Mint has made a subtle change in its monthly reports, which now indicate that no gold is being stored at the Denver mint. Manly infers from this that all U.S. government gold now is being held at the Army installations at Fort Knox in Kentucky and West Point in New York and that, as fund manager and geopolitical analyst James G. Rickards contends, all the gold is essentially under the Army's control. Manly's report is headlined "Is There Any Gold Bullion Stored at the U.S. Mint in Denver?" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/gold-bullion-stored-us-min...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
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New Orleans, Louisiana
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Help GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://tinyurl.com/zr4tjuc

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Just wait until it's hypothecated into 145 tonnes

Wed, 08/24/2016 - 22:04

Australian Prospector Unearths 145-Ounce Gold Nugget

By Timna Jacks
The Age, Melbourne, Australia
Thursday, August 25, 2016

At first glance the small lump in the earth looked like worthless scrap.

On closer examination, the prospector guessed it was the tip of an old horseshoe.

He dug deep into the soil -- unearthing 30 centimetres -- before finding the unthinkable: Gold -- 145 ounces of it -- valued at more than A$250,000.

"I really couldn't believe my eyes," said the prospector, who wanted to remain anonymous. "It's like catching a big fish and not knowing what to do with it. Where do we put it? I washed it in water, covered it in aluminum foil, and kept it in my oven on the first night."

The hobbyist found the "colossal" nugget while scouring Victoria's Golden Triangle on Friday. ...

... For the remainder of the report, including a photograph of the "nugget":

http://www.theage.com.au/victoria/i-couldnt-believe-my-eyes-victorian-pr...


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Help GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://tinyurl.com/zr4tjuc

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Stagnant economy won't support high stock, bond, real estate prices, Embry says

Wed, 08/24/2016 - 13:45

12:45p ET Wednesday, August 24, 2016

Dear Friend of GATA and Gold:

Sprott Asset Management's John Embry tells King World News today that the "deep state" is striving to suppress the price of the monetary metals while supporting stocks, bonds, and real estate. But, Embry adds, a stagnant economy won't support the latter valuations forever. His remarks are excerpted at KWN here:

http://kingworldnews.com/john-embry-warns-the-deep-state-shadow-governme...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
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Help GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://tinyurl.com/zr4tjuc

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Nobody sells gold like this except to drive the price down in full view

Wed, 08/24/2016 - 11:45

See Zero Hedge's report, headlined "Someone Just Puked $1.5 Billion of Notional Gold," here:

http://www.zerohedge.com/news/2016-08-24/someone-just-puked-15-billion-n...

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New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
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Help GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://tinyurl.com/zr4tjuc

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Rusoro says it has been awarded $1.2 billion over Venezuelan seizure

Wed, 08/24/2016 - 11:26

By Jim Finkle
Reuters
Tuesday, August 23, 2016

Canada's Rusoro Mining Ltd said Tuesday it has been awarded more than $1.2 billion by a World Bank tribunal that ruled that Venezuela had unlawfully seized the company's gold assets four years ago.

Shares in the Vancouver-based mining firm, which is backed by Russia's Agapov family, more than doubled on Tuesday, trading for as much as 32 cents -- their highest level since Venezuela's asset seizure.

Rusoro, whose shares had a market value of C$83 million (US$64 million) prior to Tuesday's rally, was one of about 20 Canadian miners and other international firms that filed complaints with the World Bank's International Center for Settlement of Investment Disputes over Venezuela's action.

Rusoro, which was the largest gold miner operating in the South American country before the asset seizure, said the World Bank agency determined that Venezuela had unlawfully expropriated the company's investments without paying compensation. ...

... For the remainder of the report:

http://www.reuters.com/article/rusoro-mining-lawsuit-idUSL3N1B43Z6

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New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
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New Orleans, Louisiana
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Help GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://tinyurl.com/zr4tjuc

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Monetary policy has nationalized Japanese stock market, CLSA analyst says

Tue, 08/23/2016 - 13:57

"There are no markets anymore, just interventions." -- High School Graduate, GATA Washington conference, April 18, 2008.

* * *

By Leslie Shaffer
CNBC, New York
Monday, August 22, 2016

Even a resurgent yen hasn't dampened Japan's stock rally over the past couple months, but that's not necessarily because investors like the market.

The Nikkei 225 index has surged around 10 percent since late June, even as the yen has climbed against the dollar, with the pair testing levels under 100.

Normally this would be bad news for stocks as a stronger yen is a negative for exporters as it reduces their overseas profits when converted to local currency. So what explains the buoyant stock market?

Analysts attributed the gains to the Bank of Japan, not fundamentals.

In a report titled, "BoJ Nationalizing the Stock Market," Nicholas Smith, an analyst at CLSA, said that the central bank's exchange-traded fund buying program was distorting the market.

At its late July meeting, the BoJ said it would increase its ETF purchases so that their amount outstanding will rise at an annual pace of 6 trillion yen ($56.7 billion), from 3.3 trillion yen previously.

Those purchases were particularly distorting to the market because they focused largely on funds tracking the Nikkei 225 index, Smith said in a note dated Sunday, estimating that more than half of the BoJ's ETF buying was likely in Nikkei-tied funds. ...

... For the remainder of the report:

http://www.cnbc.com/2016/08/22/monetary-policy-has-nationalized-the-japa...

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Wednesday-Saturday, October 26-29, 2016
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Help GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://tinyurl.com/zr4tjuc

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Koos Jansen: More indications that China sees gold as key to currency

Tue, 08/23/2016 - 13:34

12:30p ET Tuesday, August 23, 2016

Dear Friend of GATA and Gold:

Gold researcher Koos Jansen today reports more comments by Song Xin, general manager of the Chinese government's National Gold Group Corp., indicating that government policy is the steady acquisition of gold reserves, eventually surpassing United States gold reserves, to facilitate internationalization of the yuan and confidence in the currency. Jansen's report is headlined "Song Xin: Increase Gold Reserves and Join SDR" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/song-xin-increase-gold-res...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
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New Orleans, Louisiana
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Help GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://tinyurl.com/zr4tjuc

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

India's gold smugglers shut out refiners and banks

Tue, 08/23/2016 - 11:00

By Rajendra Jadhav
Reuters
Tuesday, August 23, 2016

MUMBAI, India -- Indian gold refiners just months ago were ramping up capacity and struggling to secure enough ore from miners. Now they are suspending operations as a surge in smuggled bullion wipes out wafer-thin margins.

Gold importing banks and big jewelers have also been hit by the growing entry of illicit gold, which avoids import duties and makes its way on to the so-called "gray market," where it is sold to end-users at a discount.

Smuggled gold could account for more than a third of demand this year in India -- the world's second-biggest buyer of the metal after China -- potentially costing the government over $1 billion in lost revenue.

The upsurge will lead to pressure for a reduction in the 10 percent import duty and a rethink on recently introduced levies on gold jewelry, which critics say are boosting the unofficial trade the government has been trying to curb. ...

... For the remainder of the report:

http://www.reuters.com/article/us-india-gold-discounts-idUSKCN10Y0K5

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Wednesday-Saturday, October 26-29, 2016
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New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2016/08/2016_Powell.h...

Help GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://tinyurl.com/zr4tjuc

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Robert Appel: Technical analysis is of little use in manipulated gold market

Tue, 08/23/2016 - 09:12

8:16a ET Tuesday, August 23, 2016

Dear Friend of GATA and Gold:

Profit Confidential's Robert Appel writes today that the contest in the gold market is not between bulls and bears but between legitimate buyers and, on the sell side, central banks and their bullion bank agents manipulating the market. Appel adds that in such circumstances technical analysis of the market is of little use. His analysis is headlined "Triple-Digit Upside for Direxion Shares Exchange-Traded Fund Trust?" and it's posted at Profit Confidential here:

http://www.profitconfidential.com/stock/triple-digit-upside-for-direxion...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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The Gold Mine Barrick Might Regret Having Sold


K92 Mining is poised for production at its Papua New Guinea gold project and has just listed on the Toronto Venture exchange under the symbol KNT.V.

The gold mining startup came together during one of the toughest periods in mining history.

K92's main asset is the Kainantu project, a large high-grade gold resource with extensive infrastructure including underground mine development, a mill processing facility, a fully permitted tailings pond, and paved roads. The infrastructure means K92 can aim to restart mining in the near term with minimal capital costs and seek to grow through cash-flow funded exploration on the roughly 405-square kilometer property, considered prospective for additional discoveries.

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New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
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New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2016/08/2016_Powell.h...

Help GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://tinyurl.com/zr4tjuc

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Last chance to buy GATA conference DVDs and posters of Wall St. Journal ad

Mon, 08/22/2016 - 14:55

2:10p ET Monday, August 22, 2016

Dear Friend of GATA and Gold:

GATA soon will be closing its merchandise business, so please consider helping us by purchasing a set of DVD recordings of our Gold Rush 2011 conference in London and our 2005 conference in Dawson City, Yukon Territory, Canada.

Or you can purchase a poster of our 2008 full-page color advertisement in The Wall Street Journal warning of the financial disaster impending from the suppression of the gold price by central banks.

DVDs of the proceedings of the two conferences can be purchased here:

http://www.goldrush21.com/order.html

Posters of the Wall Street Journal ad can be purchased here:

http://tinyurl.com/zr4tjuc

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

ADVERTISEMENT

Sandspring Resources Commences 2016 Exploration Campaign

Company Announcement
August 17, 2016

Sandspring Resources Ltd. (TSX VENTURE:SSP, US OTC: SSPXF) is pleased to announce commencement of the 2016 exploration campaign at its Toroparu Gold Project in Guyana, South America.

In 2015 the company completed a 3,700-meter diamond drilling program on the promising Sona Hill Prospect, located 5 kilometers southeast of the main Toroparu deposit. Sona Hill is the easternmost gold anomaly in a cluster of 10 gold features located within a 20-by-7-kilometer hydrothermal alteration halo around Toroparu. Drilling at Sona Hill in 2012 and in 2015 intercepted high-grade mineralization in both saprolite and bedrock, and confirmed the continuity and grade potential of the Sona Hill mineralization.

For the remainder of the announcement and highlights of the 2015 drill program:

https://finance.yahoo.com/news/sandspring-resources-commences-2016-explo...

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2016/08/2016_Powell.h...

Support GATA by purchasing DVD recordings of the proceedings of our London conference in August 2011 or our Dawson City, Yukon Territory, conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://www.cartserver.com/sc/cart.cgi

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Biggest bond traders are on a negative-yield binge, and can make it pay

Mon, 08/22/2016 - 13:03

By Brian Chappatta and Andrew Wong
Bloomberg News
Sunday, August 21, 2016

It might be considered absurd, if not for the unprecedented contortions in global financial markets.

Pacific Investment Management Co.'s largest international bond fund and China are piling into negative-yielding Japanese debt, buying securities that pay out less than the purchase price. And there's a way to turn a tidy profit off the trade.

At the heart of the strategy is the world's insatiable appetite for dollar assets, which is presenting an opportunity for investors with greenbacks to spare: the chance to pick up extra yield, a luxury in an era of record-low interest rates. For dollar lenders, even three-month Japanese bills, trading at a rate of negative 0.24 percent, offer juicy returns through a swap transaction that locks in exchange rates. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2016-08-21/pimco-china-show-no-fe...

ADVERTISEMENT

Sandspring Resources Commences 2016 Exploration Campaign

Company Announcement
August 17, 2016

Sandspring Resources Ltd. (TSX VENTURE:SSP, US OTC: SSPXF) is pleased to announce commencement of the 2016 exploration campaign at its Toroparu Gold Project in Guyana, South America.

In 2015 the company completed a 3,700-meter diamond drilling program on the promising Sona Hill Prospect, located 5 kilometers southeast of the main Toroparu deposit. Sona Hill is the easternmost gold anomaly in a cluster of 10 gold features located within a 20-by-7-kilometer hydrothermal alteration halo around Toroparu. Drilling at Sona Hill in 2012 and in 2015 intercepted high-grade mineralization in both saprolite and bedrock, and confirmed the continuity and grade potential of the Sona Hill mineralization.

For the remainder of the announcement and highlights of the 2015 drill program:

https://finance.yahoo.com/news/sandspring-resources-commences-2016-explo...


Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2016/08/2016_Powell.h...

Support GATA by purchasing DVD recordings of the proceedings of our London conference in August 2011 or our Dawson City, Yukon Territory, conference in August 2006:

http://www.goldrush21.com/order.html

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Join GATA at the New Orleans conference because you can't lose

Sun, 08/21/2016 - 13:14

12:15p ET Sunday, August 21, 2016

Dear Friend of GATA and Gold:

Will you join GATA Chairman Bill Murphy and your secretary/treasurer at the New Orleans Investment Conference in the last week of October?

Conference director Brien Lundin notes in the letter below that you really can't lose. He guarantees that if, as a result of what you learn at the conference, you don't at least quadruple your registration fee, your fee will be refunded.

Having participated in the conference for many years, GATA can say that nothing surpasses it for financial and political insight and, thanks to the city itself, plain old fun. I don't mean the cliched honky-tonkiness of Bourbon Street. (Anyone in the monetary metals sector learns early how to drink plenty just staying home.) I mean the history, geography, culture, climate, and of course the restaurants of the city. At this conference there is always so much to learn inside -- many of the speakers are GATA favorites -- and to explore outside.

So please read Lundin's letter below and if you're persuaded to consider attending, use the link at the bottom of his letter to find out more about the conference and register for it. The conference has kindly offered GATA a commission for every GATA supporter who uses the link to register.

Hoping to see you there.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

Your Guarantee that You Can't Lose at the New Orleans Investment Conference

By Brien Lundin
New Orleans Investment Conference
Sunday, August 21, 2016

Gold and silver are soaring.

Negative interest rates are spreading across the world like a wildfire. The economy is slowing. Stocks are peaking while the presidential election promises to roil global markets.

This is the riskiest -- and potentially most profitable -- investment opportunity in decades.

And there's only one way to play it that guarantees a four-for-one profit.

My message is simple: You can't afford to miss this opportunity.

That's because the best place to be in a gold bull market is the New Orleans Investment Conference.

More than four decades of history have proven this, time and time again.

It's where the top metals and mining stock experts and most successful investors gather every year.

It's where the most powerful investment strategies are detailed.

It's where the hottest new opportunities are unveiled.

And as I said, the results speak for themselves: The stock picks given out at the New Orleans Conference often multiply five, 10, even 20 or more times over after the event.

How reliable and profitable are these results?

Enough so that we can guarantee you'll quadruple your investment in the event ... or get your entire registration fee back.

The only way you can lose is not attend.

And there are plenty of reasons to come.

With our amazing agenda this year, coupled with the remarkable turn the markets have made in our favor, you're going to learn more, profit more, and just have more fun than you could anywhere else.

Don't cheat yourself -- click on the link below to learn why this year's New Orleans Conference is going to be the event of the decade:

http://neworleansconference.com/wp-content/uploads/2016/08/2016_Powell.h...

ADVERTISEMENT

Sandspring Resources Commences 2016 Exploration Campaign

Company Announcement
August 17, 2016

Sandspring Resources Ltd. (TSX VENTURE:SSP, US OTC: SSPXF) is pleased to announce commencement of the 2016 exploration campaign at its Toroparu Gold Project in Guyana, South America.

In 2015 the company completed a 3,700-meter diamond drilling program on the promising Sona Hill Prospect, located 5 kilometers southeast of the main Toroparu deposit. Sona Hill is the easternmost gold anomaly in a cluster of 10 gold features located within a 20-by-7-kilometer hydrothermal alteration halo around Toroparu. Drilling at Sona Hill in 2012 and in 2015 intercepted high-grade mineralization in both saprolite and bedrock, and confirmed the continuity and grade potential of the Sona Hill mineralization.

For the remainder of the announcement and highlights of the 2015 drill program:

https://finance.yahoo.com/news/sandspring-resources-commences-2016-explo...


Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2016/08/2016_Powell.h...

Support GATA by purchasing DVD recordings of the proceedings of our London conference in August 2011 or our Dawson City, Yukon Territory, conference in August 2006:

http://www.goldrush21.com/order.html

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Including yuan, gold in SDRs will launch gold's strongest rise, Leeb says

Sat, 08/20/2016 - 21:28

8:27p ET Saturday, August 20, 2016

Dear Friend of GATA and Gold:

Fund manager Stephen Leeb tells King World News today that China will welcome the International Monetary Fund's recomposition of its Special Drawing Rights with the yuan and gold, prompting the biggest bull market in history for the monetary metal. Leeb's commentary is posted at KWN here:

http://kingworldnews.com/this-historic-event-is-about-to-shock-the-world...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

ADVERTISEMENT

Sandspring Resources Commences 2016 Exploration Campaign

Company Announcement
August 17, 2016

Sandspring Resources Ltd. (TSX VENTURE:SSP, US OTC: SSPXF) is pleased to announce commencement of the 2016 exploration campaign at its Toroparu Gold Project in Guyana, South America.

In 2015 the company completed a 3,700-meter diamond drilling program on the promising Sona Hill Prospect, located 5 kilometers southeast of the main Toroparu deposit. Sona Hill is the easternmost gold anomaly in a cluster of 10 gold features located within a 20-by-7-kilometer hydrothermal alteration halo around Toroparu. Drilling at Sona Hill in 2012 and in 2015 intercepted high-grade mineralization in both saprolite and bedrock, and confirmed the continuity and grade potential of the Sona Hill mineralization.

For the remainder of the announcement and highlights of the 2015 drill program:

https://finance.yahoo.com/news/sandspring-resources-commences-2016-explo...


Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

James Turk: What did J.P. Morgan mean?

Sat, 08/20/2016 - 16:00

3p ET Saturday, August 20, 2016

Dear Friend of GATA and Gold:

What is money? GoldMoney founder and GATA consultant James Turk's new essay lets the financier J.P. Morgan answer the question with his testimony to a congressional subcommittee in 1912: "Money is gold, and nothing else." That is, gold is unique as money without counterparty risk. Turk's commentary is headlined "What Did J.P. Morgan Mean?" and it's posted at GoldMoney's Internet site here:

https://wealth.goldmoney.com/research/goldmoney-insights/what-did-jp-mor...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org


ADVERTISEMENT

Sandspring Resources Commences 2016 Exploration Campaign

Company Announcement
August 17, 2016

Sandspring Resources Ltd. (TSX VENTURE:SSP, US OTC: SSPXF) is pleased to announce commencement of the 2016 exploration campaign at its Toroparu Gold Project in Guyana, South America.

In 2015 the company completed a 3,700-meter diamond drilling program on the promising Sona Hill Prospect, located 5 kilometers southeast of the main Toroparu deposit. Sona Hill is the easternmost gold anomaly in a cluster of 10 gold features located within a 20-by-7-kilometer hydrothermal alteration halo around Toroparu. Drilling at Sona Hill in 2012 and in 2015 intercepted high-grade mineralization in both saprolite and bedrock, and confirmed the continuity and grade potential of the Sona Hill mineralization.

For the remainder of the announcement and highlights of the 2015 drill program:

https://finance.yahoo.com/news/sandspring-resources-commences-2016-explo...


Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Bank of Ireland to charge for placing cash on deposit

Fri, 08/19/2016 - 20:27

Bank of Ireland to Charge for Placing Cash on Deposit

By Ciaran Hancock
The Irish Times, Dublin
Friday, August 19, 2016

Bank of Ireland is set to become the first domestic financial institution to charge customers for placing their money on deposit with the bank.

This unprecedented move comes months after the European Central Bank began charging financial institutions for depositing money with it by charging them 0.4 per cent to hold their cash overnight.

The Irish Times has learned that Bank of Ireland, which is 14 per cent owned by the State, has informed its large corporate and institutional customers that it plans to charge them for deposits of €10 million or more from October.

It is understood that a negative interest rate of 0.1 per cent will be applied to such deposits by Ireland’s biggest bank. ...

... For the remainder of the report:

http://www.irishtimes.com/business/financial-services/bank-of-ireland-to...

ADVERTISEMENT

Vanity Signs Option Agreement With Iamgold
to Purchase the Porcupine East Block

Company Announcement
August 19, 2016

VANCOUVER, British Columbia, Canada -- Vanity Capital Inc. (TSX VENTURE: VYC) has entered an option agreement with Iamgold Corp. providing for an option to acquire a 100-percent interest in Iamgold's Porcupine Property in the Duparquet Township area of Quebec.

The option is exercisable by Vanity spending a minimum of $1.5 million on expenditures for exploration, which isto include the completion of a minimum 5,000 metres of diamond drilling on the property, within 24 months of the option. The option is also subject to Vanity's entering into an agreement to acquire an interest in an adjacent property. Upon Vanity's vesting its interest, Iamgold would retain a 2 percent net smelter royalty.

The option also provides Vanity with the right to renegotiate a pre-existing net smelter royalty of 3 percent held by certain third parties. ...

... For the remainder of the announcement:

http://www.marketwired.com/press-release/vanity-signs-option-agreement-w...


Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Royal Bank of Scotland's biggest trading customers face negative rates

Fri, 08/19/2016 - 20:10

RBS' Biggest Trading Customers Face Negative Rates

By Tim Wallace
The Telegraph, London
Friday, August 19, 2016

Royal Bank of Scotland will impose negative interest rates on some of its biggest customers from Monday, as central banks’ sub-zero policies start to bite.

The 70 largest companies that are heavily involved in financial trading, including other banks and pension funds, will face the charge when trading options and futures.

Traders have to post collateral with clearing houses -- funds that cover the cost of transactions if the trader is unable to pay the bills. If the institutions put cash on deposit as collateral, they will now face a negative charge. ...

... For the remainder of the report:

http://www.telegraph.co.uk/business/2016/08/19/rbs-biggest-customers-fac...

ADVERTISEMENT

Vanity Signs Option Agreement With Iamgold
to Purchase the Porcupine East Block

Company Announcement
August 19, 2016

VANCOUVER, British Columbia, Canada -- Vanity Capital Inc. (TSX VENTURE: VYC) has entered an option agreement with Iamgold Corp. providing for an option to acquire a 100-percent interest in Iamgold's Porcupine Property in the Duparquet Township area of Quebec.

The option is exercisable by Vanity spending a minimum of $1.5 million on expenditures for exploration, which isto include the completion of a minimum 5,000 metres of diamond drilling on the property, within 24 months of the option. The option is also subject to Vanity's entering into an agreement to acquire an interest in an adjacent property. Upon Vanity's vesting its interest, Iamgold would retain a 2 percent net smelter royalty.

The option also provides Vanity with the right to renegotiate a pre-existing net smelter royalty of 3 percent held by certain third parties. ...

... For the remainder of the announcement:

http://www.marketwired.com/press-release/vanity-signs-option-agreement-w...


Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

LBMA says banks back its plan to change London gold market

Fri, 08/19/2016 - 19:57

LBMA Says Banks Back Its Plan to Change London Gold Market

By Henry Sanderson
Financial Times, London
Friday, August 19, 2016

http://www.ft.com/cms/s/0/b9805af6-653b-11e6-8310-ecf0bddad227.html

The body charged with regulating London’s $5 trillion a year gold market says banks in the city are backing its plans to bring greater transparency to the market as the London Metal Exchange prepares to launch a gold futures exchange.

Ruth Crowell, head of the London Bullion Market Association, said its members, which include some of the world’s biggest banks, see an electronic trade repository as the best way to improve transparency and address regulatory pressure that is threatening to drive up costs.

"The large majority of the membership have indicated this is what they’d like to do, it’s sensible, it’s the right approach," she said.

Her comments come a week after a consortium — which includes the LME, World Gold Council, and Goldman Sachs — unveiled plans to bring the trading of precious metals in London on to an exchange early next year.

The move is the biggest shake-up of the gold market for decades. London is the world’s largest physical bullion market with its vaults used by many foreign central banks to hold their reserves.

The Goldman-backed consortium faces opposition from HSBC and JPMorgan, the two big bullion banks that want to maintain the current system where gold is traded privately between buyer and seller. The LBMA, which was set up by the Bank of England in 1987 to regulate London’s bullion market, is also not involved in the initiative.

"We are trying to give members something that helps them grow their business in a more vibrant market place -- not an extra burden," said Mrs Crowell in her first public comments since the rival initiative was announced.

The LBMA’s own electronic platform is due to be announced at the body’s conference in Singapore in late October. It will start as a trade repository that will be able to link to outside clearing houses or exchanges if there is demand, according to Mrs Crowell.

"Ultimately we’re looking at bringing a lot of services that exchanges offer but we’re not looking to become an exchange," she said.

A trade repository will also provide more information on the size of the London gold market that can be put before regulators. A lack of granular data had made it difficult for banks to argue gold is a highly liquid market that should not be subject to more onerous rules.

Since the financial crisis, policymakers have been pushing for a shift in markets in general towards trading assets on exchanges and clearing transactions through centralised systems.

The LBMA, which has 149 members, is lobbying the European Commission and the Basel Committee on Banking Supervision for a reduction in a proposed rule that would force banks to hold higher amounts of capital against their activities in the bullion market. It argues that gold should be treated differently from other commodities because it also acts as a currency.

A rise in the ratio to a proposed 85 per cent could cause banks to exit gold trading, said Ms Crowell.

ADVERTISEMENT

Vanity Signs Option Agreement With Iamgold
to Purchase the Porcupine East Block

Company Announcement
August 19, 2016

VANCOUVER, British Columbia, Canada -- Vanity Capital Inc. (TSX VENTURE: VYC) has entered an option agreement with Iamgold Corp. providing for an option to acquire a 100-percent interest in Iamgold's Porcupine Property in the Duparquet Township area of Quebec.

The option is exercisable by Vanity spending a minimum of $1.5 million on expenditures for exploration, which isto include the completion of a minimum 5,000 metres of diamond drilling on the property, within 24 months of the option. The option is also subject to Vanity's entering into an agreement to acquire an interest in an adjacent property. Upon Vanity's vesting its interest, Iamgold would retain a 2 percent net smelter royalty.

The option also provides Vanity with the right to renegotiate a pre-existing net smelter royalty of 3 percent held by certain third parties. ...

... For the remainder of the announcement:

http://www.marketwired.com/press-release/vanity-signs-option-agreement-w...

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Torgny Persson: The world's largest precious metals refineries

Fri, 08/19/2016 - 18:51

The World's largest Precious Metals Refineries

By Torgny Persson
BullionStar.com, Singapore
Friday, August 19, 2016

There are many precious metals refineries throughout the world, some local to their domestic markets and some international, even global in scale. Many but by no means all of these refineries are on the good delivery lists of gold or silver. These lists are maintained by the London Bullion Market Association and they identify accredited refineries of large (wholesale) gold and silver bars that continue to meet rigorous proficient standards of refining and assaying, and that are, at the same time, financial viable and stable companies.

Currently there are 71 refiners on the LBMA’s gold good delivery list and 81 refiners on its silver good delivery list, of which just over 50 of these refineries are accredited to both the LBMA's gold and silver lists.

But within the top echelons of the world's precious metals refineries, a number of names stand out due to their sheer scale and pedigree, as well as their global brand recognition in the production of a wide range of investment-grade gold and silver bullion bars. These names include PAMP, Argor-Heraeus, Metalor Technologies, Heraeus, Valcambi, Tanaka Kikinzoku Kogyo, and Rand Refinery. ...

... For the remainder of the commentary:

https://www.bullionstar.com/blogs/bullionstar/the-worlds-largest-preciou...

ADVERTISEMENT

Vanity Signs Option Agreement With Iamgold
to Purchase the Porcupine East Block

Company Announcement
August 19, 2016

VANCOUVER, British Columbia, Canada -- Vanity Capital Inc. (TSX VENTURE: VYC) has entered an option agreement with Iamgold Corp. providing for an option to acquire a 100-percent interest in Iamgold's Porcupine Property in the Duparquet Township area of Quebec.

The option is exercisable by Vanity spending a minimum of $1.5 million on expenditures for exploration, which isto include the completion of a minimum 5,000 metres of diamond drilling on the property, within 24 months of the option. The option is also subject to Vanity's entering into an agreement to acquire an interest in an adjacent property. Upon Vanity's vesting its interest, Iamgold would retain a 2 percent net smelter royalty.

The option also provides Vanity with the right to renegotiate a pre-existing net smelter royalty of 3 percent held by certain third parties. ...

... For the remainder of the announcement:

http://www.marketwired.com/press-release/vanity-signs-option-agreement-w...


Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Jansen's appeal raises money needed for Fort Knox audit documents

Thu, 08/18/2016 - 20:55


ADVERTISEMENT

Sandspring Resources Commences 2016 Exploration Campaign

Company Announcement
August 17, 2016

Sandspring Resources Ltd. (TSX VENTURE:SSP, US OTC: SSPXF) is pleased to announce commencement of the 2016 exploration campaign at its Toroparu Gold Project in Guyana, South America.

In 2015 the company completed a 3,700-meter diamond drilling program on the promising Sona Hill Prospect, located 5 kilometers southeast of the main Toroparu deposit. Sona Hill is the easternmost gold anomaly in a cluster of 10 gold features located within a 20-by-7-kilometer hydrothermal alteration halo around Toroparu. Drilling at Sona Hill in 2012 and in 2015 intercepted high-grade mineralization in both saprolite and bedrock, and confirmed the continuity and grade potential of the Sona Hill mineralization.

For the remainder of the announcement and highlights of the 2015 drill program:

https://finance.yahoo.com/news/sandspring-resources-commences-2016-explo...


7:56p ET Thursday, August 18, 2016

Dear Friend of GATA and Gold:

Gold researcher Koos Jansen tonight describes his long struggle to obtain from the U.S. government some documents about the auditing of the government gold purportedly held at Fort Knox. He adds that his appeal this week raised the several thousand dollars the government is charging him. Jansen's report is headlined "The Power of the Gold Community: Crowdfunding for FOIA Request for Fort Knox Audit Documents Completes within 24 Hours" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/the-power-of-the-gold-comm...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

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