org> Look who's calling Utah and gold 'eccentric'
Submitted by cpowell on 11:30PM ET Friday, March 25, 2011. Section:
2:37a ET Saturday, March 26, 2011
Dear Friend of GATA and Gold:
There's revolution and war in the Middle East and Africa, devastation
and nuclear contamination in Japan, and turmoil throughout the world
financial system, but the Financial Times always has time to try
to make fun of gold and those who see any virtue in it.
In its Friday editorial, "In Gold They Trust," the FT finds humor
in Utah's potential experiment with accepting gold and silver as
currency, as allowed to states by the national Constitution. The
"Utah is no stranger to eccentric laws. This is, after all, the
state whose citizens have, at various points, felt the need to
outlaw both fishing from horseback and dispensing gunpowder as a
headache cure. Now it has another legislative feat to match these
illustrious forebears. The state's legislature has passed a bill
that paves the way for gold and silver to become legal tender. All
that remains is for Governor Gary Herbert to sign on the dotted
Ah, yes, the quaint American West, where more people earn their
livelihoods by creating things than by shifting money around, and
where the newspapers don't exploit their opportunities to reciprocate
the fun with foreigners, as well they might do with a paper from
enlightened London, capital of a country where the courts lately
have taken to issuing injunctions keeping everything secret and
prohibiting citizens from raising grievances with their elected
-stops-you-talking-to-MP.html>), where the monarch is prohibited
not only from marrying a Catholic but also from becoming one himself,
(http://en.wikipedia.org/wiki/Act_of_Settlement_1701), and where
every square yard of earth comes fully equipped with a tax collector
and a closed-circuit television camera.
The FT somehow thinks that gold's ever-higher price is more of a
problem for the metal's monetization than the constant devaluation
of government currencies is for their continuing to serve as money.
Here's something even funnier than Utah's quaintness, a pretty good
joke that seems lost on the FT -- a chart of gold priced in British
pounds over the last decade:
The whole of the FT's oblivious mockery of Utah is below. Let's
come back in a year or two and see who's still laughing. Let's hope
that Britain itself, if not the FT, is even still there to laugh.
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee
* * *
In Gold They Trust
Financial Times, London Friday, March 25, 2011
Utah is no stranger to eccentric laws. This is, after all, the state
whose citizens have, at various points, felt the need to outlaw
both fishing from horseback and dispensing gunpowder as a headache
cure. Now it has another legislative feat to match these illustrious
forebears. The state's legislature has passed a bill that paves the
way for gold and silver to become legal tender. All that remains
is for Governor Gary Herbert to sign on the dotted line.
By the standards of the most fanatical hard-money purists, the plan
is quite modest. Ron Paul, the Republican congressman who is the
high priest of currency privatisation, has just reintroduced a bill
that would allow everyone to mint their own coins. Both this and
Utah's law are meant as rebukes to the US Federal Reserve, whose
boundless enthusiasm for printing dollars has not exactly boosted
confidence in the greenback. But Utah's unilateral gold standard
has problems of its own.
For one, it would mean very small coins. Under Utah's law, the value
of the coins would reflect the gold (or silver) price. A troy ounce
(roughly 31 grams) of gold is currently changing hands for more
than $1,400. At that price a gold coin worth a dollar would weigh
all of 22 milligrams. That may be great news for microscope makers
but it will be pretty fiddly for anyone hoping to buy a coffee in
Salt Lake City. Of course, bigger coins could be used. But then
even the change for a gunpowder-free headache pill would run to
several suitcases of the worthless greenbacks Utah's goldbugs so
If the gold price surged, those coins would have to become smaller
still. A fall would not be much more helpful. Shopkeepers would
presumably stop accepting coins worth less than their face value,
bringing the economy to a juddering halt -- unless, that is, Utah's
state government stepped in and guaranteed the coin's nominal value.
Which sounds rather similar to the arrangement critics of the Fed
are so upset about.
* * *
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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
"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
For the company's full press release, please visit:
Gold Anti-Trust Action Committee 7 Villa Louisa Road Manchester,
Connecticut 06043-7541 USA
Recommended Internet sites for daily monitoring of gold and precious
metals news and analysis.
http://www.kereport.com (Korelin Business Report -- audio)
http://www.plata.com.mx/plata/home.htm (in Spanish)
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Eagle Ranch discussion site:
Ted Butler silver commentary archive:
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Miles Franklin Ltd.
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Northwest Territorial Mint 2505 S. 320th St.
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Box 866 Cayman Islands, British West Indies Proprietor: Richard S.
P...@PMILimited.com<mailto:P...@PMILimited.com> Toll-free: 866-764-2878
Resource Consultants Inc.
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Suite 1500, HSBC Building 885 West Georgia St.
Scottsdale Silver & Gold 20701 North Scottsdale Road Suite 107-266
Scottsdale, Arizona 85255 1-888-SIL-BARZ or 1-888-745-2279
Silver Gold Bull 4819 45 Street P.O. Box 2621 Rocky Mountain House,
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Silver Trading Co.
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Royal Bank South Tower 200 Bay St.
Swiss America Trading Corp.
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Treasure Island Coins Inc.
Worldwide Precious Metals (Canada) Ltd.
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