Charles Plosser, President of the Federal Reserve Bank of Philadelphia, called the Federal Reserve’s pledge to keep rates near zero through mid-2013 “inappropriate.”
In an interview with Bloomberg Radio, Plosser stated that “It was inappropriate policy at an inappropriate time…Policy shouldn’t be dependent on the calendar, it should be dependent on the economy.”
Plosser was one of three voting members of the Federal Open Market Committee (FOMC) – along with Richard Fisher and Narayana Kocherlakota – who last week dissented from the decision to change the timeframe from “extended period” to mid-2013.
This marked the largest number of dissenting votes during Chairman Ben Bernanke’s tenure, and the most at the Fed since 1992.
Plosser also contended that the Federal Reserve is “reacting too quickly here…A little patience might be a good idea.”
He went on to say that the Fed will likely need to raise interest rates prior to mid-2013, something that is sure to not sit well with “Helicopter Ben.”
Premier Gold Completes Acquisition of Goldstone
The transaction was previously approved by the Goldstone shareholders and by the Ontario Superior Court of Justice. It is expected that the common shares of Goldstone will be delisted from the Toronto Stock Exchange at the close of business on or about August 18, 2011. Full Premier Gold Mines Press Release.
- The acquisition will result in Premier Gold Mines holding several mineral deposits and prospects located along, or in close proximity to, the Trans-Canada Highway.
- The Geraldton-Beardmore property portfolio will be called the “Trans-Canada Project” of which Hardrock will be the core project.
- The Trans-Canada Project consists of several claim groups that have seen more than 4.0 million ounces of historic production and are host to multiple gold deposits.
