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12/15/17

PPK could even be gone by tonight

Right now, Peru's First Vice-President Martin Vizcarra is negotiating with the all-powerful Fuerza Popular (Fujimorista) Congressional bloc in order to come to an agreement to ensure smooth passage. The basic deal is that he Vizcarra takes over as President (as stipulated in Peru's constitutionm the baton goes to the VP) in exchange for a pledge that he then dissolves government and calls a new Presidential election. 

If the agreement comes, PPK then resigns this weekend and Vizcarra takes temporary control (a weekend is a good time to do these things, closed markets and all that). All moving fast here, but if something comes up it might go to the vote at the end of next week and PPK gets thrown out the front door, shaking his fist.

The Friday OT: The Jam; That's entertainment

I had another tune lined up for the segment, then this afternoon reader FT sent this in:

Hi Mark:

Just wanted to drop you a line to thank you for the hilarity involving Daniel Amenduri. I am glad you are exposing these people.

Merry Christmas and Happy New year.

F...... T........

PS. For some reason when I read your email exchange, the song That's Entertainment by The Jam came to mind. I really don't know why.

That's a cue for a song if ever I saw one. Darned good song, too. All yours Paul, take it away:




Youtube here.

Daniel 'Davidoff Cigar' Ameduri

Judging by my mailbox (thank you all) I'm not the only one who can't stop laughing.

Pedro Pablo Kuczynski will not be President of Peru for much longer

Last night President Pedro Pablo Kuczynski of Peru tried to put on a brave front, addressed the nation via TV to say he would not resign and even offered to waive his right to banking secrecy in order to show he has nothing to hide. 

It doesn't matter, he won't last much longer as President. He's already been shown to have lied about his dealings with Odebrecht and now that solid evidence has appeared (e.g. he stated that his company, Westfield Capital, hadn't received a penny from either Odebrecht or middleman company First Capital, there are now signed receipts to show that is 100% untrue, with six figures sums involved too) his days are numbered. As well as details such as...

  • Last night he failed to get a vote of confidence from his own ministerial cabinet
  • This morning, one of his key ministers handed in his resignation.
  • The Peru Vice President has flown back in a hurry from Canada (needed for succession purposes)

...more importantly the Peru Congress is about to table a vote of No Confidence that would force him out if voted up. The vote isn't an easy one to pass and needs 2/3rds majority, which in practical terms is 87 votes out of the 130 total, but as two of the minor parties have now joined the 'Fuerza Popular' (Fujimorista) party in the call, Congress now expects to have enough votes. Congress has two weeks maximum from the time the motion is tabled to vote, which means PPK might not even make it to the end of 2017.

Assuming he's booted out (most political commentators in Peru now think he's a dead man walking), Veep Martin Vizcarra becomes President and though he could hold the mandate without any need for further ratification, it all points to a dissolving of government and new elections in early 2018.

UPDATE midday: The motion to kick out PPK was tabled in Congress a few minutes ago. Game on.

12/14/17

PPK on a tightrope

As things stand today, and according to word on the street in Lima, President Pedro Pablo Kuczynski might not even make it to his interrogation in front of the Lava Jato/Odebrecht corruption committee scheduled for December 22nd. With the evidence mounting up against him of his involvement in cash-for-contracts with Odebrecht during previous governments (particularly during the Alejandro Toledo years around 2005-07) it's now at the point where if he doesn't hand in his resignation, the Keiko Fujimori-led Congress is going to demand it. 

And by the way, this might be a new story for you but it's not for readers of The IKN Weekly, as we've been following it very closely in many recent editions with the first this one, way back in IKN433 dated September 3rd:



EDIT: Peru PPK may be involved in the Alejandro Toledo corruption scandal
There’s a reasonably strong rumour travelling the streets of Lima tonight which has the potential to rock the country’s politics deeply. Josef Maiman, the person who allegedly was the go-between for bribes to then-President Alejandro Toledo paid by Odebrecht, has recently turned State’s Witness (in return for immunity from prosecution and has been providing evidence to the judiciary in Peru. But according to the rumour, not only has he provided detailed evidence of Toledo’s wrongdoings but has also pointed the finger at the current President, Pedro Pablo Kuczynski, as recipient of bribes (PPK was Toledo’s Minister of Finance and his Cabinet chief during the Toledo presidency). And adding potential fuel to the fire tonight, it’s rumoured that an emergency cabinet meeting took place. What’s not rumour is that just a few minutes ago the Peru Public Ministry issued a statement saying the Maiman’s testimony will remain a secret and will not be published. This is still rumour and may be nothing, but may be massive. We’ll see.


Since then things have ebbed and flowed, but what we have seen is a noose tightening around PPK's neck. This week might be critical, watch this space.

UPDATE: The Spanish language timeline chart is doing the rounds of social media today. Though you need the both the language and at least some previous knowledge of the unfolding scandal to understand it, it's a very useful way of seeing just how much doo-doo the country's President is in right now:




UPDATE 2: It's now looking ominous for PPK. According to reliable sources (as they say) PPK held an emergency cabinet meeting this afternoon and did not get the support of his own ministers. He won't last long unless he really digs in his heels.



x

So I get this mail from Daniel Ameduri...

...which said exactly this:

Daniel Ameduri 
To:Otto Rock

14 Dec at 13:03
You know you almost screwed this promo up. 

Thanks for helping us start at a higher price. 

How's the test look bitch, am I missing anything?

DA


Under his purple prose he also sent over the test version of his pump he's about to unleash on the dumbass end of the marKet, and here it is:

 ----- Forwarded Message -----
From: Future Money Trends
To: "<< Test First Name >>"
Sent: Thursday, December 14, 2017 11:58 AM
Subject: [Test] Immediate Stock Recommendation: Zinc One (TSXV: Z)





I added that red highlight, by the way. Yup, seven hundred thousand dollars for two weeks worth of pumpo. Seems legit. So I replied this:

You're missing the bit that reminds people about Z.v going to $1.30 by May 2018 else you have to close down.

M


He hasn't replied. Cat got your tongue, Dannyboy?

UPDATE: Aha! He replies. Such a cutie:

You're like a trained poodle.

The extent of you being my bitch will be revealed to you one day, but not yet, we're not done doing the Lords work together. 

Your front running abilities, thanks to your dumb pigeoned brained readers is much appreciated. In fact, I've already decided to name my next Rolex after you.

Did you consider that the last time you did this, there was never a promo? But I fed you like a good boy with a zinc teaser, no company mention, just your readers buying and buying and buying.

And now, someone gave you very bad info. 

There is no Zinc One promo coming, no 700k either, the truth is, someone purposely gave you bad info and your hate for me blinded you to whatever that persons motivation was.

NE-Way, Im sitting here smoking a wonderful Davidoff Cigar and it just occurred to me, I still have some AAL shares left. Perhaps you can tip off your dumb Vancouverite readers and we can team up again next week. If you would like, I can even make another fake email like the one you received today and posted immediately, just like a trained dog. Judging by the volume, your brain dead pigeons did exactly as expected. 

Didn't take long by the way, just search your inbox for Jan 2017, all it was, was an 11 month old duplicate email. Of course I did go the extra mile and add a line about permit news and of course, this crazy 700k compensation that you believed to be true. 

One last favor, when you're done sucking FMT dick, please be sure to swallow any spillage.  Don't worry, thanks to your readers I'll be sure to leave a big tip. 

Good luck with your fantasy Zinc One promo. 

Daniel Ameduri


UPDATE 2: And the exchange continued. I waited a while for Dannyboy's final comeback, but so far nothing. If he comes up with something I'll stick it on the end. C'mon Dannyboy! You can do it! Don't be shy now...

Me to him:
Oh, and thanks for the extra post content by the way. Your Masters must live love the way you've become obsessed with the pissant blogger.

Him to me:
I know you'll never tell me, but I am curious to know who screwed you. Seriously, whoever told you there was an FMT promo coming and 700k was paid, was a complete lie. Why that person would try to manipulate you I can only think of one reason. 

Must of been someone you trusted though, because the fact that you highlighted the 700 disclaimer in the fake email, means it wasn't you who made it up, because you truly believed it. 

Someone lied to you and potentially hurt your front running readers. I hope you call them out. 

I would love to know who is using your site to bring volume and using my site to get you to pull the trigger for them. 

No more FMT promo's this year by the way. Off to a Disney cruise with the family. 

Best Regards,

DA

Me to him:
Seriously Dannyboy, is this all you've got left? You used to be good at this, what happened?

Looking forward to May 2018 when you keep your word and close down.

m

Him to me:
It's pure entertainment. 

Can ya bump up us to the top? 

Also, are we good for AAL next week? I want to make sure my broker is ready for your fake news front running alert.

DA

And me to him:
I do like it when the dumbfucks bite. What happens this end is that I publish what I publish and then, under normal circumstances, nothing comes back. That's because the real sector people who get fun features on IKN don't care, they're aware of the bigger picture and how little it matters what I think, say, do or write. But then every now an again some thin-skinned jerk with deep-seated psychoses and fears of having his all-important money being snatched away from him by an imaginary bugbear gets just a little too worried and sure enough, they'll write in. All bluster and bullshit, all passive-aggressive defence mechanism, or sometimes veiled threats. I get the ones threatening legal action too of course, but you're definitely not one of those idiots.

I honestly didn't know how much I was getting under your skin, Dannyboy. It's going to get fun now. Enjoy Disney.

Asanko Gold (AKG) and K2 Associates: The most impressive trade of the last 18 months

Wednesday December 13th marked the moment when Asanko Gold (AKG) broke through U$0.47 to the downside, which was the original price target posited by K2 Associates in its short report on the company dated June 27th 2016. We at IKN have followed this trade quite closely over the near 18 months between then and now starting the day after the K2 publication (here) and today we are obliged to pay tribute.

This was the most impressive trade I've witnessed in the last two years. I, along with many others I talked to at the time, was doubtful of the trade (one friend said it was "impressive" and "brave", trader code for reckless), but we knew nothing: Not only has the K2 thesis played out, it's done so almost to the letter and on a near-exact timeline too. This was an example of (nothing short of) brilliant DD outwitting and showing the lies peddled by a company for exactly what they were (and are), a large barrowful of BS that went completely undetected by the hapless and gullible fools in the Canadian sellside. Yes indeed, we should also make clear K2's thesis flew directly in the face of every single brokerage with AKG coverage, to a person they had buy ratings and very fancy price targets on the stock. We also need state that even as the AKG story began to unravel and it became clear K2 had got it right the brokerages insisted on their long calls and often doubled down, so it's unknown how much client money was incinerated by their collective idiocy.  K2 took all their money and, with their target now hit, we can only assume they've taken theit profits. Another house that cashed in of course was Muddy Waters, which made a more public splash when announcing short early this year. By then AKG was a $2-and-bits stock, but K2 was shorting this since U$4.15...credit where due, ladies and gentlemen.

Cut to today and from this point until the end of its life, AKG management will try to blame bad luck, or inaccurate third party reports, or gold price, or whatever else. The truth of AKG, as revealed by the most efficient capitalist measure known to man (short selling for profit), is far more nefarious. The people at the helm of AKG are shameful liars who, if the sector wishes to improve itself, should never grace the boardroom of another mining company again. Or as somebody who has also followed this woeful tale of deceit put it to me earlier this very week;

"If you start with no gold, and you salt the assays, that’s fraud. But if you start with a little bit of gold and then use a computer to add multiples more, well that’s just poor judgment. Bre-X were a bunch of amateurs compared to AKG."

12/13/17

Checking in on how well Pascua Lama is going

Last year Barrick (ABX) auctioned off the trucks it had bought for its Pascua Lama project in Chile (we understand Antofagasta bought them and they're now doing the rounds at Antucoya). This week ABX auctioned off even more of its Pascua Lama infrastructure, including lifting gear, storage facilities and box containers.According to Barrick Chile this is because, they, "...are not necessary for this phase of the project. We are temporarily paralyzed until September 2019."

So now you know.

Seriously people, this Zinc One (Z.v) Ameduri pump is going to push the thing a lot higher

That corrupt crudball Daniel Ameduri has been given $700k cash by Neumeyer and his sycophants to spend on pumping this company, as well as all the options he personally owns and the shares recently bought at lows. All upfront, too. He's going to spread that cash around to all the usual suspects, Germany, USA, Canada, James West, that slimy Schaefer guy, Casey's Louis James obviously, the two-faced ratbags at CEO a who will suddenly take a coincidental interest in this stock...all those and more on the payroll.

So get these low 40s numbers before the braindead pile in. Eat some of his lunch.

Eric Sprott and Garibaldi (GGI.v) Part Deux: How Eric reduces his cost average

Once the game-changing move into a stock like Garibaldi Resources (GGI.v) gets made and a guy like Eric Sprott holds all the cards...
  • Control position in the market and active purchases continuing
  • BS-spouting company run by people with a track record of hype-and-fail
  • Hoards of True Believers on one side who will stake their grandmother on the BSsers being right about it being next Voisey's Bay
  • Another hoard of people on the counterbid, i.e. those people who see GGI for what it really is and know the chances are stacked high on it being a long-term failure.
...what do you do if you're Eric Sprott and you want to play the company like a cat with a mouse? Well, you do two things:

1) For a start, you make sure the volatility continues. In order to stay in control, you want to whip the stock price around as much as possible and deter those who think they're smart. So when bad news comes out, you whack on the asks and run the stock up 10%. On (what passes for) good news, dump into the bids get it to dive 20%. Nobody in their right minds will step in and daytrade something with no set direction and with price action that defies newsflow. After a couple of rounds of burnt fingers the rest of the world stays away and Eric has his toy all to himself.

2) You lend out stock to shorters and/or you trade short yourself. The most obvious play of all, as you get to hedge your own position and once in control of the price swings, in the enviable position of being able to reduce one's cost average by flipping several times a day (which also accounts for the multiple block-type ticker action I'm seeing most days, whether or not Mr. Sprott files new aggregate insider purchases). This is again the type of smart marketcraft you'd except from a guy like Eric Sprott and as he's better at this than you, his cost average will quickly ratchet down over time.

As long as Eris Sprott is active and GGI can spin out its BS story (i.e. at least until the Canadian Spring when they'll be obliged to drill again...then count eight to ten weeks as they drag heels on first results....then another eight as the project-killer holes finally show up...man this can go on til this time next year) the people who are short are in for a rough ride on GGI, they'll be screaming and wailing and telling us it's not fair. Which is fine, because there are ignorant greedy dumbasses on both sides of this story* and the only smart ones are 1) the officers of GGI who have raised the cash to guarantee their paychecks for years and 2) the person playing you all like a toy trumpet. His name is Eric and he's richer than you for a good reason.


*The arrogant conceit of the shortside is just as annoying as the plugdumb ignorance of the greenhorn longs who have been sold a vision of Scrooge McDuck diving into a pool of money. The only people worse are those running the scam, pretending to be long and cheerleading the stupid into holding...they have a special place in hell waiting for them.

PS: Dear retail holder of GGI: When you hear people referring to this post as nonsense and made-up rubbish (and you will, I promise), take a note of that person's name. Because they are either 1) utterly stupid in the ways of the market or 2) lying to you. Now you have a nice day there, yeah?

Doing business with Canaccord

This is a great read, but it's also standard practice at Canaccord. Check out the link which shows how a couple of grubby directors at Cannimed and the grubbiest of investment banks can scupper your pot business, go behind your back, take the info protected under CA and give it straight to your competition (which, coincidentally, has a long and fruitful relationship with Canaccord) who then launch a hostile bid on your butt. An excerpt:

CanniMed is also questioning the actions of investment bank Canaccord Genuity, which it says had access to its confidential financial and operating data as an adviser to Newstrike before being engaged by Aurora for its hostile bid.
"Canaccord was subject to non-disclosure obligations with respect to CanniMed's confidential information and a breach of these obligations has significant administrative law consequences. Aurora knew or should have known of this inappropriate conduct and the consequences of such actions," it said in its application, one in a flurry of announcements Monday related to the takeover scrap.
A Canaccord Genuity official declined to comment, citing a policy not to talk about any current mandates. It is not known whether the bank, which has a long-term relationship with Aurora, destroyed any paperwork and deployed a different team for the hostile bidder after severing its contract with Newstrike, as is standard practice.

And here's the whole Cannimed vs Aurora deposition, which includes this point (and the ones after 79 are well worth a read, too):


Kermit, your thoughts on hiring Canaccord as your dealmaker?


My thanks to A. Reader for the heads-up.

Pan American Silver (PAAS) and its tailings spill in Peru

Today news comes of a tailings spillage at the Huaron mine run by Pan American Silver (PAAS) in Peru.

As this is obviously a material event, we can be 100% certain that this company will give us more information later today. Right guys?