Subscribe via email, get all daily posts sent to you next day (and without all the annoying ads)

7/3/10

There's always a bright side

At least I can concentrate on my work now.

Congratulations to Germany, who played quite superbly today. A well-deserved victory.

UPDATE: Just to share the very brief mail exchange this humble scribe had with his equally sad Argentine bestpal this evening (translated). Neither of us were in any mood for long mails:
Otto: Maradona's luck ran out. Germany far superior, and its defence shut down everything. It was like the defence of an NBA basketball team

Otto's pal: We were overwhelmed. No complaints. Tactics beat technique. Tevez and Messi bouncing off six defenders time and time again. There's no surprise. Germany were very practical, great defence and counter-attack. It's sad that football is going this way. In 20 years time, will football be like American Football or The Beautiful Game? We, the lovers of the beautiful game, are left we only Spain. It was hard for them against Paraguay but in the end the result was fair. I hope they go on to win it.

A room with a view (part 10)

This week, reader MR shows off the large San Pedro cactus he has in front of his window, somewhere in Peru.


He nailed the photo in full flower, rare days for a San Pedro. Looks like the neighbour is building, too.

7/2/10

Uruguay tonight

This for winning a quarterfinal match.



Carpe diem, Montevideo.

The Friday OT: Jimmy Cliff; I Can See Clearly Now

Dedicated to the Uruguay team, but my stars football really is the cruellest of games.



Never mind, it's only a game and there are more important things. Such as Jimmy's voice, which is a thing of beauty.

South of the Dumbasses (this week's coveted award)

Unsurprisingly, Oliver Stone's documentary/movie "South of the Border" (aka LatAm 101) has had brickbats thrown at it by the usual US media channels because the movie is lefty and they're all righty and we can't have people saying nice things in the English language about the Axis of Evo™ now, can we? For a good example of the blahblah, check this link for the ongoing spat between co-writer Mark Whitebread and some guy named Rohter who slagged the movie in the NYT using dubious evidence.

Now me personally, I don't care much about the movie nor what you gringos up there think of it. But it has given us a window into the deep knowledge your average US dumbass with a pen has of the region, so with a roll on the drums (brrrrrrrrrrrrrmmmm) step forward Kenneth Turan, the LA Times' film critic. In his meisterwerk, we read the following gem penned by Turan:

If you are interested in the fascinating events around Chavez's rise to power, you can see "The Revolution Will Not Be Televised," directed by two Irish filmmakers, Kim Bartley and Donnacha O'Briain, who were on the scene when the events happened.
His rise to power? WTF! Chávez had been Prez for four years when the 2002 coup happened!

BUT WAIT! THERE'S MORE! Try this one for size:
And if you care about the groundbreaking election that brought Morales to power in Ecuador, creating a situation Kirchner described as "for the first time in the region, the leaders look like the people they govern," the film to watch is Rachel Boynton's "Our Brand Is Crisis," which shows how American political consultants tried in vain to get Morales' opponent into office.
Daym an'darnit Jethro, here's me thinking that Evo Morales was President of Bolivia all this time. Oh yes indeedy, once again I'm fully reminded that taking seriously any opinion from a US media source regarding LatAm affairs is a very silly thing to do. The LA Times isn't a freakin' blog, people, these people got lawyers, fact checkers, sub-ed, editors.........

UPDATE: Reader 'J' writes in with another good observation:
"Very nice. Could also add that "Our Brand is Crisis" is actually about the 2002 election of Goni and not "how American political consultants tried in vain to get Morales' opponent into office."
Thanks J, spot on. Let's also make clear that Goni actually won that election, so that line about "trying in vain" is balderdash and nonsense, too.

And thusly Kenneth Turan, you win this week's coveted award. If ignorance truly is bliss, then you must be in Nirvana right now. All things considered it seems much wiser that in the future you simply
ps: it's a personal treat to get to use owly and the STFU photo in the same post

Trading Post (desordem não progride edition)


Dynasty Metals (DMM.to) down 5.4% at $3.50. We'll have news on this stock in IKN61.

Ventana Gold (VEN.to) down 4.5% at $7.59. Just how far can the Vancouver mob whack this down before the Toronto mob step in and buy it up? There's more than one type of football in this world and the object kicked around doesn't necessarily have to be spherical.

Pediment Gold (PEZ.to) down 7.6% at $1.10 and this is the kind of price that starts to become tempting, even in the current bearish atmosphere. We ran an updated fundies report on PEZ in IKN57 (June 13th) and the call was the wait and see if lower prices showed up. More thoughts on this one in IKN61, too.

Radius Gold (RDU.v) down 10% at $0.315. Guat's going on? Still as with nearly all the junior positions out there today, volumes are pitifully small so there shouldn't be too much written into the downmoves (even in the dogstocks). Everyone too busy watching the futbol, it seems.

futbol

Arrests in El Salvador


Here's a story worth following in the next few days. On June 30th, eight people in El Salvador were arrested in connection with the widely documented murders suffered by the local anti-mining lobby opposed to the Pacific Rim (PMU) (PMU.to) gold project. As the 'Voices From El Salvador' blog puts it:

"In discussing the issue, the police stated that this is a very complex and complicated issue. In our investigations into the violence we have found the same. The relationships between the victims, the perpetrators, Pacific Rim, the local mayors and diputados, and organized crime are very complex and require a very thorough investigation. We hope that these arrests are the beginning, and that the Salvadoran and international community continue their work to ensure justice in each case". Continues here

It will be more than interesting to find out whether or not the eight arrested this week have any direct connection with Pacific Rim and whether their statements implicate (or not) the company in the assassinations. Watch this space.

h/t tim

Keith Hulley, non-executive Chairman of Ecometals (EC.v), to resign his position


Following the news today that Mark Kesselman has resigned his director's position at Ecometals (EC.v) because he got caught inside trading, frontrunning bad news and late filing his scumball work.......
It has come to the Board's notice that on June 22nd one of its Directors, Mark Kesselman, received a Cease Trade Order from the British Columbia Securities Commission for failing to file insider reports in respect of changes in his beneficial ownership of the Company's securities within the prescribed time. The Company was provided yesterday with a copy of a Revocation order from the BCSC in respect of that Cease Trade Order consequent upon Mr Kesselman filing in the intervening time the required insider reports. As a result of the above, Mr Kesselman has offered his resignation as a Director of the Company which the Board has accepted.

......we here at IKN can only assume that Keith Robert Hulley, non-executive chairman of Ecometals will also tender his resignation immediately. As we mentioned back in February Hulley was caught doing exactly the same thing as Kesselman, namely inside trading, frontrunning bad news and late filing his scumball work. Here's an extract from that Feb 4th post:
"Yep that right: Between December 23rd and December 30th when the rest of you were gleefully buying EC.v and whacking it up to over a buck on the BS being vomited about Zarza, the man that knows more about this company than anybody else was selling. And selling to the tune of 252,400 shares for gross proceeds of $374,881...and seven cents. It's bad enough that the stock he sold is now worth $175k less than he did when he sold it, but to add insult to injury he sells it in the last week of 2009 and doesn't even bother about telling anyone, saving the late filing for a full two months after the fact (Feb 3rd) and thumbing his pig-greedy nose at the OSC into the bargain." continues here

This humble scribe further notes that not only did Hulley's actions directly contravene regulatory filings rules and regulations, but they also directly contravened Ecometals own rules as laid out in its 'Timely Disclosure, Confidentiality and Insider Trading Policy' document that you, dear reader, can find linked right here. This is the extract that explains all:
16. Insider Reports
16.1 An Insider of the Company is required to file an initial insider report within ten (10)
days of becoming an Insider and subsequent insider reports within ten (10) days
following any trade of securities of the Company

So now we have a clear policy at Ecometals of the board weeding out its bad seeds, following the rules of the OSC/BCSC and its own internal ethics standards, it can only be a matter of hours before Hulley does the right thing and resigns. DYODD.

Chart of the day is...

...gold, daily candles.
PS: We're all gonna die, y'know.

7/1/10

downtime

As the market is pretty stinky today, your author has no plans at all to either buy or sell anything and there is only limited pleasure that can be derived from watching Nadagold get dumped, your humble scribe is going to take his book (The Anatomy of Fascism by Robert Paxton....right now Canadians in particular might be interested in picking up this excellent book on the subject), hightail it to his fave fish restaurant, sit down, eat well, read well and probably drink a few beers too.

Hasta mañana, cumpas.

What we have learned this year about Rene Marion, President and CEO of Gammon Gold (GRS) (GAM.to)

1) He's an amazingly lucky seller, managing to get rid of nearly half his personal holding of Gammon Gold (GAM.to) (GRS) shares just before a really bad YE report that saw the share price dump badly.

2) He's a crap buyer. Those 50,000 shares he's recently bought back cost him $312,377. With the PPS right now at U$5.10 (and dropping fast), that puts the dude over $42,000 in the hole (forex adjusted, of course).

(click to enlarge)

Y'see, that's what happens when mediocrity doesn't have the unfair advantage of rock solid inside information on its side.

So here's the scorecard on Rene Marion:
  • Couldn't organize a piss-up in a brewery, let alone run a mine at a profit
  • Has no idea how to count mineral reserves properly
  • Has the labour relations skills of Josef Stalin
  • Gets rich on front-running inside information
  • Can't trade the market for toffee

Jeesh, they'll employ anyone these days....

Chart of the day is...

...Peru exports by month, 2006 to present.

DoubleDip is not just an ice-cream flavour or a ride at the theme park.

6/30/10

You too can be a LatAm reporter for a major international newspaper


It's easy! Follow the bouncing ball:

1) Read IKN

2) Rolodex!

3) Get assistant to do gruntwork

4) Insert anti-Chávez bias

5) Hey Presto!

Does Simone Rosemary read IKN? Bet yer sweet bippy, dude.

The cost of living in LatAm cities

Mercer has come out with its annual survey that ranks the cost of living in 215 major world cities for foreigners living there (note...this ranking does not rank the cost in terms for locals). Number one is the most expensive, number 215 is the cheapest. Now for sure we at IKN don't care much about the rest of the world because LatAm rules everything amen, so this little table shows how LatAm cities figure in the Mercer list:


Mercer: Cost of Living Survey
for foreigners in world cities
city ranking
Sao Paulo 20
Rio de Janeiro 29
Havana 45
Bogota 66
Brasilia 70
Caracas 100
Santiago de Chile 123
Panama City 127
Montevideo 129
SJ Puerto Rico 129
Lima 135
Santo Domingo 147
Buenos Aires 161
Mexico City 166
Guatemala 169
SJ Costa Rica 183
Monterrey 193
Quito 194
Asuncion 204
Tegucigalpa 206
La Paz 211
Managua 212

The region's most expensive city is Sao Paulo Brazil, something that will surprise nobody who's been there. Havana ranks highly for foreigners mainly due to forex rules. Then comes Bogota, ranked 66 in the world. Looking down the list Buenos Aires still stands out as a bargain (thanks to that 4:1 forex to the dollar), as does Monterrey. La Paz is a great place to live, by the way, not just for the prices.

A special message to one, special mail correspondent

This time last week, I got the first of a series of foul-mouthed hatemails from some anonymous (or so he thinks) wiseguy telling me about the wonderful news that would be coming out of Gammon Gold (GAM.to) (GRS) soon and how the stock was going to fly and how I suck and this and that. Today the news comes out and to be fair, the general lines of the NR are pretty close to the predictions made by the mailer. However, he got one thing way wrong. Here's the stock's reaction:
Yes folks, yet another new 52 week low struck by GAM. This humble corner of cyberspace would, therefore, like to direct the following two messages to my mailpal:

1) How cute that you got fed inside information, eh? Seems like while you and your extra lucky friends that were privy to extra special intel were buying, other people were selling. Ever get the feeling you've been played, dumbass?

2)

Why is South American Silver (SAC.to) so keen on running a bought deal financing this month?


On June 18th South American Silver (SAC.to) announced a $4m bought deal financing with Canadian house Wellington West as lead underwriter. This is probably a smart move, as even though SAC had working capital of over $5.3m as per its last report (March 31st) and was burning it at a modest rate of $400k per month, taking advantage of the recent price hike isn't such a bad tactic.

It's also smart when you consider the bad news about concessions in Bolivia that's bound to affect its flagship Mallku Khota project that has kinda been non-reported in the English language media up to now. Yet another reason to subscribe to The IKN Weekly, as subscribers knew all about the upcoming crapstorm that's going to hit Bolivian-based juniors two issues ago on June 20th. It's not too late to cancel your participation in the bot deal and leave Wellington holding the bag, folks....it's not due closed until July 12th :-) Here's the excerpt from IKN59.

Bolivia’s mining law

Last week, the Bolivian government ran a “New Mining Law” seminar to discuss the structure of the reforms to come with the industry. Here are some of the main points to consider about the upcoming changes to the law (14):

1) All mining operations will be run as 50/50 joint ventures with the State, via its Comibol state mining company (15).

2) No new concessions and many current concessions revoked. Concessions that have already been granted to co-operative groups inside Bolivia will be honoured, but the new law envisages that current non-cooperative concession holders will have to move to a operators contract within one or two years and that in the future only contracts to mine to companies and individuals will be granted. To quote the Vice-Minister for the Productive Development of Mining and Metallurgy Héctor Córdova (16),Before the granting of a concession brought certain privileges to its owner, such as the possibility of using the concession as loan collateral or even as a family heirloom, but now the contracts will state that the mineral resources are owned by the State of Bolivia and will authorize mining rights to the operator for their exploitation and the contract holders will no longer be owners of the resources.”

3) An as yet undefined proportion of profits made by mining companies will have to be reinvested inside Bolivia and will not be remittable. This rule is envisaged as an alternative to raising further current mining royalty rates, or in other words it’s a new stealth tax on mining.

4) Once the new big smelting plant, currently under construction at Karachipampa Bolivia, is opened, all lead, zinc and silver production in national territory will be required by law to be sent to this plant for processing. As any mining executive will immediately recognize, this is a serious crimp on potential profits for privately owned mining operations in Bolivia, as smelting charges can be raised (or lowered) at a moment’s notice and the mining company is forced to pay the price charged. When the smelting operations are held in the hands of the State (and an openly Socialist one at that), the shivers that run down capitalist spines are even stronger.

5) Indigenous consultancy on projects will be an integral part of the permitting process, much like the current situation in Ecuador where not only does the law exist but it applied to the letter.

At the conference, Mining Minister José Pimentel said that the aim was to have a “clear concept” of what mining in Bolivia would be like in the future and that mining in the country should be “efficient, profitable and responsible”. That may be his wish, but your author wonders “profitable for whom?” and once again states clearly that junior mining companies operating or wanting to operate in Bolivia should be avoided like the veritable plague by sector investors. When the field of play is tipped so heavily in favour of the State there threatens to be mere crumbs left for the retail player compared to peers operating in different, more ‘investor-friendly’ countries. Or put another way, it didn’t surprise this author in the least to hear that South American Silver (SAC.to), the junior silver exploration company currently developing its Mallku Khota project in Bolivia, chose this week to announce its $4m bought deal financing (17) to be run by Wellington West. It’s not going to have much chance of raising at current levels once news of changes in the mining laws in Bolivia becomes more common knowledge. A company headed up by ex-Novagold Greg Johnson, too....hoodathunkit?



A buy

It's been a while, but I've actually stumped up and bought a new stock position this morning after paring down exposure and raising cash these last few weeks (all as explained in The IKN Weekly). Subscribers know which stock got bought, but here's the chart at least:

I'm no chartybuyer, but it does look about the right time on that evidence, no?

A quick and friendly reminder


Today is quarter and half year end. Portfolio managers sometimes do strange things on days like these.

Chart of the day is...

....the US Dollar (USD) index, weekly candles.

This humble scribe was looking at the above chart yesterday and thinking, "Y'know, we really, really don't want to see the dollar make a sharp drop right now".

6/29/10

The shock is not the scam....

Carol and Dan (for it is they)

....and the shock isn't that the accused are Canadians (I mean....like duh, dude). No, the shock is that the SEC has actually gotten off its butt and done something about it. Link here, full SEC complaint here, the top of the NR here:

SEC Charges Two Canadians With Fraudulently Touting Penny Stocks on a Website, Facebook and Twitter

FOR IMMEDIATE RELEASE
2010-114

Washington, D.C., June 29, 2010 — The Securities and Exchange Commission announced today that it has obtained an emergency asset freeze against a Canadian couple who fraudulently touted penny stocks through their website, Facebook and Twitter. The SEC also charged two companies the couple control and obtained an asset freeze against them.

According to the SEC's complaint, the defendants profited by selling penny stocks at or around the same time that they were touting them on www.pennystockchaser.com. The website invites investors to sign up for daily stock alerts through email, text messages, Facebook and Twitter.


The SEC alleges that since at least April 2009, Carol McKeown and Daniel F. Ryan, a couple residing in Montreal, Canada, have touted U.S. microcap companies. According to the SEC's complaint, McKeown and Ryan received millions of shares of touted companies through their two corporations, defendants Downshire Capital Inc., and Meadow Vista Financial Corp., as compensation for their touting. McKeown and Ryan sold the shares on the open market while PennyStockChaser simultaneously predicted massive price increases for the issuers, a practice known as "scalping."

"As alleged in our complaint, McKeown and Ryan used all the modern methods to communicate with investors including the PennyStockChaser website, e-mail, text messages, Facebook, and Twitter yet failed to adequately communicate that their rosy predictions for touted stocks were accompanied by their sales of those very same stocks." said Eric I. Bustillo, Director of the SEC's Miami Regional Office.

The SEC's complaint, filed in the U.S. District Court for the Southern District of Florida, also alleges McKeown, Ryan and one of their corporations failed to disclose the full amount of the compensation they received for touting stocks on PennyStockChaser. The SEC alleges that McKeown, Ryan and their corporations have realized at least $2.4 million in sales proceeds from their scalping scheme continues here.

This is precisely the same 'scalping' technique the Thom Calandra used when he illegally touted Ecometals, by the way. Meanwhile over at Pennystockchaser HQ today, we get a 404 instead of a lot of BS:

Not Found

The requested URL /tag/pennystockchasercom/ was not found on this server.


Apache/2.2.3 (CentOS) Server at pennystockchaser.com Port 80


Want to know what was going on? Here's one example of many from the full complaint:

37. Bluewave's trading volume increased significantly as a result of the Defendants' promotional campaign. Between January 1, 2010 and April 15,2010, immediately prior to the campaign, trading was almost non-existent with a total ofonly 57,100 shares traded.

38. By contrast, in the days following the promotional campaign, trading volume was almost two millions shares per day.

39. On March 19, 2010, a month prior to the promotional campaign, Meadow Vista received 1,000,000 shares of Bluewave. As the touting started, Meadow Vista sold 400,000 shares between Apri116, 2010 and April 19,2010 for net proceeds of approximately $184,000.

Thanks to SB for the headsup.

Four of Eight!


Congratulations Paraguay on reaching the World Cup quarter finals (even though it was a deathly boring match and you scraped in on penalties). That makes four of the last eight teams South American, impressive when you think that the continent only sent five and one was only just knocked out by fellow continental Brazil.

South America: Teaching the world how to play since 1930.


News roundup (eclectic brainscatterings grouped together, causing worry about the aggregator's mental health)


An incredibly racist, nauseating piece shows up in Time Magazine today. The rag, its editors and anyone paying money to read this note should be ashamed of any connection to Joel Stein.

The openly Gay Community in Bolivia is braver than most, as the country is still backwards when it comes to sexual emancipation (and not helped by its President's wisecracks about chicken hormones, even if he apologized afterwards and explained it was meant in jest). Bolivia Weekly reports on the La Paz/El Alto Gay Pride parade last weekend in the city and the issues facing its members. Clearly some progress is being made (the parade was well supported and successful) but there's a way to go before Bolivia joins the more enlightened regional countries on LGBT rights.

The Unbearable Lightness of Being a Fund Manager. It turns out that the best performing fund manager over the last 30 years has held more cash than anything else! What the hell do you pay these people for, foolish investorperson?

So apparently, Uribe has been tapping Correa's phone lines. The headline-grabbing part of this scandalette smacks of BS to me, but the chances that DAS has been operating in Quito are more than high. Note the timing, folks, what with Studmuffin wanting to be invited to watch Santos get the sash.

Chile's futbol team will receive a hero's welcome when arriving back home, because they played to the best of their ability and showed great game. England's team decided to schedule their return at 06:20am this morning London time to avoid such hero's welcomes.


UPDATE:
We very like post commenter Tim Dees very much:
Tim Dees said... I live in Edison. It's a nice little suburb, and the Indians make it a really cool, unique place.

Fuck you, Joel.
UPDATE 2: Seems Joel has pissed a lot of people off with his bigotry. The WSJ picks up the story, notes the protests and even reports that Time International, the sister publication to Time Magazine, has refused to publish Stein's story in its edition.

Yeah, good question; who ARE the real drug lords?

I'm jumping on the reco-bandwagon for this one. After getting highly recommended by at least two good minds, this author would also like as many eyeballs as possible to read this excellent report on the role of big banks in drugs, written by Michael Smith of Bloomberg. Wells Fargo, Wachovia, BofA, HSBC, Amex, Western Union...darnit Veronica, they're all chowing down at this trough of slush money. Here's an excerpt:

“It’s the banks laundering money for the cartels that finances the tragedy,” says Martin Woods, director of Wachovia’s anti-money-laundering unit in London from 2006 to 2009. Woods says he quit the bank in disgust after executives ignored his documentation that drug dealers were funneling money through Wachovia’s branch network.

“If you don’t see the correlation between the money laundering by banks and the 22,000 people killed in Mexico, you’re missing the point,” Woods says.

Cleansing Dirty Cash

Wachovia is just one of the U.S. and European banks that have been used for drug money laundering. For the past two decades, Latin American drug traffickers have gone to U.S. banks to cleanse their dirty cash, says Paul Campo, head of the U.S. Drug Enforcement Administration’s financial crimes unit.

Here's the link again, just to make sure you use it. Now use it.

Chart of the day is...

....the Shanghai Composite, three year chart:

6/28/10

Ecometals (EC.v): Scumbag late-filing insiders strike again

Mark Kesselman (right, pink shirt) along with his wife Liz and another Ecometals
parasite, audit committee chairman William Lamarque


Once upon a time, Mark Leonard Kesselman was CFO of Ecometals (EC.v), so he's clearly a guy that knows about numbers and finances and the way to file accounts properly and do things the right way. He's still a director of Ecometals (and secretary for that matter) which is probably why last week he was called out as a dirty insider-trading scumbag by the British Columbian Securities Commission (BCSC) and had a cease trade order slapped on his trasero by the regulators. Here's the link and here are the contents of the Cease Trade Order, dated June 22nd.
Cease Trade Order
Mark Leonard Kesselman
Section 164 of the Securities Act, R.S.B.C. 1996, c. 418
¶ 1 Mark Leonard Kesselman (Kesselman) is an insider of Ecometals Limited (Ecometals).
¶ 2 Kesselman has made changes in his beneficial ownership of securities of Ecometals and
failed to file the required insider reports within the prescribed time.
¶ 3 Under section 164(1) of the Act, the Executive Director orders that all trading by
Kesselman in the securities of Ecometals cease until:
1. he files the insider reports, completed in accordance with the Act and the
Securities Rules, B.C. Reg. 194/97, and
2. the Executive Director, makes an order under section 164 of the Act revoking this
order.
¶ 4 June 22, 2010

So yet another EC insider caught with his pants down, but today we found out just how naughty Kesselman has been. To rescind the CTO what an offender has to do is file the late trades in question and then ask nicely to be reinstated. Well that's exactly what Kesselman has done today and here below are all the trades he "forgot" to file. At the end of January 2010, Kesselman owned 884,000 shares of Ecometals (EC.v). He then did this:

Mark Kesselman Insider Trade Filings for Ecometals (EC.v)
transaction date filing date Amount Sold price gross proceeds (C$)
05/02/2010 28/06/2010 5,000 0.66 3300
10/02/2010 28/06/2010 45,000 0.6541 29434.5
11/02/2010 28/06/2010 10,000 0.703 7030
18/02/2010 28/06/2010 20,000 0.67 13400
19/02/2010 28/06/2010 10,000 0.72 7200
22/02/2010 28/06/2010 20,000 1.07 21400
22/02/2010 28/06/2010 10,000 0.92 9200
22/02/2010 28/06/2010 10,000 1.05 10500
22/02/2010 28/06/2010 10,000 1.04 10400
22/02/2010 28/06/2010 10,000 0.88 8800
22/02/2010 28/06/2010 10,000 1.12 11200
22/02/2010 28/06/2010 10,000 1.1 11000
23/02/2010 28/06/2010 20,000 1.05 21000
23/02/2010 28/06/2010 10,000 1.06 10600
23/02/2010 28/06/2010 32,700 0.98 32046
23/02/2010 28/06/2010 7,300 0.99 7227
25/02/2010 28/06/2010 19,000 1.05 19950
04/03/2010 28/06/2010 10,000 1 10000
15/03/2010 28/06/2010 10,000 0.79 7900
15/03/2010 28/06/2010 10,000 0.78 7800
16/03/2010 28/06/2010 10,000 0.8 8000
19/03/2010 28/06/2010 110,000 0.75 82500
19/03/2010 28/06/2010 375,000 0.76 285000
19/03/2010 28/06/2010 40,000 0.74 29600
19/03/2010 28/06/2010 5,000 0.77 3850
22/03/2010 28/06/2010 2,000 0.67 1340
22/03/2010 28/06/2010 13,000 0.68 8840
22/03/2010 28/06/2010 37,000 0.69 25530
22/03/2010 28/06/2010 50,000 0.71 35500


That right; starting the 5th February and ending on March 22nd, he sold all he owned in mostly small, systematic selling while EC.v was trading at the high prices brought about by its utter bullshit lies regarding the Zarza project in Ecuador. By the time reality had bitten and the stock had slumped to where it should have been all this time, Kesselman had sold out for the sum total of $739,547.50 in gross proceeds. He filed not a single trade until forced to do so by a Cease Trade Order from the BC Securities Regulators and only now do we get to see what this pussball was doing before the Zarza dusters sank the stock.


We're left to reflect that this insider dumped 884,000 shares onto an unsuspecting audience and made off with nearly three quarters of a million in ill-gotten gains after sucking dry the bunch of greenhorn sheep that actually believed the bullshit hype peddled by this worthless company in 2009 and got suckered in by the liars and thieves that promo'd EC.v on bullboards and in pump'n'dump newsletters. Your humble scribe now awaits notes of apology from the wankers who hatemailed me all through the EC.v pump'n'dump scam just because I had the cojones to call it like it was from start to finish.

DYODD.

Trading Post (clockwork orange edition)


B2Gold (BTO.to) down 2.3% at $1.70 on better than average volumes. Why is BTO dropping today? Easy; it's because it got the veritable kiss of death from the Can of Corn today when one of the Dreaded Zeds upped target on the company from $1.70 to $2.15. Makumba! Voodoo! Mufa!

Metanor (MTO.v) down 3.3% at $0.58. It's been ten weeks since this humble corner of cyberspace explained why this stock was going nowhere. Since that time it's.....gone nowhere. DYODD, dude.

Avalon Rare Metals (AVL.to) UNCH at $2.19 on normal volumes. AVL was featured in IKN60, out yesterday.

Minera Andes (MAI.to) down a penny at $0.86. What does "total underachiever that's been way overhyped by The Can of Corn" mean to you? Why should that phrase suddenly get a mention here? YOU BE THE JUDGE!

On the rebound

Here's how South American GDPs have rebounded in the first quarter of 2010, compared to the same quarter of 2009 (and Ecuador hasn't published yet, so no number there). The main source material is this report out of the Paraguay Central Bank (yes, this humble scribe really is wonky enough to read Paraguay macro-stuff...sad, innit?)

click to enlarge

So will somebody please tell Peru that it isn't even on the podium, let alone a freakin' miracle? And before all the Venezuela doomsters pipe up, it should be noted that Venezuela has just passed Argentina to become LatAm's third biggest economy (after Braz and Mex). It was also growing its GDP in 1q09, something places like Brazil and Chile failed to do.

Brazil's Presidential election: Dilma Leads!

Here's a slightly edited excerpt from IKN60, out yesterday.

Brazil’s latest Presidential opinion poll

On June 26th (i.e. yesterday), the first survey was published (13) giving Worker Party (PT) candidate Dilma Rousseff an outright lead in the opinion polls for the November Presidential election. CNI/Ibope called voter intention for Rousseff, heiress apparent in Lula’s PT, at 40%, with main opposition candidate José Serra at 35%. A long way behind in third comes Green Party candidate Marina Silva with 9% of voter intention. Margin of error on the poll was put at +/- 2%.

This chart shows the evolution of voter intention over the last nine months and the clear dynamic is that of a growth in support for Dilma Rousseff while Serra’s numbers have remained basically pat.

Chart of the day is.....

...crude oil weekly candles.

This is the one that says "just wait a cotton pickin' minute with all that deflation talk". Oil was brushing $80/bbl last week and anything above $70 will keep the supplying nations happy enough. So with all this doom and gloom talk around the market, would anyone like to explain to me why crude has stayed stubbornly high? And no, it's not a store of value... just a store of speculation.

Silvio Berlusconi and Klishtina's ass

Here's the official G20 photo of attending dignitaries, taken near that FakeLake yesterday.

(click to enlarge)

As you can see, most of them know where to look, but....

....one of them just can't help himself. Jeesh dude, lay off the double Cialis one time, willyaz? My thanks to reader PE who left the breadcrumb trail in this post's comments section.

6/27/10

The IKN Weekly, out now

porteños saben

IKN60 has just been sent to subscribers. Just thought I'd tell you.

Bad news for David Blaine


David Blaine's amazing world record of spending 42 days inside a box while doing nothing except watching the world go by has just been beaten by Wayne Rooney.

Meanwhile, every home should have one of these:

Stupid isn't confined to the right wing

When it comes to Latin America gringo lefties show time and again that they can match their opponents, dumbass for dumbass. Take it away, Liberal Democrat County Supervisor Peggy West of Milwaukee.



So tell me again how we're supposed to take anything you guys say up there seriously?

It clearly didn't cross the line: photo evidence

WaPo, the paper that pretends US foreign policy in LatAm, has no freakin' idea as to who Evo Morales is


A great little post and piece of sleuthing from Jakob over at Maladjusted (and thanks due to that bodega owner) . Click this link right here and see for yourself just how much of TEH STOOOPID there is in US media over LatAm affairs.