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5/14/11

Dominique Strauss-Kahn flashback

With the arrest of IMF head guy and all-round sex pest Dominique Strauss-Kahn in New York today, we at IKN are immediately reminded of the posts run here back in October 2008 that related DSK's thing with fellow IMFfer and married dudette, Piroska Nagy.

Seriously, this dude needs a chastity belt or something.

Free books

The blurb in these offers is "know in ten minutes..." and the idea is to offer abstracts of top-selling business and knowledge books. It's a pretty good idea and so here are six titles to choose from. Pick, click, order, get. Simple and zero cost (as always).


Make Every Second Count: Time Management Tips and Techniques for More Success with Less Stress – Free Book Summary Know in ten minutes..
Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis -- Free Book Summary Know in ten minutes what takes others hours to..
Zombie Economics: How Dead Ideas Still Walk Among Us – Free Book Summary Know in ten minutes what takes others hours to learn, and keep up..
Leaders as Teachers: Unlock the Teaching Potential of Your Company's Best and Brightest – Free Book Summary Know in ten minutes what takes..
Do More Great Work: Stop the Busywork, and Start the Work That Matters – Free Book Summary Know in ten minutes what takes others hours to..
Everyone Communicates, Few Connect: What the Most Effective People Do Differently – Free Book Summary Know in ten minutes what takes..

Ored to death

Laugh yourself to death, as watching this is an excellent way to spend a very small part of your weekend.


Thanks to the eagle-eyed Settydude for the headsup.

5/13/11

Nevada Geothermal Power (NGP.v) re-post (by popular demand)

I've been asked to re-post the following, lost by Google and M.I.A since yesterday, on Nevada Geothermal Power (NGP.v) and the role that Marin Katusa had in this disaster on legs. So here it is again.

 

Thank you Nevada Geothermal Power (NGP.v), yours might be my all-time favourite news release

Oh this is sheer wonderfulness in a box with wrapping paper and pink ribbons. Please click through on this link and read it all because my little synopsis coming up does it no justice whatsoever, but we must say something here for the record so let's just sum up the paragraphs:

Paragraph 1: Hi everybody! We're here to give you an update on company doings!

Paragraph 2: We're great and because of the state of the world, geothermal power is great, too!

Paragraph 3: We got some really cool properties.

Paragraph 4: We got all the cash we need to do what we want to do in 2011. That's cool, too.

Paragraphs 5 and 6: Oh yeah, by the way. Our main cool property, the one that's supposed to be running at 45MW net. It's like...errr...we can't get it running at over 35MW and is likely going to lose output gradually, too. Because of that we're not going to make enough money to pay back the loans we took out. Because of this, we're going to have to re-finance and we need to put the flagship up as collateral too. Also, the main chunk of the new financing to get us out of hock is going to be a big ass dilution, so you might think the company is in trouble but that's nothing compared to what we're doing to you, suckaz!

Paragraphs 7 and beyond: But not to worry! We got some really cool development properties, too. Here's a cool list of them!

And what happened to the stock once the news hit today? Take a look for yourself:



And before you ask, yeah it was around midday.
Yeah, really.

But Wait! There's More! Guess who the chief pumper of this disaster area is? Yup, it's that man again, step forward Marin Katusa of Casey Research!

 
Would you buy a used car from... (etc)?

Wowsers, another Katusa Krush™ to his name, with dozens of pump pieces from this scam merchant extolling the virtues of NGP.v late last year, including Top Pick recos at conferences in January 2011 and purple prose quotes like....
"We put Nevada Geothermal, Ram and Magma as buys because they're run by excellent people. They're undervalued compared to a year ago."
 ...and..
"The beauty of Nevada Geothermal is that not only is it going to be growing these projects, but also President and CEO Brian Fairbank and his team are very good and very well respected on the technical front. They built the plant and will increase production on Faulkner."
Yeah, they're so good that they can't get their 49.5MW plant running at over 35MW....knock 'em dead, Brian. And before the wrap-up and big denouement, let's just check on those Katusa undervalued geotherm plays run by excellent people, RPG.to, MXY.to and NPG.to and how they've been getting on:

Well, the good news is that MXY.to is only 43% down year-over-year. The bad news.....

Oh, one more thing. Don't worry about Marin losing out on this disaster stock pick of his, cos he's already made his wedge. This because it was Marin Katusa's placement vehicle KBH Capital (that he runs with two other Casey Research scamsters, Joe Hung and Marc Bustin) that arranged the $10m private placement for NGP.v back in September 27th (just before his megapump began in public circles, dontcha know) and he pocketed a cool half a million in cash as well as a million warrants priced at 50c. So fear not, Marin isn't the bagholder here...that's you.

The Friday OT: Roger Waters & Dave Gilmour; Comfortably Numb, live May 12th 2011

This happened mere hours ago, with Pink Floyd's Gilmour (and drummer Nick Mason) turning up at Roger Waters' O2 Arena gig in London and guesting guitar (from the top of the wall) on Comfortably Numb. For one good thing he shreds the famous solo and for another good thing the quality (and sound quality) of this recording, done by a fan from their telephone at best guess, is surprisingly good too. Apparently this is only the second time or something that Waters and Gilmour have performed together since Waters' split from Pink Floyd and according to the write up in Rolling Stone magazine (that you can read right here) the crowd went suitably apeshit at the event. 


Enjoy, it's a great tune.

Goldsands Development Corp (GSDCE.ob), ex-Constitution Mining (CMIN.ob), and its annual report

If you ever wanted a lesson in DYODD DUDETTES AND DUDES...

If you ever wanted reasons why you should NEVER listen to a junior miner's spiel and then immediately buy the stock on some flash sounding story...

If you ever needed to know why reading the company's obligatory and regulatory filings is so darned important...

...then today is your day, kind madam or sir. Please click through here and download you own copy of the Goldsands Development Corp (GSDCE.ob) annual report, settle back with a warm cuppa something, and then read it, because just the headlines of the Risk Factors section in this utter scam run by the scumball Michael Stocker will be enough to give you the creepy shivers, even if you aren't so au fait with the ways of the numberworld. Here are some examples of those headlines.

Our accountants have raised substantial doubt with respect to our ability to continue as a going concern.

A pending SEC investigation may subject us to significant costs and could divert management’s attention.

In preparing our consolidated financial statements for fiscal 2010, our management identified material weaknesses in our internal control over financial reporting, and our failure to remedy these or other material weaknesses could result in material misstatements in our consolidated financial statements and the loss of investor confidence in our reported financial information.


Because our common stock is quoted and traded on the OTCBB, short selling could increase the volatility of our stock price.
And make sure you digest the section about the ongoing SEC investigation into the company that started in March...all very cool, becuase apparently it may "divert management's attention". I say it might just divert its officers to the freakin' stockade too, but that's just me. Go read yourself.

Chart of the day is....

...late, but let's do one anyway. Gold dailies:

DYODD

And...we're back

Google Blogger decided to do one hour's worth of maintenance Wednesday afternoon and because somebody on their team with more pimples than sense hit the wrong button (or summink) Blogger has been a large snafu from then til about a couple of minutes ago, when back house service was restored. This is why you haven't had the normal inane blabber on this site and it's also why Thursday's posts have (they tell me temporarily) disappeared.

Anyway, the service is back in time for The Friday OT, which is far more important than market crap or LatAm gossip. Please be having nice day yes?

PS: While I'm here, let's take time to say that I like Google Blogger/Blogspot as my blogging platform and this is the first technical glitch they've thrown my way for nearly three years, so that's really not bad. But I wouldn't want them to make this week into a habit.

5/12/11

A Flash update...

...was sent to subscribers about 15 minutes ago, around 10:30est.

UPDATE: Dear subscribers, fwiw I took a small slice of '84 to start as stated in the mail. In other news, I think the Google Ad blocks are staying for the time being (unless somebody i like mails and complains bitterly enough) because they're offsetting a bit of the portfolio losses.

New Peru Prez Poll shows Keiko leading

Today sees a new poll published by Peru pollster Datum on the second round run-off between Keiko Fujimori and Ollanta Humala. This chart shows the new figures in red along with the figures from the Datum poll of last week by way of comparison:


All data from the poll publication which you can read right here. So Keiko is now in the lead, according to this pollster. Please note one thing before we leave however. This poll was commissioned and published by Peru 21, the newspaper that's the one of the main anti-Humala nodes in Peru right now. To be honest, I'm giving this result not more than a 7/10 level of trustworthiness and will wait until the generally more reliable Ipsos/Apoyo poll out that's due out this Sunday evening before changing my current "too close to call" stance.

UPDATE: Peru stock market rallying on this news, all on a down day for metals and commods, too. The IGBVL General index now (09:18am) up 1.1% at 20,964.58. Check out the moving numbers here.

Update 2: In Spanish language, check out Juan Sheput's comments on today's poll. Good observations made that back up the potential bias factor in today's poll.

Changes at the scam Mercer Gold (MRGP.ob) (MRGPD.ob)

oh dear....

You remember how we told you Mercer Gold (MRGP.ob) but now (MRGPD.ob) was an utter scam as far back as June 20th last year? How IKN got threatened with legal action by then company CEO Rahim Jivraj for daring to tell the truth? How convicted and banned securities scammer Gordon Brent Pierce was the scumball behind this pump and dump? How it was pumped to the sheep end of the investment community by the scuzziest of bucketshops? Well let's just check on the SEC filings for Mercer this last couple of days. First this one:


Effective May 9, 2011, our board of directors accepted the resignation of James M. Stonehouse as an officer and director of our company. On the same date, our board of directors appointed William D. Thomas, the Company's existing Secretary, Treasurer, Chief Financial Officer and a director, to also serve as the Company's President and Chief Executive Officer.

As a result, our Company's sole executive officer and director is William D. Thomas (President, Chief Executive Officer, Secretary, Treasurer, Chief Financial Officer and director).

And then this one:
In accordance with board approval, we filed a Certificate of Change with the Nevada Secretary of State on April 14, 2011 to give effect to a reverse split of our authorized and issued and outstanding shares of common stock on a three (3) old for one (1) new basis.

Subsequently, the directors agreed it was in the best interest of the Company to amend the reverse split to a ratio of four (4) old for one (1) new such that the Company’s authorized capital will be decreased from 562,500,000 shares of common stock with a par value of $0.001 to 140,625,000 shares of common stock with a par value of $0.001 and, correspondingly, the Company’s issued and outstanding shares of common stock will be decreased from 69,837,500 shares of common stock to 17,459,375 shares of common stock. Accordingly, on April 28, 2011 the Company filed a Certificate of Correction with the Nevada Secretary of State to effect the four (4) old for one (1) new reverse split.

So we have a company that's down to a directorship of one person that is doing a 4:1 rollback of its share count. Strike you as a legit company? Nah, me neither.

IKN: Keeping the moolah of the naive away from sharks since 2008.

Chart of the day is....

.. US Dollar (USD) index, monthlies.

Oh dear, the world's not coming to an end after all.

5/11/11

Thank you Nevada Geothermal Power (NGP.v), yours might be my all-time favourite news release

Oh this is sheer wonderfulness in a box with wrapping paper and pink ribbons. Please click through on this link and read it all because my little synopsis coming up does it no justice whatsoever, but we must say something here for the record so let's just sum up the paragraphs:

Paragraph 1: Hi everybody! We're here to give you an update on company doings!

Paragraph 2: We're great and because of the state of the world, geothermal power is great, too!

Paragraph 3: We got some really cool properties.

Paragraph 4: We got all the cash we need to do what we want to do in 2011. That's cool, too.

Paragraphs 5 and 6: Oh yeah, by the way. Our main cool property, the one that's supposed to be running at 45MW net. It's like...errr...we can't get it running at over 35MW and is likely going to lose output gradually, too. Because of that we're not going to make enough money to pay back the loans we took out. Because of this, we're going to have to re-finance and we need to put the flagship up as collateral too. Also, the main chunk of the new financing to get us out of hock is going to be a big ass dilution, so you might think the company is in trouble but that's nothing compared to what we're doing to you, suckaz!

Paragraphs 7 and beyond: But not to worry! We got some really cool development properties, too. Here's a cool list of them!

And what happened to the stock once the news hit today? Take a look for yourself:



And before you ask, yeah it was around midday.
Yeah, really.

But Wait! There's More! Guess who the chief pumper of this disaster area is? Yup, it's that man again, step forward Marin Katusa of Casey Research!

 
Would you buy a used car from... (etc)?

Wowsers, another Katusa Krush™ to his name, with dozens of pump pieces from this scam merchant extolling the virtues of NGP.v late last year, including Top Pick recos at conferences in January 2011 and purple prose quotes like....
"We put Nevada Geothermal, Ram and Magma as buys because they're run by excellent people. They're undervalued compared to a year ago."
 ...and..
"The beauty of Nevada Geothermal is that not only is it going to be growing these projects, but also President and CEO Brian Fairbank and his team are very good and very well respected on the technical front. They built the plant and will increase production on Faulkner."
Yeah, they're so good that they can't get their 49.5MW plant running at over 35MW....knock 'em dead, Brian. And before the wrap-up and big denouement, let's just check on those Katusa undervalued geotherm plays run by excellent people, RPG.to, MXY.to and NPG.to and how they've been getting on:

Well, the good news is that MXY.to is only 43% down year-over-year. The bad news.....

Oh, one more thing. Don't worry about Marin losing out on this disaster stock pick of his, cos he's already made his wedge. This because it was Marin Katusa's placement vehicle KBH Capital (that he runs with two other Casey Research scamsters, Joe Hung and Marc Bustin) that arranged the $10m private placement for NGP.v back in September 27th (just before his megapump began in public circles, dontcha know) and he pocketed a cool half a million in cash as well as a million warrants priced at 50c. So fear not, Marin isn't the bagholder here...that's you.

World Ends May 21st


Seriously, and Juanita Jean has all the details right here.

I bet anyone who's already booked and paid for their summer break is feeling real stupid now.

Fear and loathing in Lima

The media campaign to Stop Humala At All Costs continues in Peru and today we have breathless headlines from the main anti-Humala media sources telling the world about a run on the private pension funds. The basic story behind this is that a whole spook story went around a couple of weeks ago about how Humala would tap into the private pension funds (known as AFPs) to fund his social programs or even fund the State pension burdens. So today we get this in El Comercio with the title "Uncertainty Affects Loans and AFP Contributions" interviewing the biggest AFP that says they've seen 55 million Soles (U$19.6m) out of their 320m liquidity fund withdrawn over the month. Or we have this in Peru 21 (owned by the same people as El Comercio, but lower brow) entitled "Contributions Withdrawn from AFPs" that tells of 87 million Soles (U$31m) taken out the overall system and perhaps more to come.

Hey wow, 87m sounds like a big number doesn't it? Or when you compare a single fund's 55m in withdrawals compared to a 320m liquidity fund, that's a chunky percentage, no? Hmmm...well y'see that's not the real reality because it's a better thing to compare the total withdrawals to the total amount of Assets Under Management at the AFP Pension funds, which looks like this:


The total AFP assets from Peru Central Bank figures right here. Look, I'm not sticking up for Humala here and speaking frankly I think both the choices left in round two are bad. What I am saying is the same thing as I said in IKN105 to subscribers last Sunday:
"Well folks, like it or not unfair media bias isn’t confined to Peru or even South America and a smear campaign against Humala was always going to happen."

DYODD

Dorato Resources (DRI.v) and its "harmonious relationships"

On April 20th, the country manager for Dorato Resources (DRI.v) in Peru (via its wholly owned subsidiary Minera Afrodita), Jorge Bedoya, piped up in the Peruvian press about how things were going at their project up in the Cenepa region, North of the country. Here's a translated extract from this report in La Republica:

"...he assured that the relationship between the company and the indigenous communities in the Cenepa district is harmonious, and that Afrodita is in exploration stage and hoped to discover important gold mineralizaion in the zone."

Hmmm...all sounds good until you find out just how harmonious things really are, and the way to find that out is to hear the locals' side to the story. La Republica this week printed this right to reply written by leader of the local Awajún people and President of the Organization for the Development of Cenepa Frontier Communities (ODECOFROC) Zebelio Kayap (and translated by your humble scribe, moneyline in red):

Dear Sir,


In the April 20th edition, you published declarations by Jorge Bedoya Torrico, general manager of Minera Afrodita, that once again alleged that the company maintains a harmonious relationship with the indigenous communities of the Cenepa, a declaration that I see fit to refute once again by referencing the Declaration of the Annual General Congress of the Cenepa Communities dated November 26 2010 in which the entire population denounced unauthorized entry [by the company] and continued violation of our consulting right by Minera Afrodita on its concessions. The community has reported the incidents to Odeofroc, expressing that it is not in agreement with mining activity on its territory, that it will no authorize exploration work and that the company respects the Convenant 169 of the OIT (ottonote; the internationally recognized agreement that gives communities consultation rights before mining activity begins and to which Peru is a signed member). The present conflict between the Cenepa communities and Minera Afrodita is continually reported, month after month, by the Defender of the People State Ombudsman. A harmonious relationship cannot exist while Minera Afrodita continues to violate the respective national and international laws.


Zebelio Kayap Jempekit
Document number 40471527

And thus the letter to the editor ends, but then La Republica's editorial adds its own line or two below:
The abuse of this mining company against native communties of the Alto Cenepa region has been documented by various sources.

Harmonious?

Oh and the other relationship Dorato (DRI.v) is having harmony problems with is that of the company and its shareholders. We present Exhibit A, the DRI.v 2011 price chart:

And just to think that Eric Sprott and Pierre Lassonde got suckered by these snake oil salesmen too. DYODD, dude.

Chart of the day is....

...gold (using gold ETF GLD as proxy) versus silver (using silver ETF SLV as proxy), 10 day chart:


I love gold.
I want gold.
Gold gold gold.

5/10/11

Fortuna Silver (FVI.to) San José site visit report

He may still have huevo stuck to his cara from the Greystar debacle, but credit where it's due; the site visit notes published by Nicholas CampbellSoup of Canaccord (along with his trusty sidekick Gabriel Gonzalez) today May 10th do a very good and comprehensive job of laying out the state of play at Fortuna Silver's (FVI.to) San José project, currently being built and ready to roll in 3q11 (not so long to go, folks). Nice work Soupy!

You too can read his site visit notes (starts p11) by clicking here and downloading your copy of the PDF. Thanks due to reader 'GB' for the forward.

nothing doing

A quiet day and I'm doing little else but watching the IGBVL drop 2.2%....

...and wondering exactly how much hydrocarbon Argentina's YPF has found in Patagonia (with the announcement left in the hands of Cristina about 2 hours from now), but the rumour about a big shale discovery down that way has been going round for a few days. And I know I should care about today's FARC/Ecuador/Venezuela AxisOfEvo story, but I don't. And I know I should comment about the idiots at GATA and their new "rogue blogger" epithet for your humble scribe, but it's getting really difficult to take them seriously so I can't be bothered. So the sum total of my productive morning has been to put the Google Ads block back up on the blog for a while, just to see if I want it there or not. And now I'm going to have a coffee in some nice café somewhere, cos there must be advantages of this self-employed lark, right?

Job offer (no, not at IKN)

A friend of mine runs an independent fund and equities analysis house in the USA. He's looking to add people to his team and asked me if I'd run a short ad here on the blog, so here it is.

He's looking for an equities analyst into junior mining companies or junior oil & gas companies that operate in any part of the world. You'd have to thrash terms and conditions out with him, but from what I gather there is the opportunity for a full-time, part-time or pay-per-piece freelance job, whichever suits you and him more depending on individual circumstances. What I will say up front is that my friend is a cool guy to work for, with a good attitude to this crazy analysis game.

If you're interested in this opportunity, send me an informal mail that quickly covers who you are and why you're interested at the normal address (email link over there on the right of the blog). I'll forward any application to him and then I'm out the loop and you can fight it out amongst yourselves.

Rest assured that confidentiality is fully guaranteed at all times.

Eurasia's latest on the Peru Presidential race

Somebody else's opinion republished with no personal comment (subscribers know my views at this point, and they haven't changed since last Sunday, folks). It just happens that the following opinion gets read by a helluva lot more people than mine.

PERU: Humala should be able to reverse recent polling trends
9 May 2011 04:55 PM EDT
Poll results released over the weekend show that the presidential race has tightened, thus confirming that extensive negative media against nationalist candidate Ollanta Humala and missteps in his campaign have played in Keiko Fujimori's favor. However, we continue to view Humala as the favorite for two main reasons. First, he has the time and resources to react. Humala has probably been too risk averse and even a bit complacent with his frontrunner position in previous polls, but he will most likely respond by reaffirming more strongly his commitment to stability to gain more support from moderate voters and also move to explore more actively Fujimori's liabilities driven by still large negative sentiment voters have regarding her father's administration. Second, from a structural perspective, the odds are probably in Humala's favor, since he can make a more credible case than Fujimori that he represents the kind of change that most voters want.

Poll results released over the weekend certainly didn't bring good news for the Humala campaign. An Ipsos/Apoyo poll released last night shows Fujimori two points ahead of him -- 41% versus 39%. This is the first time she takes the lead in the race since the first round. More importantly, the poll also confirmed a recent trend of growing support for Fujimori. The first Ipsos/Apoyo conducted after the first round and released on 24 April showed Humala opening a lead over Fujimori (42% versus 36%), but an Ipsos/Apoyo that was leaked to the press on 5 May showed support for Humala down to 39% and support to Fujimori up to 38%. Yesterday's poll provides a second data point to confirm a change in trends in favor of Fujimori. This trend also appears in a Datum poll released yesterday. The poll shows Humala still ahead with 40.0% support against 39.1% for Fujimori, but his lead has narrowed slightly in comparison to a poll released on 29 April, which showed Humala with 41.5% support and Fujimori with 40.3%.

Fujimori is probably benefiting from a combination of negative media against Humala, missteps in the Humala camp, and her own campaign strategy, which has been more effective that we had anticipated. Most of the local media has taken a negative position towards Humala. He made the strategic decision to move towards the center of the political spectrum to appeal to voters who want moderate change (the majority of Peruvians), but the sincerity of his decision has been widely questioned. For example, he has been accused of willing to nationalize private pension funds to finance new spending and of sharing the views of Venezuelan President Hugo Chavez. The negative media has helped place Humala on the defensive, but he probably bears some responsibility here. His campaign has been risk averse in confronting Fujimori and probably a bit complacent with his frontrunner status after the first round. In the meantime, Fujimori has made inroads in presenting herself as someone who can conduct change with responsibility. She has made new campaign promises such as granting property rights for small farmers and protecting the rights of local communities, and has even announced a new proposal to introduce windfall profit tax on mining. She is also distancing herself from her father's government which many associate with human rights abuses and corruption. If such campaign dynamics remain unchanged, the odds of a Fujimori victory will increase.

Nevertheless, we continue to view Humala as the favorite. From a campaign dynamics perspective, a few factors suggest he can react and turn the terms of the public debate in his favor. The second round run-off is almost a month away, so he has the time to rethink his electoral strategy and tactics, and implement changes. He also seems to have the financial resources and competent campaign advisors (he ran a good campaign in the first round, with effective television advertisements) to act on two key fronts. First, he will give new reassurance that he won't pursue radical policies to win support for moderate voters. He is already doing this by showing openness to negotiate part of his government plan, committing not to touch private pension funds and reaffirming that he has moderated his views. But there is certainly more he can do here. He could, for example, make clearer and stronger statements about his willingness to appoint respected economists to key positions if he assumes office, to distance himself from Hugo Chavez, and to pursue moderate changes while securing stability. Equally important, he could explore more aggressively Fujimori's vulnerabilities by, for example, questioning the credibility of her proposals to help the poor and fight corruption on the grounds that her father pursued "neoliberal" policies and his government was market by corruption scandals. Polls continue to show voters have a strong negative association with Alberto Fujimori's administration, so Humala still has the "going negative" card which he can play in the campaign.

In addition, structural factors will probably help Humala more than Fujimori, and thus tilt the election in his favor. As we have pointed out, most voters want some of change to the status quo and Humala probably can make a more convincing case than Fujimori that he represents change. Evidently, the challenge for Humala is to convince voters who want moderate change than he will be no radical. Many voters still view him with caution. The latest Ipsos/Apoyo poll shows that 47% of respondents think Humala would follow the model established by Hugo Chavez in Venezuela and 51% think he is not being sincere when he says he won't touch private pension funds. But changing this perception, at least among parts of the electorate, seems to be within Humala's reach. One indication of that is the behavior of his rejection rate, which now stands now at 38% according to Ipsos/Apoyo. Though both candidate's rejection rates have fluctuated in recent weeks and Humala's is now slightly above Fujimori's , which stands at 34%, Humala's rejection rate has dropped substantially since the earlier stages of the campaign and much more than Fujimori's. This suggests that resistances to Humala have diminished over the past months. If he can provide more reassurance to these voters, it will be hard for Fujimori, whose father was president for ten years, to sell herself as the candidate that best represents change. Moreover, Fujimori's ticket has structural liabilities that haven't been fully explored and have significant potential downside to her. About a third of voters seem to have a very positive view of her father's government. That gives her a good base of core supporters, but suggests that many voters would be sensitive to negative campaign that emphasizes her ties to her father's authoritarian rule.

Erasto Almeida
Analyst, Latin America

Chart of the day is....

...more of a map than a chart, but it's still impressive reading.

According to Mexican news medium Milenio, 1402 people were killed by narcos in the country last month which is a new single month record (beating out August 2010's 1322 dead bodies). Amongst the count were 73 police officers, 63 women, 23 minors and 4 government functionaries. Find out all about it here.

5/9/11

Top reason why the Chinese judicial system is never going to catch on in South America

I mean, can you imagine any of the self-serving corrupt governments down this neck of the woods ever getting close to passing laws like this one? There are very few suicides in government circles, after all. The following translated from this report in Peru 21 today:

Condemned to death for accepting bribes

Chinese judiciary also ordered the confiscation of the savings of Xu Zongheng, ex-Mayor of the city of Shenzhen, for receiving money from companies and employees.

The Chinese judiciary has condemned to death for accepting bribes Xu Zongheng, ex-Mayor of the city of Shenzhen, according to official news agency Xinhua.

The Intermediate Popular Tribunal of Zhengzhou, in the northern province of Henan, also condemned Xu, 56, to lose all his political rights and ordered the confiscation of his personal assets.

According to the judgment, between 2001 and June 2009 the ex-Mayor accepted 33.18m Yuan (U$5.1m) in bribes from building construction companies and lower level public employees who wanted promotions.

However, the death penalty has been suspended for two years because Xu confessed to his crimes, which implies that if he shows good conduct during this time the capital punishment may be commuted to life imprisonment.

Don't worry, it could be worse...

... you might have recommended East Asia Minerals (EAS.v) to your thousands of loyal subscribers just last week before the resource count this morning blew the stock to smithereens. 


I mean, it takes a special kind of talent to wait on the sidelines for all this time and then jump in at the worst possible moment, a talent that you too, kind and gentle IKN reader, can find in Louis 'Lobito' James of Casey Research. Hey Lobito, I'm still trying to decide which line out of your pump piece from last week I liked the best. I'm down to either...

"... its flagship Miwah project in Indonesia... could well be on its way to a monster gold discovery in the tens of millions of ounces."
 ...or perhaps:
"....it’s the first 43-101-compliant resource estimate that we expect to really drive the market to have another look at Miwah."
Tough choice, but I think I'm going to plump for that second one of yours as the 43-101 resource number today surely did make the market have another look...right before the market hit the panic sell button and thanked the Lord there was a bunch of last minute bagholders on board thanks to you, Lobito.  Anyway, thanks for the guffaws dude. I love comic writing, especially when the writer thinks he's being serious.

Peru's Madre De Dios gold enviro disaster is now out of the limelight so not surprisingly....

...production is picking up again.

And what was that about this two-faced piece of crap government caring about the Amazon basin wasteland being created again? What it does care about is the $83m worth of gold that comes out of that hellhole in the month of March (that's just the officially declared production, so double it at the very least to get the real idea).

 Numbers from here

Rio Alto (RIO.v) first gold pour and....

...we got the pictures!

First the news, and here's a link to the NR out this morning that tells you all about this important moment in a junior's life. 

And now with a roll on the drums, here's the first pour actually happening....


....here's a very happy company President Alex Black with the new delivery.....

 ....and here's the newly arrived baby getting its vital statistics measured.

And before we go, let's just zoom in for the gold porn shot:
A happy day at Rio Alto (RIO.v) last Friday, that's clear. DYODD, dude.

Chart of the day is....

...coffee, weekly candles.

The last time we featured the coffee futures contract chart on these pages was December '10 and at that time we were pretty impressed with the upmove to 200. But my, just look how you've grown!

I should pay more attention to the softs, it seems.

5/8/11

Peru: Latest Ipsos/Apoyo poll puts Keiko in front

It's only by a whisker and it's still correctly described as a technical dead heat, but it's also the first time that Keiko Fujimori has been on top in any survey.


More details here and here.

The IKN Weekly, out now


IKN105 has just been sent to clients, the usual bunch of blathering written by an utter dumbass spread out over multiple pages and interspersed with pretty charts and stuff.

Re-post: A quality freebie

This post last week saw plenty of people taking advantage of the free offer, so to add a bit of value to your Sunday here it is again. 

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