In other news, Argentina strolled past Venezuela earlier this evening and the semis are now set fair (teams named in alphabetical order):
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In other news, Argentina strolled past Venezuela earlier this evening and the semis are now set fair (teams named in alphabetical order):
"This article isn’t my attempt to justify anything to you — it’s not a defense of what’s in my gun safe or of the AR-15 itself. If, for you, my AR-15 ownership is prima facie evidence of my mental instability, sexual inadequacy, lack of a conscience, or what-have-you, then I honestly don’t care what you think about this issue. You can go back to broadcasting your own moral superiority on social media, and I can go back to tuning you out until your rage therapy session is over.
No, this article is for the genuinely curious — those who assume that 5 million of their fellow Americans are not inhuman or insane, and who want to understand what set of rationales, no matter how flawed and confused they may ultimately turn out to be, could make an otherwise normal person walk out of a gun store with an “assault weapon.”"
“The bonds between ourselves and another person exists only in our minds. Memory as it grows fainter loosens them, and notwithstanding the illusion by which we want to be duped and which, out of love, friendship, politeness, deference, duty, we dupe other people, we exist alone. Man is the creature who cannot escape from himself, who knows other people only in himself, and when he asserts the contrary, he is lying.”Translated from 'À la recherche du temps perdu', Marcel Proust.
The very next day, his 12 month call was taken out:
We can conclude the following:
"Jo was a young, fairly attractive, publicly likable pro-Remain...and I wouldn't bet 2c against the possibility (?probability) that she was "sacrificed" in a false-flag assassination ordered by the pro-Remain powers-that-be (in Brussels, BIS, City of London) to gain public sympathy. Brexit requires nothing more than Britishers with at least two neurons that still communicate. The question for me is whether there will actually be a real vote, or perhaps better said, a true outcome of the vote...I have my doubts. Guess we'll see."
Others will kill. We shall not kill. Thus we should direct our hearts.
Others will be cruel. We shall not be cruel. Thus should we direct our hearts.
Others will speak falsely. We will speak what is true. Thus we should direct our hearts.
Others will be fraudulent. We shall not be fraudulent. Thus we should direct our hearts.
Others will be hateful. We shall become loving. Thus we shall direct our hearts.
Others will be unwise. We shall become wise. Thus we shall direct our hearts.
UPDATE: Jo Cox has just been pronounced dead. No further posts today.
A clockwork orange“By definition, a human being is endowed with free will. He can use this to choose between good and evil. If he can only perform good or only perform evil, then he is a clockwork orange - meaning that he has the appearance of an organism lovely with colour and juice but is in fact only a clockwork toy to be wound up by God or the Devil or (since this is increasingly replacing both) the Almighty State. It is as inhuman to be totally good as it is to be totally evil. The important thing is moral choice. Evil has to exist along with good in order that moral choice may operate. Life is sustained by the grinding opposition of moral entities.”A Clockwork Orange, Anthony BurgessRegular IKN blog reader and fairly recently subscribed to The IKN Weekly, reader JL sent over a short mail on Thursday that said a few nice things (ty sir) and then got to the point of the missive:“...do you have any of the mining promoter crowd that you think is "honest" and actually has its shareholders´ best interest?”Yeah, let’s do this one. First and foremost, “we the crowd” mentioned all have our own agendas and note the use of the word “we”, I very much include myself in the bunch. This is not charity or even philanthropy, we are not in a place where some overriding religious urge of self-sacrifice is the paramount driver of action. This is mining and digging things out the ground and then selling what they found to somebody else, one of the most capitalist things a human being can do and no one is innocent. With that in place, we can now tackle the real-world question posed by JL. I don’t have the answer for you, because if you think about it long enough you find it’s a question of personal morality, i.e. what you consider to be good, bad or in the grey area between. Clockwork orange. But I have answers for myself and though a lot come from hard-won experience that can be termed “the BS meter” and are difficult to explain, I’m going to mention just one of the ways I categorize the voices that exhort me to buy this-or-that stock.JL talks of the “mining promoter crowd” in his question, a broad church that covers plenty of different people and jobs, from company investor relations personnel, analysts paid to give recommendations, people paid to attract attention to a company, people paid to coerce you into buying shares, people wanting to sell their recently bought shares to somebody else at a higher price, plenty more besides. A crowded room, we need to differentiate at some level or another. This is a big subject and too much for one brief intro to a weekly, but one of the ways I filter through the noise is to ask myself who is paying for the opinion I’m currently hearing.Here are the three possible answers, plus extra notes and thoughts on each one.1) Mining Company pays for voice: This can be the IR person on the payroll, it can be sponsored coverage where a miner pays for a report or article to be published in the name of a third party, it can be a company advertising campaign, it can be the hiring of an IR company, it can be shares for column inches, all sorts of variations are possible. Without exception these voices will be biased towards the company story, however and with exceptions to prove the rule, I find that the ones with the most transparent and openly disclosed connection are the ones you can most rely upon. People such as Investor Relations execs for example, who will say, “Look, I get my monthly salary from XYZ Resources, I’m going to tell you why I think it’s a great story...etc”. They’re also nearly always the most knowledgeable too, after all they spend every immersed in their company’s minutiae. Meanwhile over on the other side of the coin, read that big long glowing report and then spend 15 minutes wading through tinyprint disclosures found via using tiny links to separate web pages and discover that the person who wrote the report was paid $20k by the company itself and...welcome to Metanor Resources, Liberty Silver and all the others. Another pet hate in the ‘sponsored coverage’ world are those people who will assure you that even though they’re getting paid by the company, they wouldn’t have taken on the account if they weren’t comfortable about the story involved. That’s utter BS and I’ll let Lord Beaverbook explain why in this often-quoted exchange (1) sometimes attributed to other famous people:“They are telling this of Lord Beaverbrook and a visiting Yankee actress. In a game of hypothetical questions, Beaverbrook asked the lady: ‘Would you live with a stranger if he paid you one million pounds?’ She said she would. ‘And if he paid you five pounds?’ The irate lady fumed: ‘Five pounds. What do you think I am?’ Beaverbrook replied: ‘We’ve already established that. Now we are trying to determine the degree.”Bottom line: When the person is being paid to put a name in front of you they need to tell you that before anything else, the you can apply your own caveat emptor filter more efficiently. Voices in this category are naturally biased, they’re not necessarily dishonest, but pinches of salt and thorough DD on your part later are not optional extras.2) Clients (i.e. you) pay for voice: This can be a sellside brokerage analyst (who wants commission on trades), a newsletter such as this one (who wants you to send U$XX per month), a friend that wants you in the stock because he thinks is a great opportunity (because he loves you), this can be a person looking to make their name by publishing free advice in exchange for a growing reputation (if they turn out to be good at it), a hundred different flavours to boot. In theory these are more reliable because they’re “in it with you”, in practice they can be even more deceitful than the “paid for” people because a) the letter writer may be in cahoots with the company via access to sweet and undisclosed options deals (one of the reasons I’ll never recommend (named edited out) again, for just one example) or b) the sellside brokerage has just “coincidentally” closed a juicy placement with the company or is fishing for a slice of the next bought deal. A couple of scenarios there, dozens more to choose from.Bottom line: If you are paying for the voice you’re not buying a company, you’re buying a story, more no less. I treat these voices in exactly the same way as I treat the (junior mining) company itself, by using a) healthy skepticism to begin with and b) on the lookout for any lies, convenient omissions of key facts, evasiveness, etc. I have a (well-documented) low threshold for BS and it takes just one active deception for a story to fall apart and any nascent trust to be destroyed. If a mining company BSses you about one thing, it’ll BS you about dozens. The same goes for apparently independent voices who are trying to get you to buy Stock ABC for their own reasons. Trust takes time with “you pay” voices, respect is earned not imposed, therefore healthy doses of your own DD are also necessary here. If you get to a place where you can trust a third party’s opinion it sure saves a lot of time on your DD load, however even your most trusted sources will make mistakes so that DD of yours isn’t suddenly unnecessary, there’s ultimately no substitute for your own efforts.3) It’s totally free, nobody pays for voice: If the voice you’re listening to claims they’re not benefitting in any way, they’re lying. Ain’t no free lunches in capitalism, we’re all in it for some reason or other and if they’re claiming altruism it’s just a big red flag.Bottom line of bottom lines. The thing that most concerned me about JL’s question was how it can be misinterpreted and that’s why I decided to answer it, using just one aspect of a bigger subject to illustrate, the “who pays the voice” angle. Yes there are plenty of people who are paid in one way or another to get you into stock X or stock Y. Yes there are people who are "honest" and actually have “shareholders’ best interests at heart”. Yes there are a whole posse of crooks, schools of sharks and roomfuls of liars waiting for you in miningworld, trained and prepared in the fine art of separating you from your net wealth. The above covers just one way of considering the issue but hopefully you’ve spotted the main point already, the one that counts for all aspects: No matter what method you use to separate wheat from chaff:Trust nobody.Don’t trust me with your cash, don’t trust her or him or them or those. Even people you trust can and will make mistakes and you cannot take even your favourites for granted. Use their opinions as short-cuts for sure, but Do Your Own DD. When it comes right down to it, JL and others, it doesn’t matter one jot whether all, some or none of the mining promoter crowd is honest and has shareholder interest at heart. It’s your money, it’s your mistake to make, it’s your profit to enjoy, it’s your loss to suffer.
A great day for the company. Pinto just lost his mole. Goodbye.
LIMA, PERU--(Marketwired - June 15, 2016) - Minera IRL Limited ("Minera IRL" or the "Company") (BVLAC:MIRL), Latin America gold mining Company, announces the resignation of Messrs. Doug Jones and Robin Fryer from the Board of Directors of the Company.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 14, 2016) - Dynasty Metals & Mining Inc. ("Dynasty" or the "Company") (DMM.TO)(DMMIF) announces that, as a result of its ongoing negotiations to resolve the work stoppage at the Zaruma Project, its subsidiary Elipe S.A. ("Elipe") reached an agreement with workers with the aim of financing a partial payment of their outstanding wages.
Under this agreement, workers were permitted to extract ore from the Zaruma mine for a 10 day period ending today. The material extracted will be processed at third party mills in Ecuador at the workers' risk and cost. Over the next few days, Elipe's staff members together with workers' representatives will monitor processing at such mills to ensure that mineralized material is processed effectively in accordance with industry standards in order to maximize purity, as well as subsequent sales of processed gold and silver in order to ensure that sales are completed on a commercially reasonable basis, and that net proceeds of such sales are fully applied towards outstanding wages."We are very pleased to announce this innovative agreement reached by Elipe with workers at the Zaruma mine and look forward to achieving favourable results that will assist in our efforts in restarting operations," commented Robert Washer, CEO of Dynasty. "We believe our good faith efforts at finding solutions for our workers and re-starting operations will contribute to resolving the labour interruption with workers and Government officials.
"The stories they told me over a 90-minute conversation at a bar called Black Jack in Washington DC provided an entirely different view of the campaign and of elite Republican thinking. They spoke with unusual candor about which strategies they pushed that they now regret, how they believe network executives conspired against their candidates, what a disaster the Republican convention will be and why a Hillary Clinton blowout may be upon us. This is what it’s like to lose to Donald Trump."
There's an old saying about how a bank will only lend to people that don't need it. This morning's best NR from Mininglandia is like the flipside of that...
...because any mining company stupid enough to borrow from Waterton, kings of the Death Spiral, is so desperate for cash that they aren't worth looking at anyway."TORONTO, June 14, 2016 /PRNewswire/ - Waterton Global Resource Managemen ("Waterton Global") is pleased to announce the final closing of its third private equity fund Waterton Parallel Fund (the "Parallel Fund"), with total capital commitments of U.S. $725,000,000."
"...there’s about $3.5 trillion worth of energy debt in public companies worldwide, and we think as much of $500 million of this is impaired. Now, what’s important to note here, James, is that the people who bought this stuff four or five years ago were yield-oriented, not credit-oriented. They didn’t take a look at the companies’ underlying ability to pay at various commodity prices, they just looked at the yield. So those people believed that a bad 8.5 per cent yield was better than a good 7 per cent yield. And that same lack of sophistication on the buy side will be evidenced on the sell side. When the disruption hits the energy credit markets, we suspect that the naïve buyers will believe that both oil and gas are four letter words, and they’ll sell with the same lack of discipline that they bought.So imagine a situation where a piece of publicly traded subordinated debt was issued with a 7.5 per cent yield, and let’s say it has three or four years remaining on it. But the bond goes to 50, meaning that your 7.5 per cent yield becomes a 15 per cent yield, and in the three or four years to maturity, they have to buy you back at 100 for a piece of paper that you bought for 50.Now if that piece of paper doesn’t pay you off at 100, the shareholders of the underlying security see themselves going to zero. So one of two things happen: you get sort of a 25 per cent annualized rolling yield, or the shareholders go to zero. We seek the ability to pick and choose through the whole range of resource credits, not merely energy credits but also precious metals credits and base metals credits. And the junk bond market will be the best opportunity available to us in resource markets globally."
The 14th Dalai Lama said it well: