start here

start here

The Daily IKN email digest, get all daily posts sent to you next day (& no ads)


A bit of music: Brent Ford and the Nylons do The Stones and Eddie Cochran

Or it might have been the BF&TN doing The Pistols doing Eddie, what with this video coming from 1978, but it all washes out the same I suppose.

From the 70s/80s music TV show Revolver, bizarrely hosted by Peter Cook.

Ten days of metals and miners

Just couldn't resist putting this chart up here, more for the record than anything else.


Gernot Wober, held hostage for 92 days and counting

The Canadian geologist Jernoc Wobert Gernot Wober (apparently it's being spelled incorrectly in Spanish press, the corrected spelling here)  has been a hostage of the ELN since January 18th 2013, now 92 days and counting. 

According to Wober's  terrorist captors , Braeval Mining ( can secure his release by giving up its concessions in Colombia.  So far the company responsible for sending Wober into the danger zone has refused to do so.

A flash update...

...has just been sent to subscribers. Closing a trade (and amazingly considering everything, booking a profit on it too). The rest of the port is a dog's dinner, mind you.


It was a great pleasure to be out of internet range...

...for the last 32 hours. Now back inside the captive area of the 21st century, your humble scribe discovers that the worst was missed. Hope you enjoyed your week. Really hope you enjoy tomorrow.


IKN re-recommends The Screwtape Files

You need sensible, balanced, non-bullshit and even conflicting views on the metals markets? Look no further than The Screwtape Files, a  blog with several contributors that never fails to offer thought-provoking articles on gold, silver and the whole caboodle.

Make it part of your daily reading and you'll become a lot smarter about PMs, as well as having to constantly challenge your own prejudices about the sector. Good, good reading.

Not one but several reliable sources now tell me that Eric Sprott...

...was buying silver mining company shares hand over fist on Monday. Like bigtime.

As more than a couple of sources now agree on this, thusly and therefore I've made sure all their asses are suitably covered. But if you don't believe this pissant blogger (and who could blame you?) and need confirmation, wait until King World News breaks the exclusive in a day or two.


I'm sure you're really interested in fundamentals news on a precious metals junior exploration mining company after watching today's market action

You're not? Oh, you surprise me. Anyway, if you change your mind later on here's Reuters on Bear Creek Mining's (BCM.v) positive news this morning:

LIMA, April 15 (Reuters) - Bear Creek Mining has won community backing for its Corani mine in Peru's southern highlands of Puno - a crucial milestone that will help move forward its $700 million silver project, Chief Executive Andrew Swarthout said.
Some 800 residents from five communities that make up the Corani district voiced their support for the mine on Friday at the last in a series of public meetings held in the language of Quechua to discuss the project.
Obtaining this so-called social license is increasingly the biggest challenge mining companies face in Peru, where a weak central government is trying to mediate dozens of disputes nationwide over how to share the spoils of natural resources between companies and rural towns.
To avert conflicts that could delay projects in an investment pipeline worth more than $50 billion, the government has tightened environmental standards, decentralized distribution of tax revenues, and urged miners to win explicit community support for proposed mines in Peru, a top global minerals exporter.
Increasingly, some mining companies are also entering into what amount to profit-sharing pacts with local communities to help them fund local infrastructure projects or finance schools.
Bear Creek, a Canadian-based junior miner, has agreed to pay $1.6 million a year for 23 years into a trust for the district of Corani - and the payments will be made even if metals prices sink.
Its payments were inspired in part by Peruvian gold miner IRL , which has agreed to give a 5 percent stake in one of its mines to local townspeople, as well as by other miners.
"It was very successful," Swarthout said about the final community hearing in Corani.
"Reaching agreements on voluntary payments and profit-sharing is crucial to get buy-in from people," he told Reuters late on Sunday.
The public hearing was monitored by officials from Peru's mines and energy ministry.
"All the families have given their social license," for the project, Corani's Mayor Edmundo Caceres Guerra told the local newspaper Los Andes.
The "social license" is part of the environmental review of the project. The government is expected to approve or comment on Bear Creek's plans in the next 90 days.
Bear Creek expects full approvals by the end of this year, followed by financing and construction for the mine in 2014, and production in 2015.
The company says continues here

On the road

Your humble scribe is going to be out and about for a few days, therefore posting is likely to be light this week. But enough about me, what about a bit of him?
For a moment I see blue Heaven and the Virgin’s white veil but suddenly a great evil blur like an ink spot spreads over it, “The devil!–the devil’s come after me tonight! tonight is the night! that’s what!”–But angels are laughing and having a big barn dance in the rocks of the sea, nobody cares any more–Suddenly as clear as anything I ever saw in my life, I see the Cross” I SEE THE CROSS, it’s silent, it stays a long time, my heart goes out to it, my whole body fades away to it, I hold out my arms to be taken away to it, by God I am being taken away my body starts dying and swooning out to the cross standing in a luminous area in the darkness, I start to scream because I know I’m dying but I dont want to scare Billie or anybody with my death scream so I swallow the scream and just let myself go into death and the Cross: as soon as that happens I slowly sink back to life–Therefore the devils are back, commissioners are sending out orders in my ear to think anew, babbling secrets that are hissed, suddenly I see the Cross again, this time smaller and far away but just as clear and I say through all the noise of the voices “I’m with you, Jesus, for always, thank you”–I lie there in cold sweat wondering what’s come over me for years my Buddhist studies and pipesmoking assured meditations on emptiness and all of a sudden the Cross is manifested to me–My eyes fill up with tears–”We’ll all be saved–I wont even tell Dave Wain about it, I wont go and wake him up down there and scare him, he’ll know soon enough–now I can sleep”.

Braeval Mining's ( bullshit

Your humble scribe received a lot of reaction to last week's post on Braeval Mining ( and the ongoing histage situation that sees Jernoc Wobert still held by the ELN terrorists in Colombia. And after reading many views (some of which agreed with your author and others that did not, to varying degrees) and exchanging them with some readers (all of whom shall remain nameless) one point above all emerges.

Braeval says that it's doing what it can to help the situation. That's bullshit. There's a clear offer on the table now, one that states the ELN will release Jernoc Wobert if gives up its concessions in Colombia and leaves. was stupid and greedy when taking on these remote concessions that are nowhere near as easy to reach or explore than the majority of concession spaces in Colombia (e.g. Middle Cauca). The company was even more stupid by sending its team into the danger zones without adequate protest. Now the company wants to get its geologist back without having to pay any sort of penalty for its previous irresponsibility. 

Jernoc Wobert has been a hostage of the ELN since January 18th 2013, now 88 days and counting. When will Braeval face reality and do what it really needs to do to get Jernoc Wobert released?

Chart of the day is...

...Gold, dailies.

Denial: It's not just a river in Egypt.


Gold tonight


The Venezuela election (UPDATED X5)

We're about 20 minutes past the time that Venezuela's national election body, the CNE, said it would announce the first set of early and official results, but nothing doing yet. For what it's worth, according to Twitter it's either very close, or much closer than expected, or Henrique Capriles is winning, which would be a shock of seismic proportions in South American politics if true. What I do know is that the last time the CNE wasn't punctual with its results bulletin was in 2007, when Chavez lost the recall election referendum vote. That's kind of interesting to ponder while we wait for things to unfold.

I'll update this post later.

UPDATE: Now an hour and 15 minutes past the expected first announcement time, and still nothing. We hear from the international observers present (and there are many) that some 80% of votes have now been registered with the central CNE body. We're also picking up vibes that the team behind the Chavista candidate Nicolás Maduro is more confident of victory. However, the mere fact that they're "more confident" means that the vote must have been much closer than nearly everybody expected.

UPDATE 2: Venezuela is now a mass of swirling rumours, with both sides claiming the upper hand. The best one so far is that the CNE electoral body will not announce the result "until it has convinced the loser to accepted the decision", which is bizarre cubed.

UPDATE 3: The Venezuela State news channel says CNE will announce the results "soon". Sadly, that word means anything between five minutes and "is it breakfast time yet?" in Latin America.

UPDATE 4: We now hear on an unofficial level that CNE has Maduro 1.8% ahead with 95% of the votes counted. However, we also hear that Capriles will claim victory and that he's "certain" he's the winner. This could get messy. Anyway, we should have some official numbers in minutes, rather than just "soon".

UPDATE 5: a little over two hours after the result was expected, we now have the CNE holding the first press conference to announce initial results. CNE says that the delay was due to the need to wait until definition had been achieved. THE RESULT: MADURO 50.66% CAPRILES 49.07%, that's with 99.12% of the votes counted.

The IKN Weekly, out now

IKN206 has just been sent to subscribers. Roll da bones.