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4/26/18

Congratulations, Tommy Humphreys!

Further to the post yesterday, this humble corner of cyberspace would like to heartily congratulate Tommy Humphreys on his purchase of 3761 St Pauls Avenue, Vancouver. According to our sources in the Vanc real estate business he managed to pay the asking price of $6m in cash, too. Not bad for a stock promoter, and not bad considering he was sharing the rent on a place just a couple of short years ago.

We are of course fully confident that the other users of CEO.ca are making as much as Tommy. Right guys?

UPDATE: What, you're not? Oh, I wonder where your money went...

Chart of the day is...

...the US Dollar Index once again:




USD is the centre of the world today. The rest is noise, which certainly includes nominal metals prices.

Belo Sun ($BSX.to) and Agnico Eagle ($AEM): Looks like Agnico bowed to anti-mine pressure groups

Part of the fall-out of the decision taken by Agnico Eagle to dump its shares in Belo Sun (BSX.to), alongside the jaw-dropping chutzpah of Stan Bharti and his merry band to buy shares on the company's own coin, is this English language report from Brazil's Xingu Vivo, who have campaigned against the Volta Grande mine for years and are clearly happy that AEM have left. It's a factual report and has the local community's point of view, but what caught my eye was a one line paragraph in the middle of the piece:
"Now, one week before its general annual meeting, 
Agnico also cancels its stake in Belo Sun."
It stood out as a non-seq and looked weird, why should Xingu Vivo care about AEM's AGM? It piqued my interest, so I got in touch with the people behind the group and they told me the back story. In recent weeks they, along with another group called Avaaz, have been collecting a petition in the region and had got an enormous response. Avaaz had also been in contact with AEM at the highest corporate level and told AEM about the petition. Also that they planned to picket the AGM and put together a publicity-friendly protest on the day, which would also announce the results of the petition. And now, all of a sudden, AEM has dumped BSX. Coincidence?

This may also explains why Xingu Vivo put this at the end of its report:
Now we demand:
Sun Valley Gold to divest its 16.33%
Sun Valley Gold Master Fund to divest its 10.44%
RBC Global Asset Management to discard its 6.98%
1832 Asset Management to discard its 6.46%
I dunno 'bout you, but I get the feeling these people are going to repeat on a successful strategy.

New Gold (NGD) 1q18

Oh dear. And Rainy River cost over a billion dollars but only produces 40k oz a quarter? Wasn't that supposed to be 75k? And Rainy River achieved commercial production on October 19th 2017, but is still ramping up? And all those recent management and board changes? And a mine plan that simply does not work (see the plan to increase throughput, that's "we can't run at 1.3g/t ever")? And the debt? Oh dear.

The best thing we can say is that once we get to the Friday close and know the new share price of NGD, The IKN Weekly this weekend is going to take a hard look at the NGD numbers to see whether there's a trade here. As one of my smarter friends once said to me about a year ago, Rainy River will one day be a profitable mine for somebody, but it won't be for NGD shareholders. A complete tale of woe, there really should be a law against what has happened here.

4/25/18

Catching up on the Pretium ($PVG) 1q18 production numbers

Remember a couple of weeks ago when the PVG 1q18 production numbers came out and sell side anal ysts were all breathless about those Q1 numbers and exhorted you all in RetaiLandia to buy now before it's too late and Allan Barry and Louis James and Stockhouse dumbasses and too da moon and Rick Rule is never wrong and money and unicorns and things?


Good. Glad you remember.

3761 St Pauls Avenue, Vancouver

Nice house.

There's something strange happening with GLD inventories

It's goldbug tinfoil hat time at IKN, because this is weird:


After running up the way it has recently and right in the middle of a period of intense market turmoil, just the type of action that makes gold safe haven strategies attractive, gold inventories at GLD have stalled at 865.89mt and stayed right there for nine days running. That's also just under the record since Trump came to power. Parrot required:



Regular readers know that IKN doesn't jump quickly into conspiracy theories and blather about Bildebergs and "THEM!!!", but your humble scribe is also keenly aware that markets get rigged from time to time. There is something amiss here, it's not as if gold should be ignored at the moment. Data from here of course.

SolGold (SOLG.L) (SOLG.to) ($SOLG.L) at La Hueca

The really foolish who disparage SolGold (SOLG.L) (SOLG.to) think the company is just one large but low-ish grade maiden resource at Alpala. Just forget them, they haven't looked carefully. The semi-ignorant think SOLG is only Alpala, but see expansion potential. At least they're watching and using a bit of brain, don't give up on those people yet. The consensus pro-investment view is that SOLG is Cascabel and not only is there tremendous upside potential at Alpala but there are a whole bunch of very interesting places to drill on the larger concession. They've just started on one, more to come.

But there's a whole lot more to SOLG. Start with La Hueca and remember where you saw this name first, ladies and gentlemen. By way of disclosure I own SOLG shares, I know how many shares out they have, I've been happy to hold through the recent dip in price and I am current basically UNCH on the trade, I'm fully aware of its market cap today and it's crystal clear this company is a raging bargain. Even more so now La Hueca is part of the equation.

ANZAC Day


4/24/18

BREAKING Tahoe Resources (TAHO) (THO.to) $TAHO: The La Arena strike is going from bad to worse

Word from La Arena this afternoon is that the local community around the Tahoe Resources (TAHO) (THO.to) gold mine in Peru have joined in the employee strike action currently underway and have now blockaded the access roads to the mine. Up to now, TAHO may have been able to keep up the pretense of this dispute not affecting production, that is now well and truly over.

Locals are incensed because the last time they complained about the way in which TAHO had not kept their community agreement promises, management at TAHO promised them they would make amends and give them the type of ancillary work due (e.g. catering, security watch etc). But yet again, those promises have not been kept and the locals have run out of patience.

TAHO Resources is run by two-faced idiots and liars. Time to fire them before it's too late. And Edie Hofmeister should tell the truth to the people who pay her out-sized salary once in her life.

Another thing that continues...

...is the rise in Asanko (AKG), as predicted at first The IKN Weekly and then this blog a few days ago.


Ex-comms I'm 24.7% up on mine in three weeks (in a flat market, see XAU benchmark above) and please recall, this is the blog that successfully called AKG down from its $3+ level and now catches at least part of the upmove, for pleasure and profit. And yes of course, this post exists specifically to annoy the IKN haters. Gotta hate, guys, Gotta hate.

The strike continues at Tahoe Resources (TAHO) (THO.to) La Arena gold mine

As you can see from this report and video, published four hours ago by a local media source. What's more, word now reaching this desk has employees at the nearby TAHO Shahuindo mine considering joining in the strike, as they too have not been paid their 2017 participation bonus and are unhappy about a marked deterioration in working conditions.

It would seem TAHO's idea of "payment of bonus" isn't the same as reality. Somebody should ask them if those bonuses they paid were for all employees or just a specific few. And how much. Y'know, basic questions.