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The top three most visited IKN posts this week are... reverse order:

Third Place: "Inca One (IO.v): I love these guys", which at this end of the pipe also garnered some entertaining mails from a couple of you (thanks, people). Needless to say, they confirmed your humble scribe's negative view of this particular company.

Second Place: "(UPDATED) A short post designed to explain to the readers of IKN the moral bankruptcy of the current Minera IRL (MIRL.L) ( board of directors". IRL's board decided not to pay its rank and file staf. IRL's board is very stupid.

First Place: "The latest BS lie from Minera IRL's ( (MIRL.L) Hodges/Higgins lackeys". which probably got the hits it got because in it, IKN revealed the departure of Minera IRL's CFO two full days before the company did. Jolly fun, no?


The Friday OT: Flans; Bazar

Mexico's answer to Bananarama (UK) or maybe The Go-Gos (USA), here's Flans (great name) with their all-time classic hit, "Bazar":

According to Wikipedia in English...
Flans is an all-female Mexican group, which enjoyed popularity from the mid-1980s to the early 1990s. Its members were the singers Ivonne Margarita Guevara García, Ilse María Olivo Schweinfurth and Irma Angélica Hernández Ochoa. They were generally known as Ivonne, Ilse, and Mimí.

...though unsurprisingly you get a lot more info on the trio at the Wiki Spanish language link, including how the group's going today (and yes, they're still milking their stardom period by touring, mostly Mexico). As for the song, a reasonable translation of the chorus is:

I fell in love with you in a shopping mall, in between pictures and magazines, t-shirts records and jeans.

Monday and Tuesday this week were more telling about the gold market than today's pop

A chart:

Sometimes gold mirror-images the broad markets and sometimes it doesn't, but at the moment and for fairly obvious reasons it's been the reasonably faithful opposite. The above chart shows that, but also shows how gold got walked down earlier this week. 

Now that's fine by me, I'm not into the spittle-mouthed ranting about The Powers That Be or Bilderberg Grays ruling us carbon based life forms. What it shows me is that there's more upside left in gold for next week. Maybe 2%, so let's pencil in U$1,160/oz or 1165. These things wash through quickly when the trader jocks see easyquick money on the table.

Kitco silver math

Gotta love this report on US bullion sales out of Kitco yesterday, "U.S. Mint Posts 181% Jump In Gold Coin Sales, Silver Sales Hit 29-Year Record High In Q3". All gushing pumpy stuff of course (these people have merch to shift) but after a while the math kind gets a little fuzzy. Included is the line...
According to its latest data, the mint sold 14,268,500 ounces of its American Eagle silver coin in Q3, almost double the 9,715,000 ounces sold in the second quarter of the year.

...and that's just wonderful guys, just the type of thing you want to see from a company that works with numbers for a living. Apparently, according to Kitco, selling 9,715,000 troy ounces of silver in one period of time, then selling an extra 4,553,500 troy ounces of silver in the comparative period, is "almost double" the quantity. 

Or if you prefer percentages 46.87% is almost, nearly, not-quite-but-we're-soooo-close to 100%. Darned close, guys.

Last year 854m ounces of silver were produced and mined. , a rise of 3.8% on 2013 (around 32 m oz). How far selling an extra 18m oz of coinage per annum to gringos will affect that supply/demand/Adam Smith thingy is up for debate.

Jaime Pinto's obsession with a blogger

At the beginning of this week, your humble scribe exchanged a few mails with Jaime Pinto, non-executive chair of Minera IRL ( (MIRL.L). On September 29th at 6:04pm, your humble scribe wrote his final mail to Jaime Pinto explaining that due to his disgusting behaviour towards his employees, i.e. making an executive decision not to pay his company's employees for the month just gone out of pure spite, there was no point in continuing any further correspondence. The precise final words of that last mail were:
"Not paying your own employees is the lowest of the low.

Don't bother replying, because I won't even open your mail."
Since then Jaime Pinto has sent no fewer than five e-mails to IKN Nerve Centre with the latest arriving just this morning. However I have no idea of any of those five mails' contents because true to word (a concept lost on people such as Pinto) I've simply deleted each one without opening them.

You would have thought that after sending four mails and receiving no reply after getting the above as your last message from a counterparty, that the penny would drop and you wouldn't bother mailing any more. But no, not Pinto, a fifth mail this morning seems to indicate he's more than a little obsessed with IKN and its author.


(UPDATED) A short post designed to explain to the readers of IKN the moral bankruptcy of the current Minera IRL (MIRL.L) ( board of directors

This week, the board of directors of Minera IRL (MIRL.L) ( decided to refuse to pay the company employees. Not for the lack of cash in treasury or for any other reason than pure schoolboy-level spite.

Due to this decision, a whole group of people who have been working diligently have not received the salary they are due. Many (and I'd dare say most) of these people are not well-off, certainly not at an executive pay level and depend on their monthly to pay their bills, buy normal human essentials, etc. 

The board made the express decision to withhold payment but they are now internally trying to blame their nemesis Diego Benavides for their own call, a person who is not a member of the board of directors and had no part in the decision at all. Utter madness.

The company CFO Brad Boland (also not part of the board) resigned earlier this week due to this board decision. However, the company still hasn't bothered to reveal this major material event to the market even though two days have passed since Boland threw in the towel.

However, Daryl Hodges still managed to draw his $15,000 "consultancy fee" last month. The person who tells all and sundry he wanted to bring transparency and equity to the company continues to suck it dry, while the rank and file go without pay.

And as I told Jaime Pinto in a mail on hearing of the above, not paying your employees is the lowest of the low.

UPDATE: IRL has finally got round to telling the world that which IKN readers knew two days ago. This out half an hour ago:

LIMA, PERU--(Marketwired - Oct 1, 2015) - Minera IRL Limited ("Minera IRL" or the "Company") (IRL.TO)(MIRL.L)(MIRL.L) announces that Brad Boland, CFO and Corporate Secretary of Minera IRL, has resigned from his position, effective immediately. The Company has commenced the search for a replacement.
The Board would like to thank Brad for his service to Minera.

link here

Chart of the day is...

...the US Dollar index, weekly:

And then suddenly it all went quiet.


Lima downtime photoshow

The wrinkle about finally having spare time in a city often visited is that the things you want to check out are normally off the beaten path of the tourist track. So what with having a air ticket stub and having being dicked around at the last minute by a guy who can't be trusted, the business trip was off but I decided to do the trip anyway and get some R&R. It all started with a pleasant plane ride into town...

...and by way of a travel hint for tall people, make sure you get the emergency exit seat row on these flights and the extra legroom in the row next to the wing (though you need to be a Spanish speaker to sit in the emergency rows, so that's no use for Daryl Hodges).

So to the first stop on my slightly off-beat daytrip, the "Gianfranco" café on the road known as Angamos in Miraflores.

This is the coffee shop frequented by ex-President Alan García (he wasn't in today) as well as many other less famous and far more mediocre, untrustworthy lawyers (García's a lawyer and still practices). A very decent espresso doppio, can recommend.

Second port of call was somewhere I like to get to on occasion, but as it's on the other side of town to the mining office district it's not such an easy visit normally.

Today with time I got to hang around the Jockey Plaza shopping mall and buy some nice things (all the expensive shops are there, the place is superbly designed, it's almost as if you're in a serious country. And of course while mall-ratting there's always time for another coffee, this time Starbucks and OH LOOK!, the barista got my name wrong!

How the devil did that happen? And of course you'll notice that's a copy of today's paper, Jaime. Y'know...just in case any assholes are tuning in and think this is a bluff...

And then the best part of the day (as well as getting outdoor time with the sun our for a change), a trip to a place I've always wanted to visit but have never done until today, the MALI art museum.

For a S/30 entry fee (just under U$10) you get a couple of hours' worth of excellent museum, with the main exhibit tracing Peruvian art from Pre-Columbian ceramics and fabric art, through the Conquistodor period (excellent range of Cuzco School works) through late 19th century artists such as Carlos Baca-Flor, right up to the modern day living artists of repute. Here's my favourite of the show, one of two Fernando de Szyszlo works.

So there you go, a day out in the big city. The MALI museum highly recommended, too.

Dedicated to all my friends at Minera IRL.