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Monday music: Laurent Voulzy; Le reve du pecheur

How it works: A song you listened to regularly for five years, then forgot about for 17 years. Then somebody says something and Blam! it's there in your head and you need to listen to it so you do and damn, it's held up to the passage of time so very well. A piece of beautiful music, hope you enjoy.

And yes, that's Souchon in the vid.



"Listening to "analysts" at a goldbug conference is just like wandering into a fundamentalist prayer meeting. The informational value is zero, you'll never learn anything; it's nothing more than a fantastical prayer-ritual full of magical thinking, mythologizing about imaginary demons, and fantasies about a future heaven where God gifts his Chosen people with a gold-backed dollar and Ron Paul in the White House."
...comes from this. Recommended reading.

Buenaventura $BVN news

For the record, 30% +1 vote gets you automatically elected as a regional governor, no second round run-off required.

Ask Roque, he's bound to say something like, "Oh, we'll work with whoever is elected". Poll from here

This week's big fun conference in South America

That would be the GOCA get-together at the Hilton Hotel Cartagena, Colombia that officially runs September 28th (yesterday) to October 1st but really only gets going today Monday 29th. It's the first time GOCA has met in South America and that's a....wait, who's GOCA you ask?

Well that's easy, here's the explanation from its website:
The purpose of the Global Offset and Countertrade Association (G.O.C.A.) is to promote trade and commerce between companies around the world and their foreign customers through a greater understanding of countertrade and offset.
Got it? If not you can read the web page and see more bland pronouncements of the same shape and form. Still not sure who GOCA is? OK, try this explainer:
The organization, originally known as the American Countertrade Association (ACA) has a membership of over 100 international firms (including most of the the largest aerospace companies), who get together once or twice a year to discuss offset policy and counter-trade initiatives.According to the GOCA website, the definition of “countertrade” is defined as the “use of reciprocal trade tools, such as barter or other export activities to meet hard currency needs, primarily in commercial transactions.”
We're getting closer now, I think. In fact GOCA is a Defence Trade Association, which is the nice way of saying arms dealers. In other words, all the aerospace and defence companies and military beaks you could shake a stick at (though it's probably wise not to point anything at these shade-wearing dudes, not even a wooden stick, considering the bodyguard back-up they'll have in tow) are gathered together with "customers" in Colombia this week. To quote the blurbs out from the Colombian Defence Ministry, "Private and State delegates from the UK, USA, Indonesia, India, Kuwait and Israel will participate in meetings and will share with colleagues aspects on the evolution of licencing systems, industrial co-operation and offset policies, among other things."

So now you know. Mojitos served, the end.


The IKN Weekly, out now

IKN281 has just been sent to subscribers. Here's a nice topical tune for you.

A reminder that earthquakes don't kill people

Poor quality buildings kill people.

Last night in the Cusco region of Peru there was a 4.8mag tremor that hit just 8km underneath the small village of Paruro. Though a 4.8mag is relatively small, the combination of its shallow depth and the local houses being mostly made of poor quality adobe mud bricks with little in the way of foundations left a reported eight people dead, seven injured and around 45% of the village destroyed.

This is a topical example of a story that gets repeated without end.

  • At 7.0mag, a normal city would be shaken and see damage, but wouldn't see the tens of thousands of deaths that Port-Au-Prince Haiti saw in 2010 when its multi-storey buildings pancaked.
  • The 2007 quake on the coast of Peru at Pisco was 8.0 and a very big one, but occurred in a place where most buildings are ready to take a big hit. So it's worth noting that of the 430 people who were killed in the region  that evening (not the town, but the whole region), 148 were in the old and un-proofed Pisco cathedral when its roof collapsed.
  • On the other hand the 8.8mag Bio Bio Chile in 2010 was simply massive, the 6th largest recorded in modern times and affected some densely populated zones. Chile reported 370,000 damaged buildings and although 550 dead is 550 too many for comfort, it's also tribute to building standards there that the total wasn't counted in the tens of thousands; and that 550 total included tsunami victims unfortunately located at sea's edge at the wrong time.

Examples ad infinitum, those three were off the top of my head as recent examples (plus a quick check on wiki to get the accepted numbers), historians can tell you about the Huaraz or Mexico City or Colombia quake disasters from which you're bound to hear much the same refrain. That Cusco region quake last night was little more than a tremor by normal standards, this very office from where these words are being written has felt several of that sized movements in the last couple of years and they're not a concern, they're part of the way things are. Once you realize the movement is small and not building into something greater, nary a second thought is given bar the "oh, did you feel that one?" conversations you might have with acquaintances the next day. But if you live in Paruro Cusco a 4.8mag is no laughing matter, especially this morning, and that's because adobes are fragile, heavy, kill people and leave them without roofs.

The moral of the story is simple: If you live in a quake zone, sleep in a well-built house. Overly wordy quake rant finished, have a pleasant and undisturbed Sunday.


The Friday OT: Frank Zappa; Muffin Man

Live, 1997, Zappa's on top form and shreds one in this.

For those days when you crave a quality extended guitar solo.

Yes Virginia, Ovais Habib of Scotia is a fuckwit

Yesterday on IKN:

Rio Alto Mining $RIOM ( produced 17,199 ounces of gold in August 2014 
Add that to the 19,435oz of July and you're 2/3rds of the way there to the 3q14 quarterly total, just this month of September missing. The data comes from the official filings makes to the Peruvian Ministry of Energy and Mining, here*.
And it continues, with chart and blabber.

Today from Scotia's "Daily Mining Scoop", its morning mailer to Scotia clients:
Her Name is RIO and She Dances On The Sand! Q3 Production Estimates from Rio Alto’s La Arena Meet Our Expectations; Potential Buying Opportunity on Index-Related Share Pull-Back: 
Rio Alto (RIO-CN/PE, SO, C$3.25, Ovais Habib) produced 17,199 oz Au in August according to the Peruvian Ministry of Energy and Mines which combined with July production of 19,435 oz, represents 68% of Ovais’ Q3/14 estimate of 53,639 oz. At this run rate, the company remains on track to meet the upper end of its 2014 guidance range of 200-220 koz (Ovais models 215 koz for the year using conservative 2H/14 gold grade assumptions). The chart below highlights RIO’s La Arena operating history.....(continues)

And continue it does, with nary a hat tip or mention of IKN of course because blogs are good enough to read and good enough to rip-off but you can't dare mention them as source material, right Ovais? Because that's what assholes do, Ovais. All you need to do is make a simple acknowledgement, it's not difficult you know. Cowardly piece of shit, Ovais.

PS: The funny thing is, the Peru ministry info was on its site a full 24 hours before I wrote my post so if cowardly shit Ovais had really been paying attention the way he pretends, he would have known and had been able to inform his clients before this humble corner of cyberspace had done its bit.