ECU Silver (ECU.to): Checking in on Wistar Holt's market prowess

Hey dudettes and dudes, anyone remember back in November 2010 when your author got mails from Wistar Holt, the scumball scamster that shows GATA for what it really is? Well if you don't recall, let's just remind you of a couple of the phrases used by Wistar in his missives:

I swear to God that if I ever come across you in person, I will rip you apart.

Got it? 

But of course, you won't ever show up, cause you are a coward!

Isn't this guy just the cutest ever? Anyway, the subject was, of course, his non-stop pumping of ECU Silver (ECU.to) and the way ECU.to had just made spurt in the market. Poor little lost boy Wistar couldn't contain his excitement and just had to blurt out how wonderful he was at the time. So let's see how ECU.to has done since your humble scribe's exchange with Wister Holt:

Hmm...and let's remind people of the wider context of ECU.to and Wistar, too:

 

And by some bizarre coincidence, since the continued demise of ECU.to, even in the face of the amazing run in silver, Wistar Holt seems to have ....

DYODD

It's a pretty quiet day at the office, so...

...let's break the tedium by having a good laugh at Wistar Holt, Mexico Mike Kachanovsky and all the GATA idiots for backing the dog of all dogs, ECU Silver (ECU.to) and shamelessly pumping the stock while on the company payroll. I mean, how you you like your charts?

Five day?

Year to date?

12 month?

5 years?

How anyone can take these idiots seriously is beyond me. You get paid to promote the worst silver company out there (I nearly said 'silver producer' there, but even ECU.to admits it doesn't fall under that category) for years on end, watch it do worse than nothing all this time and still have the brass neck to tell your flocks it's only a matter of time...and any minute now....and now's not the time to give up. Utter charlatans, the lot of you.

Today's riddle

Q: When fundamentals move in favour and suit the silver sector, what's the difference between a real silver mining company compared to a bullshit scam run by liars and pumped by a thuggish brute known to the world as Wistar Holt and a two-bit paid shiller like Mexico Mike?

A:

DYODD

An e-mail exchange with Wistar Holt

Hatemail comes with this territory, because exposing the scams of nasty people means that nasty people don't like you very much and IKN has picked up a number of friends over the years. But special place in the canon goes to Wistar Holt, GATA pump primer and a person that has a long track record of violent language and bullying behaviour, with others as well as here.

So (due to popular (?) demand) follows the whole of the e-mail conversation between this humble scribe and Wistar Holt that began the evening of Monday November 8th and finished the morning of November 9th.  I'm not into displaying private mails like this, especially from the haters (as it just encourages their tiny minds), but this time feel that the publication of private mail is needed to show how this slimeball operates behind the scenes.

Your author's mails are in blue. Holt's mails are in red. Read on:

Please....

..put your money where your mouth is you motherfucken coward!

http://incakolanews.blogspot.com/

ECU Silver's (ECU.to) magic number

Nice to know you still read my humble little corner of cyberspace. I was away from the office all day. I know you'll need some sort of proof on that, being the kind of character that you are, so this is the line that was in the IKN Weekly for subbers yesterday regarding that:

"Please note that tomorrow Monday 8th posting will be light on the blog. I have some family stuff to take care of and will be away from the office until evening."

So anyway, like I say I missed all the share price fun today and didn't make a trade, but I pretty promise you i'll open up my short position on ECU again tomorrow.

Anyway, hope you have a nice week. and here's something i wrote especially for you this evening. I hope you didn't masturbate too much today.

http://incakolanews.blogspot.com/2010/11/wistar-holt-writes-in-to-ikn.html

Love ya! O

I have no interest in what else you wrote.  I won't even read it.

you are a fucken coward and you know it. 

Anybody who takes cheap shots at someone and then hides his identity is despicable.  You are the lowest in this arena of financial analysis.

You are a paid hack and everybody knows it!  Nobody cares what you write because your analysis is worthless and unobjectively "paid off."

Your silly little illustrations are amateur and juvenile.

Of course, you claim innocence in "not being around the office today and thus not shorting at C$.90 as you proudly predicted last week, but what if you had a single reader who followed your bullshit and took your advice?

Of course, you don't really care because you have no readers!

I swear to God that if I ever come across you in person, I will rip you apart.

Got it? 

But of course, you won't ever show up, cause you are a coward!

Crawl back in your hole and STFU....please!

Good stuff! I see the champagne is working well tonight!
And thanks for this line:

I swear to God that if I ever come across you in person, I will rip you apart.

I've included it as an update in that post.  

By the way, if you really feel like doing that if and when we meet, make sure you have more than your bare hands. I promise you that if you don't, you'll be biting off way more than you can chew.

You're a coward...you'll never show your face to me or anyone else associated with ECU.

I'll take your empty challenge any day of the week.

In fact, why don't you just arrange a meeting at any conference, etc?

Nah, you're all talk which is synonymous with your cowardly incognito of your name and location.

Fuck you...you're gutless and spineless!

You seem to have some problems with the English language (aside from the mental instability on show, that is).

When someone points out that his bullying and threatening opponent would need more than his bare hands to "rip someone apart", it's not a challenge, but a simple statement of fact while standing up against the real coward, a bully such as you who talks the big talk but could only manage to get physical with members of his own family when (pardon the pun) push comes to shove (yeah man, you're more famous than you ever thought).

Meanwhile, a coward is someone who makes a bad call with their own money, gets a whle load of willing sheep to bail it out and then hasn't the basic valour to say, over a long three year period, that he was wrong about the stock pick. Another definition of a coward is someone who waits a full year to re-contact me because his stock had one good day. That's you, Wistar.

Before we go any further, let's make one thing clear. I am not afraid of you and your threats of physical violence Wistar. Bullies like you will always fold when their words are forced into action. As for facing up to me in the flesh, come on over. I'll tell you exactly where you* live and you just name the day (assuming you own a passport, that is). I'll buy you a beer when it's all over, too.

Final point: I do feel sorry for you, Wistar. But i feel far more sorry for your family and for those who've been hoodwinking all this time.

I don't care what you say, think, pretend to know, etc. about me.  So, we can just dissolve the animosity and go on with our lives. 

I will remind you that you took the very first cheap shot way back when as I "innocently" raised a rebuttal to your unobjective attack at ECU.  I'm sure you don't have the fortitude to acknowledge that fact.  Then, you magnified the situation by remaining "incognito."  And, you have continued to take cheap shots at me and others on a continual basis even though you were completely out of my mind, until a source brought to my attention your latest comments.

I really never expect to see you ever in my life.  So, your threats or my threats really don't matter, afterall.

Adios (I'm sure you know what that means)

Well what fun. After wanting to "rip me apart" you get your words thrown back at you and now want to "dissolve the animosity". If you bump into a sociologist on your travels, why not ask them if that kind of behaviour fits into the 'bullying 101' classes they teach?

Look out for your mails, and mine, appearing soon on the blog. Not my normal way but this time an exception can be made. I think it's worth others knowing about the type of person you are under that public persona.

IKN back: Wistar decided not to reply and the mail exchange ended here, on the morning of November 9th.

*sic...should have written "I" there but leaving it verbatim

Wistar Holt writes in to IKN

His message?

"Please...

..put your money where your mouth is you motherfucken coward!
 
The number is ninety. So what's special about 90c and ECU.to? Well, start by considering the 50.9m warrants outstanding at ECU with an average weighting of 92c.
To be frank I didn't think it would even get close, but $26/oz silver helps even the worst of the pack and so here we are at 87c today. If it hits 90c, your humble scribe will re-open his short position (a previous winner and still waiting in the wings). What with GataBill planning to sell a whole heap of his position, odds are in favour here. DYODD

Nice man, isn't he? Mind you, he does have a history of pathological behaviour and so after seeing all silver stocks around his biggest holding triple and quadruple and finally getting a move from his biggest holding (he was buying at $3.50, remember) it's only to be expected that he's letting off some steam. Jeez, it's been burning you this long, has it Wisty? Glad to know you're a regular visitor round here, anyway :-)

As subscribers know, your author was away from the office today. But fear ye not, Wistar, I'll be taking the lid off the short first thing tomorrow morning. Oh, by the way Wisty, a coward is someone who can't ever admit they're wrong, not someone who's holding the gains this humble scribe is holding so far this year, so check the mirror for a good example of a coward.

UPDATE: Another mail from Holt which includes this line:

"I swear to God that if I ever come across you in person, I will rip you apart."

You know, I think even writing things like that is illegal, Wistar.

Wistar Holt, unhinged bully

Wistar Holt (for it is he)

Well hoodathunkit? It turns out that your humble scribe isn't the only person that GATA dumbass and über-underwater ECU Silver shareholder Wistar Holt tries to bully around with his foul mouth and threatening behaviour. From Kitco's Nadler today:

"A certain Mr. Wistar Holt (he, a key member of an organization that promulgates the theory that the old market is rigged/suppresses/manipulated/etc.) sent this writer an overtly threatening e-mail (you know, like the Sicilian message about Mr. Luca Brasi sleeping with the fishes) and advised this writer to 'watch his back' when next out in public. Now that this is out in the open, maybe you can all help me watch my back, and Ian's too, and anyone else's who dares to use his right of free speech, or that of putting forth an opinion to challenge the propaganda of the histrionic, the illogical, the uniformed, and the unhinged bullion bullies."

Semi OT: Don't forget, folks; If the scam silver stock ECU.to doesn't crack a share price of $3.00 by December 31st 2009, HRH Bill Murphy of GATA is offering his half price subscription special for 2010. Here's the evidence, in the hand of the great gold god himself.

Catching up with ECU Silver (ECU.to), Bill Murphy and the 2010 half price GATA challenge

Back on February 25th 2009, GATA head honcho Bill Murphy wrote the following words when talking about ECU Silver (ECU.to):

If this stock (ECU.to) is not at $3 US, or CDN, by the end of the year, I will cut the Café’s subscription price in half for 2010, or $100 versus the now $199 … which means I will lose hundreds of thousands of dollars if this dog does not hunt … am putting my money and my mouth where my money is.

Here's the link to those words in a very interesting article by Murphy also includes a jawdropping comment about how Murphy has only ever visited one mine in his life (that of ECU) but still considers himself an expert on things mining. He also calls the work done by ECU.to management "incredible". This is true, but only in the strict sense of the word. It beggars belief, frankly. And so with just three months or so left before the end of the year, let's see how close Bill's dawg is to that hunt:

Hmmmm....I have to say that by the looks of things, GATA Metropole Café subscription will indeed drop to $100 for 2010 and Murphy will indeed lose those hundreds of thousands of dollars he mentioned. A bit of a bummer for Murphy to lose more money on top of the cash that's evaporated from his 1.75m ECU.to shares held, but at least his loyal clientele get to benefit. But you never know in this crazy game of stockings marketings, so we'll keep a close eye on things....maybe Bill gets his late win after all! Hope springs eternal and all that.....

But remember GATAites, don't be backward about claiming your 2010 discount if it doesn't go Murphy's way. We all know that he's a man of his word and will honour his hubri...SORRY! his sincerely held views.

Fun with ECU Silver (ECU.to)

Now me myself personally, I like a good laugh.

.....yeah, really. So today I have this great source of endless merry mirth and I'm tucking into it right now. It's called "The ECU Silver Quarterly Earnings Report, June 2009" and you can get your copy of this just-released seventeen page laff'a'minute over at SEDAR right now. (just use that page and tap in "ECU Silver" in the top left). You need to go to SEDAR because strangely, wildly, bizarrely ECU.to management has totally forgotten to announce it has filed its regulatory forms and has also forgotten to add the reports to its own website. Strange dat, innit? Anyway here are a few selected giggles from the files:

• Working Capital : NEGATIVE $17.37m

• Interest on long term debt accrued in qtr: $643k

• Net Loss for Period: $830k

• Stock based compensation: $557k

• Decrease in cash in period (my personal favourite): $1.76m

There are plenty more guffaws available, with every page guaranteed to make you laugh (as long as you didn't believe Wistar Holt and the other bullshit pumpers and are long right now, that is). And while you're over at SEDAR, don't forget to pick up your copy of the ECU.to MD&A, too, as it has great little lines like this one...

Substantial expenditures are required to establish and upgrade mineral resources, to establish mineral reserves, to develop metallurgical processes to extract metals from mineral resources....

.....sitting right next door to this one:

The Company had no significant commitments to capital spending as at period end.

Oh man, these dudes crack me up. DYODD, and don't say I didn't warn you, either.

ECU Silver

When will Wistar apologize?*

(click to enlarge)

Nah, not to me cos i don't give a monkeys about the foul-mouthed e-mails he sent. I mean when will he admit he's totally screwed up on his analysis and apologize to his GATAsheep and people led astray via incessant messageboard pumping?

ECU Silver: When is 92.7m oz Silver not 92.7m oz of Silver?

Answer: When it is 20.1m ounces of silver.

Hey guess what? Some guy called Wistar mailed me yesterday and took issue with a couple of things I said about him and his deeply underwater pump vehicle, ECU Silver (ECU.to). I won't go into detail about the mail exchange as it is private correspondence, but suffice to say that he invited me to place my lips on a certain part of his anatomy so you can probably guess the general thrust of his missives.

You know that phrase "red rag to a bull"? Well I'm that bull*. So I've been checking out ECU.to and Wistar more deeply since yesterday, and OH WHAT FUN THIS LITTLE WONKY OTTO HAS HAD! Now I could go into a looooong long-winded takedown of Wistar (quite frankly it would be very easy) but better that we get to the grain of things and see what kind of company this ECU Silver really is.

The most fun of all can be had by checking out its latest 43-101 compliant technical reports. I mean, these are really special reads. Produced by Micon (it's a homophone, probably) they have all the usual disclaimers about how resources can't be relied upon and ECU has no reserves as yet (something Wistar seems not to have captured in his 29 years of suck...SORRY!...of client advisory). But once Micon has disclaimed its own way out of trouble it uses the resource assumptions tables that ECU kindly provided. You'll see why this is important in a minute.

For example, go have a look for yourself (here's the link, but it's a 5mb download) at the 43-101 for the San Diego end of their Mexico gig, which is three concessions collective named Velardeña. San Diego is important because ECU Silver tells the world that it has a total inferred resource of 391 million ounces of silver equivalent. As San Diego contributes 214 million ounces of that total, it's a lion's share lump of the whole game.

Did you notice that word "equivalent", by the way? Yeah, that means that not all those ounces are really silver, but are made up of other metals. In fact, here's how ECU Silver stacks the metals up to 214m oz Ag Eq:

Gold 93,000 oz
Silver 76.47m oz
Lead 876.452m lbs
Zinc 1,046.725m lbs

Well ok, that's all well and good. But once you look at a couple of other tables provided in the 43-101 report, things start to get rather suspicious. Firstly, the pricing table. At San Diego ECU.to prices gold at $775/oz, silver at $14/oz, lead at 90c/lb and zinc at at a whopping $1.28/lb! This means that ECU.to assumes that for every 10.93lbs of zinc it owns one ounce of silver.

14 /1.28 = 10.93

Now go look at current prices for Zinc and Silver. Zinc stands at 52c or so and Silver at $13 or so. So the real ratio should be:

13/0.52 = 25

Yeah, you got it. ECU.to should be saying to you "for every 25lbs of zinc we have one ounce of silver". But no! It's trying to tell you that its zinc is "worth" over double the amount that market prices dictate.

So if we go back to that 1,046 million pounds of inferred zinc resource again:

1,046.725m /10.93 = 92.7m ounces of inferred silver (what they want you to believe)
1,046.725m /25 = 41.87m ounces of inferred silver (something closer to reality)

See the slight difference? Well that's not even half the story, folks! The other half is that nearly all that inferred Zinc is hosted in sulphide rock, and the recovery rate as estimated by ECU.to and confirmed by Micon in the 43-101 is 48%. So the actual amount of zinc that can be extracted from the resource is less than half the contained amount!

41.87m oz /48% = 20.1m ounces of inferred silver.

Look, people, I've chosen just one of the metals from one of the three projects that makes up the Velardeña concessions owned by ECU.to and shown you that when they say "92.7m" the reality is more like "20.1m", AND I'VE USED THEIR OWN FIGURES!

I could go on and on, for example running the same calculation techniques lops off another 38m oz or so of Ag Eq from the inferred Lead resource. I haven't even started on the other two sections that make up the entirety of Velardeña and already 110m oz of silver has disappeared into a puff of reality. And remember that all this time we're talking about an inferred resource, something much less reliable than the still unreliable M+I resources that ECU.to has outlined at the project. There are no economic reserves there whatsoever! However that doesn't stop a charlatan such as Wistar from trying to comment on my blog yesterday (and I quote):

" ....you failed to acknowledge the fact that ECU has 431 million ounces of silver equivalent...."

I failed to acknowledge it because it's a total crock, Wistar W. Holt! What kind of mental blockage or pumphouse attitude do you have that allows you go jump from an inferred resource to "ECU has" anyway? And then check the math above afterwards, because I've already lopped off over a hundred million ounces of that Ag Eq without even trying hard. Not. Even. Breaking. Sweat.

Now you know what to look for you can do the rest of the DD yourself, kind reader. Meanwhile, IKN reiterates its call on ECU.to: Don't buy it, don't sell it, don't short it, just avoid it like the plague.

Disclosure: I've never traded the stock neither long nor short and I never will. I won't be using Wistar's investment advisory service, either.

*horoscope sign is taurus, as a matter of fact