Resource nationalismand political risk for mines south of Rio Grande not reflected in market imo. Interesting blog post on iknnews.com about court ruling in ecuador giving the forest legal rights and potentially crippling mineral exploration and new mine construction in ecuador going forward. Recently Mexico not renewed permits for a couple of producing silver mines and in Peru the Chinese shut down a large copper mine with silver byproduct due to blockades by the incas. I expect chile to elect a left wing president then gubmint will jack up royalties on mines causing collapse in investment in mines and production in chile. Of course investment in peru and mexico likely to collapse too due to politics...even mexico stalwert FR investing in Nevada instead of mexico. Scenario suggest much less gold silver and copper produced in future so higher prices for metal but as investorto get benefits you must be invested in mines in tier 1 jurisdictions.