Yes, he faces a risk in bringing $5.0 billion investment into a relatively dirt poor country, but the prospects of over 100,000 jobs will pave the way to Friedland's success.

The UBS Research team somehow puts Mongolia into the same mix with Bolivia and Congo, but I don't see that. I met the leaders from Mongolia at PDAC, and I believe from that experience and others that they know where their bread is buttered. They decided to adopt Robert Friedland as one of theirs, thereby giving Bob a major stop in his travels along the Silk Road.

Nothing is going to change that. I know Bob; Bob will find a way.

I fully expect the President of Mongolia to reverse the first rushed step to burden foreign investors with a silly excess profits tax. I anticipate his veto.

UBS has a price target of US$14.42 (C$16.00), which I think is reasonable. But, you know my feelings on Ivanhoe and Bob Friedland, so I won't expand on it for now.

If I have the time today, I will go into the promotional tactics of this amazing promoter. I think you will learn a lot more from that.

10:50am Update on gold