Around ten yesterday morning I was watching spot gold plunge below $885/oz. I considered this to be a serious breach of a technical floor and I had been thinking that spot gold should have been going up for the past few days but seemed determined to fall. So I decided to sell $26,000 worth of my holdings on a modest gain basis thereby substantially eliminating my margin position. Was this a mistake or what?
Jackie and I went downtown with our good friends Tom & Carol Ridout to watch the play "Spring Awakening" at the Canon Theatre. When we returned at 5:00 p.m. and I checked the market, HOLY JUMPIN XBSZHYTCXZ! spot gold was up over $55.
I'm really not mad at myself for having the discipline to sell when an important threshold is breached but I can't help but LOL...Isn't life interesting.
My other $110,000 of gold holdings did quite nicely and as of today my gold/silver portfolio is up 8.4% from the Feb. 5th benchmark. I can't help but notice that my senior gold producers (Kinross,Yamana, Goldcorp & Iamgold), which make up over 50% of my total cost base, have increased only modestly (up 1,5% since Feb. 5th)while my junior holdings (New Gold, U.S. Gold, Rubicon & Victoria) are up over 25%. My major silver holding, Coeur D'Alene, gained 33% today but my two silver holdings are up only 8% from Feb. 5th.
It's also worth noting that SPDR Gold Trust added over 20 tonnes of gold to its inventory in the past few days.
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