Since my last post I've invested the $20.5K cash on hand at that time plus another $21.5K of new margin. Reacquired my Coeur D'Alene and Franco Nevada Wts. holdings at a 20+% discount and added to my Aurizon Gold position.
I also made a dumb, mistaken sale of my New Gold Wts. at $.35 (I wanted to sell my US Gold Wts.) I reacquired 15,000 (50% of my position) New Gold Wts. @ $.37 and will probably have to pay more for the other half. Meanwhile I'm still trying to sell my 30,000 US Gold Wts.
I'm looking to buy Pacific Rubialis Energy Wts. (PRE.WT-T) but fear I have missed the boat.
Thursday, June 25, 2009
Wednesday, June 3, 2009
RESULTS COMPARED TO YARDSTICKS
I know it's been about a month since I last posted to this blog and I suppose that's because I didn't have too much to talk about. Gold was in the doldrums while the rest of the stock market was moving up like gangbusters. Can you believe that on the day that GM's bankruptcy was formally proclaimed in the press, stock markets moved up sharply?
My general thesis (that this bull run is past due for a substantial setback) remains unchanged. I must confess that I'm starting to loose faith in these predictions. After all, every day brings forth a 100, 200 or 300 point rally (even on bad news).
Since I started measuring my Precious Metals Portfolio performance on Feb. 5th, 2009....Here is how things stack up as of June 2nd close:
My Portfolio: + 26% (includes current holding of %15 cash approx. $20.5K)
Dynamic Precious Metals Fund: + 19.7%
Toronto Global Gold Index (TTGD): + 6%
SPDR Gold Trust NAV: + 6.7%
Gold Futures (near month out): + 7.1%
As you can see, there hasn't been any advantage derived from the modest 6% increase in the price of gold compared with the more remarkable 7.8% and 16.3% valuation gains registered for the DOW and TSX indexes respectively during this same time frame. Basically we are all still patiently awaiting the day when the price of spot gold really heats up. Unfortunately I don't know when that will be. In the meantime, if my holdings move up substantially, I often sell. In this market environment, I'm frequently handed the opportunity to repurchase later on at a reduced price.
The biggest contributors to my success have been:
Couer D'Alene Mines (CDE-N) A US based silver producer
Rubicon minerals (RMX-T) Vancouver based exploration company
New Gold (NGD.WT.A-T) Intermediate consolidator of other producers
I've sold out my Yamana warrants since they will expire next February and I don't want to risk any timing issues. Yamana stock remains a solid holding in my opinion but I like the leverage provided by warrants so I am replacing this position with Franco Nevada Warrants (FNV.WT.-T) which expire March 13, 2012.
Perhaps the most interesting and meaningful news is that SPDR Gold Trust inventory of gold bars, after holding steady since April, has increased by 30 tonnes in the past 7 days. So keep your powder dry!
My general thesis (that this bull run is past due for a substantial setback) remains unchanged. I must confess that I'm starting to loose faith in these predictions. After all, every day brings forth a 100, 200 or 300 point rally (even on bad news).
Since I started measuring my Precious Metals Portfolio performance on Feb. 5th, 2009....Here is how things stack up as of June 2nd close:
My Portfolio: + 26% (includes current holding of %15 cash approx. $20.5K)
Dynamic Precious Metals Fund: + 19.7%
Toronto Global Gold Index (TTGD): + 6%
SPDR Gold Trust NAV: + 6.7%
Gold Futures (near month out): + 7.1%
As you can see, there hasn't been any advantage derived from the modest 6% increase in the price of gold compared with the more remarkable 7.8% and 16.3% valuation gains registered for the DOW and TSX indexes respectively during this same time frame. Basically we are all still patiently awaiting the day when the price of spot gold really heats up. Unfortunately I don't know when that will be. In the meantime, if my holdings move up substantially, I often sell. In this market environment, I'm frequently handed the opportunity to repurchase later on at a reduced price.
The biggest contributors to my success have been:
Couer D'Alene Mines (CDE-N) A US based silver producer
Rubicon minerals (RMX-T) Vancouver based exploration company
New Gold (NGD.WT.A-T) Intermediate consolidator of other producers
I've sold out my Yamana warrants since they will expire next February and I don't want to risk any timing issues. Yamana stock remains a solid holding in my opinion but I like the leverage provided by warrants so I am replacing this position with Franco Nevada Warrants (FNV.WT.-T) which expire March 13, 2012.
Perhaps the most interesting and meaningful news is that SPDR Gold Trust inventory of gold bars, after holding steady since April, has increased by 30 tonnes in the past 7 days. So keep your powder dry!
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