Jan

11

Sold AUY Jan 2009 $10 calls

January 11, 2008 | Leave a Comment

This afternoon I decided to sell my AUY $10 LEAPs at a premium of $7.20, netting a very nice 65% gain. Earlier I had said that I was thinking of shorting the GLD to hedge out my gold exposure, but after giving that second thought, I decided that I really didn’t want to get in front of gold quite yet, but the bigger caps were starting to look just a bit tired. Additionally, I saw the juniors begin […]

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Dec

6

Major changes to the portfolio

December 6, 2007 | 2 Comments

I made some major changes to the portfolio today, so I’m just going to go down the list.

Sold:

CGLD.OB–I sold my entire position over the last two days at an average price of 72 cents. I had been bullish on the stock up to now, but the company’s December 3rd filing with the SEC for a sale of 58 million shares (mostly from insiders and large holders) came as a big surprise. I can sit there and justify the […]

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Oct

29

Sold AUY

October 29, 2007 | Leave a Comment

This morning I decided to take some profits in my gold trade by selling AUY at $14.90. Having entered into a large position in CGLD.OB on Friday, I have a very sizable gold holding, and I’m pairing Yamana simply to cut down the overall exposure to gold and take some profits. This was a nice quick trade.

Oct

26

Buying back some gold

October 26, 2007 | Leave a Comment

This morning I decided to buy back a portion of my previous gold positions. I had been wary of a reversal in gold and had sold a chunk of my positions in order to wait for a more bullish technical environment in the dollar. With the dollar crashing through its previous lows against the euro, we got that technical signal, and I’m once again buying gold. Today’s dollar move was a big one indeed, and gold followed […]

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Oct

23

Paring my gold positions, taking half my profits in CPHI.OB

October 23, 2007 | 3 Comments

This morning I decided to pare my gold positions by about 50% by selling half my position in VGZ at $5.26, two-thirds of my position in AUY at $13.76, and my entire position in ABX at $41.21. I also decided to sell half my remaining position in CPHI at $3.70.

I’ve made no secret of the fact that I’m not incredibly bullish about the market here, as I believe we are going to be marking time at least through […]

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Oct

19

Selling sizable long positions, going short, and buying gold

October 19, 2007 | 6 Comments

Today’s market is just plain ugly, and I am beginning to have serious worries about the economy flipping into a recession. In fact, the more I listen to companies guidance (CAT, UNP, etc). In fact, I am willing to bet that the U.S. is already slipping into recession, but we have yet to actually see it in the numbers. The way that both the stock and bond market have acted in the last few sessions is telling […]

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