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Monday
Sep242007
Gold stocks: take some profits
Monday, September 24, 2007 at 02:30PM
Today we decided to take some profits off the table as both gold and the HUI are in the sell zone in our opinion.
We have sold 50% of Kinross, Yamana and Fronteer.
We are anticipating a small correction in the short term before we buy stocks again. We are small enough to trade quickly and have sold these gold stocks in anticipation of them dropping a little in price, thus allowing us to go back and buy them at slightly lower levels. We remain absolute gold bulls with all of our cash being invested in the precious metals sector so I wish to repeat that this is a short-term trade only.
Take care.
For the record:
Kinross Gold (KGC) was sold for an average price of $15.36
Yamana Gold (AUY) was sold for an average price of $12.40
Fronteer (FRG) was sold for an average price of $10.44
We have sold 50% of Kinross, Yamana and Fronteer.
We are anticipating a small correction in the short term before we buy stocks again. We are small enough to trade quickly and have sold these gold stocks in anticipation of them dropping a little in price, thus allowing us to go back and buy them at slightly lower levels. We remain absolute gold bulls with all of our cash being invested in the precious metals sector so I wish to repeat that this is a short-term trade only.
Take care.
For the record:
Kinross Gold (KGC) was sold for an average price of $15.36
Yamana Gold (AUY) was sold for an average price of $12.40
Fronteer (FRG) was sold for an average price of $10.44
Reader Comments (4)
why are you continually printing advice or comments which are outdated?
Ruth,
Could you please explain your point and we have missed it. You are aware that this article is dated 24th September 2007. Just a thought!
I am another reader who is confused by the dates you post in your newsletter. About the only current thing I see is the gold price chart from Kitco. Is there something fundamental I'm missing here? Perhaps the date/time on your computer is set wrong?
John
John,
Some time ago our readers asked us to group together articles about a particular company so that they didn’t have to search the whole site to see what we had written in the past about that company.
So we came up with the idea of relating articles by the company name, which works well for Cameco as the system then groups together those articles about Cameco.
However for articles of a more general nature the system does not work so well. Hopefully we can improve on it in future.
Best wishes,
Bob