I cleaned AGQ off my books for a high teens hit. It was a supplemental position to my physical silver – about 5% of the account when I bought it. 1% net loss, roughly, and now my positions should flow much nicer.
SCO is screaming higher as oil implodes. I reduced some of that hedging the other day for profits, but am retaining a position to help give me more neutrality. EUO is also pushing up, but not as fast or hard.
Mixed day so far. I’m expecting a big selloff. Defensive plays are the name of the game.
My favorite position right now: Cash
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whats your take on the miners? EXK particularly
Buy the ones with divvies trading below tangible book with old claims. Founding mgmt is also a plus.
I’ve never been interested in the miners. Having something of value is very different than creating revenue from something of value.
JakeGint is more knowledgeable than myself on the subject, and I would encourage you to pose this question to him.
There’s an old adage about a gold mine being a hole with a liar standing over it
Cain, having worked extensively with a legitimate development stage miner over the last few years I can tell you that the adage is as true as ever. The frauds, unfortunately, dillute the available funds within the sector, thereby suppressing the truly viable projects. That said, there are some truly astounding mining bargains, especially in the more hospitable regions of colombia.
Oh? Do you have a list of anything publicly traded?
I don’t feel I’m qualified enough to tell the difference between a good mine and a terrible mine, other than by identifying cash flow. And precisely because it’s PM’s, I just have a feeling I would get played for a sucker, dragged into something full of cheap accounting tricks and borderline fraud.
Compiling one now; I’ll pass it on after the close
http://www.grancolombiagold.com/files/GCM%20-%20Consolidated%20Financial%20Statements%2012-31-12%20FINAL%20(with%20Audit%20Report).pdf Check these guys out for starters