(Can you believe this guy once married the most beautiful woman in the world?)
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It’s an unsettling time isn’t it? Jake just said to you scant days ago, “Time to trim the sails, we’re in for some rough weather,” and yet silver keeps marching up to some argent Elysium, like a donkey with an egregious rutabaga tied to its head.
It can be frustrating, no? Well, don’t take it hard. Heck, I sold almost 2,000 shares of AGQ the other day thinking I’d buy back in the low 200’s. Silly me.
But I don’t let stuff like that get me down. As I was explaining to a compatriot on The PPT today, we shouldn’t be afraid to hop right back on, even at a higher price, as long as we maintain the discipline to re-invest the same or smaller moneys that we originally received in exchange for our sold shares.
This is important to remember. Just like in the wider stock market, there are plenty of other shiny metal fish in the seas, and we need to build the maturity to be able to re-allocate resources to other, perhaps better valued opportunities. A good example I can provide would be my decision, some time ago, to sell some SLW and apply those funds to a new stock I’d decided reminded me of old SLW at the $3 level at which I had originally begun buying it.
That stock, some of you may recall, was EXK.
Today the cycle turns again, and I find myself selling off some (about 30%) of my “topped off” position in EXK in the $12+ regions. Those on The PPT will attest that I took a full 10,000 shares off last week.
I have yet to buy any back, and I may never do so. My eye has turned to other seeds that may enrich my garden plot. Perhaps some GPL? Some AG? A touch of AUMN, or crappy BAA?
… or maybe, just maybe some more XG, my favorite spinoff junior goldie, which is beginning to look might ripe:
Stay thirsty, my friends.
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Greatness.
Jake is Dr. Goldfinger.
Well said Mr. Zombie.. Thank you Jake.
Pyramids < Puma Punku < (Ric Ocasek + Paulina Porizkova)
http://www.2flashgames.com/photo/paulina_porizkova/Paulina_Porizkova_0002.htm
http://www.thenepaliclub.com/articles/articlePic/0811_paulina_porizkova_3390326_fame_exc.jpg
That Rock and Roll is a powerful thing. Of course, he’s Slavic in ancestry and that may have served to garner her mother’s favor or something.
Just remember her making my early teens bearable. She wasn’t a ten, she was like a … fourteen or something.
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Got new cash today and enough Pilot to cover the original investment …. WTF!!!
Or should I say …….. DOH!
Love the Cars and Paulina.
Second that
I may actually get satellite radio just so I can tune to “First Wave” Channel 22 and listen to old Cars tunes, among other great early to mid eighties New Wave classics.
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Thanks Jake. Great commentary. $XG is suffering from spin off identity crisis. It doesn’t realize it’s a $10+ stock. yet.
Dr. Goldfinger indeud.
Jake, well said as usual.
Physical metal buying in Asia is going nuts and our government will, i am sure, manage to scare the crap out of the markets before they agree on debt/ceiling debt reduction. So there are strong fundamentals at our back for another few weeks. Th shallowness of the pull back affirms the strength of the market. Adding today and the next couple of days AGQ and DGP.
Thanks for all your guidance
(Attention Pikers: Sikander was the inspiration for this post, and one of the big brains whose insights and trades you miss out on by not being a member of the PPT).
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Thanks for the update Jake. So, will you be buying back your AGQ today?
Likely not.
I’m still (stubbornly) thinking there’s going to be a pullback. Besides, I’ve got enough AGQ left that I won’t be too disappointed if I’m wrong.
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Thanks for your insight. I still hold 1/2 position for now (HZU.TO)
I had no idea how important silver is to alternative energy plays. Come to find out it is indispensable to solar-panel and solar-mirror manufacturing.
“Silver is vital to a great many electronics and technology applications – which also include wind energy, geothermal energy, and any alternative energy scheme that depends on the storage, management, and transmission of power.”
Apparently it takes as much as “80 tons of silver to produce 1 gigawatt (GW) of solar power. At the present time only about 7 GW of solar-generated energy have been installed.”
“David Morgan, editor of Money, Metals, and Mining, states in his special report Silver in the Next Decade, ‘To make it crystal clear, there is not enough silver to provide solar energy for the earth’s six-billion-plus people.'”
This all sounds rather sensational but it does make me think that my silver investments/trades are worthwhile.
I wouldn’t get too starry eyed on the industrial side. There are always substitutes for silver, and at some 8x it’s 2001 price, people are shifting to them.
Silver is a store of value, like gold. It’s appreciation will be driven by denominational destruction for the most part. If anything, government money for bullshit enviromental “solutions” that cannot pass economic muster without subsidy will be greatly diminishing going forward. If solar is to become economically feasible sans subsidy, it will likely have to eschew silver.
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Do you produce words like “eschew” during verbal communication? I’m only curious because your vocabulary is massive and always accurate.
Yep.
On the other hand, I also use words like “yep,” and, after a decade plus of living down South, I even say “y’all” every now and again. Variety is the spice of life. (I use cliches too!)
I encourage people to expand their vocabulary, but perhaps not for the most apparent reasons (i.e., self-aggrandizement)… I encourage it because there’s nothing more satisfying than finding the perfect word or turn of phrase in written or verbal usage.
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The hand of Stephen Donaldson shines through once again.
Or Rex Murphy.
Definitely not the overly verbose Donaldson, andf I haven’t read enough Rex to compare… but I’d take a comparison to Mark Steyn any day!
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Oh sure. The only reason I am buying gold and silver is because of what the government is doing to the lettuce. There is wholesale destruction of our monetary system happening. I’m beginning to think the next 3-5 years for PM will be like the great dot com years. Anyway, the green movement is bovine scatology at best. But anything that can move my silver holdings to the upside is worth noting. If folks think the industrial uses of silver will help increase demand then I will cheer them on.
Jake.. few days ago on your blog I read about IAG (I liked that long cocking weekly chart, besides that I did not have any exposure to gold in my holdings) and I decided to buy a first chunk on it (around 23 usd) since then it has come down to a point that either I cut it and take the loss or add on it (I know you are not here to give personal advices but just wanting to know what your expectations on this company are – long term – and what would you do in my case) thanks for your great help as always!!
I am as disappointed as the market in IAG’s converting gold assets (albeit minority stakes in other projects) into crappy cash. I believe what you are now seeing is IAG being assessed an “acquiror discount” as opposed to an “acquiree premium” which is what I want to see in all my stocks.
Now all that said, by cleaning up it’s balance sheet IAG may become more interesting to its larger competitors and they may engender a bid as a result. That’s why I will not be bailing here at this juncture.
Let’s just keep our fingers crossed that they get a bid before spending that billion in cash somewhat stupidly.
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thanks Jake.. that helps me a lot (I will then keep the position without adding to it and lets see what happens) keep doing such a great job as you are (I am following you on EXK since the 3s
Alrighty!
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Jake – are you holding the PLGTF spun off from the FRG takeout? (also asked in the PPT)
Yes, but its only a small amount of my portfolio. I certainly do not want to be selling on “first sell day.”
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speaking of spinoffs, why has XG always performed better than it’s father, XRA? Considering it was free money, i can’t get mad at XRA for birthing XG and then sucking wind. But it would be nice to see it get going again.
Still stalking AAU…
I did not realize that there were others working at this internet. Now that you have made yourself known to me, I will keep an eye on your work.
Talley-ho
Biff Uppington
Welcome, old bean.
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Jake, do you still have QSURF shares? I followed you in to that one, and thank you/God it gained 31% as of today. Its my only PM position and only 1/2 size. I don’t watch closely and wonder if its time to sell it with profit. Thanks.
Still have it, but I wouldnt’ consider it a “PM” stock. More like a “rare earth” stock.
Still have about 6k shares.
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Thanks Jake. Do you have a target price in mind? Wish I have 6k shares!
I really don’t as it’s broken out in free air here. Just keeping an eye on it. I’ve already trimmed some, so I’ll probably just hold the rest.
What is that in your avatar, by the way? Some kind of Catherine Wheel?
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the avatar is from a folk art piece, lion dance for prosperity.
http://acrossthestreetnet.wordpress.com/2011/04/14/why-silver-is-still-the-best-revenge/
Good stuff, thanks.
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My pleasure.
Check out the Smashing Pumpkins cover of this song – fantastic imho