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Christopher Wallace  

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  • Gold Bulls Rejoice As Stan The Man Joins The Ranks [View article]
    Druck may have unloaded, anything is possible. You don't trade a huge position like that for the short term. He would have a thesis which has not yet played out and one for which I cannot see any reason to abandon. We won't know for certain until next quarter, but I think it is reasonable to assume he still holds.
    Aug 26, 2015. 10:23 AM | Likes Like |Link to Comment
  • Gold Bulls Rejoice As Stan The Man Joins The Ranks [View article]
    What a lot of people rejoicing about Druck piling in on gold aren't paying attention to is the fact that only now is he back to break even. He bought 2.9 mil shares and paid $323 mil for them, or about $111 per GLD share. Certainly having him in the trade is nice comfort, but keep in mind so far this has not been a big win. I suspect it will someday, but it might be a bit early for the celebration.
    Aug 24, 2015. 11:00 AM | 1 Like Like |Link to Comment
  • Global rout continues as Asian markets open lower [View news story]
    I suspect Monday will be down. But turn around Tuesday could be a bonanza for nimble day traders.
    Aug 24, 2015. 12:26 AM | 2 Likes Like |Link to Comment
  • Buying The Fear And Hedging With TVIX [View article]
    Well written article; thank you for publishing it.
    Aug 23, 2015. 11:41 AM | 1 Like Like |Link to Comment
  • SPDR Gold Shares Closes A Gap As The Fed Maintains Its Churn On Rate Hikes [View article]
    I understand now. Sounds like you have a core position in gold and were also doing some short term trading in the calls. Nice move!
    Aug 21, 2015. 02:33 PM | Likes Like |Link to Comment
  • SPDR Gold Shares Closes A Gap As The Fed Maintains Its Churn On Rate Hikes [View article]
    Money in investing is not made (or lost) in the buying or the selling; it is made (or lost) in the holding. It does not appear to me that there was sufficient change in anything about your thesis to warrant selling.
    Aug 21, 2015. 10:46 AM | Likes Like |Link to Comment
  • North American Palladium: A Broken Dream Or The End Of A Long Journey For Shareholders [View article]
    Compliments to Fun Trading for having accurately called this from the beginning, for objectively stating his case and for putting up with a few very rude (and equally wrong) commenters while at all times maintaining civility.
    Aug 19, 2015. 04:33 PM | Likes Like |Link to Comment
  • Stillwater Mining: Deteriorating PGM Market Is Now In Plain Sight [View article]
    FT: I agree with your assessment and think it is time to return to SWC. It is always difficult to see the bottom until after the fact, but downside relative to upside at under $10, seems to favour the bulls.
    Aug 18, 2015. 09:48 AM | Likes Like |Link to Comment
  • Still Not Short Gold? Here's Another Chance [View article]
    @contrarian: how would a chart of "paper" gold differ from a chart of "physical" gold?
    Aug 11, 2015. 01:18 PM | 2 Likes Like |Link to Comment
  • Can Long Run Exploration Sustain Its 30% Dividend Yield? [View article]
    The huge premium, basically 100%, to the trading price, cannot be considered giving the company away. But your second sentence is spot on: this is a terrible E&P landscape and unfortunately that is what a highly levered producer is worth in this market. The pull back in the stock price to $0.54 CDN shows the market sees major risk in this deal completing. I am not too sure that I agree fully with that sentiment. I do worry about most of their hedges coming off in 2016.
    Aug 8, 2015. 09:51 AM | 1 Like Like |Link to Comment
  • Time To Sell Gold And Switch Into Gold Miners [View article]
    jsIRA, that is because AISC has climbed commensurately with gold prices in the time frame you mention. Miners are no more profitable today at $1100 gold than they were at $350 gold 15 years ago. It seems that all of the cheap gold has been mined.
    Aug 7, 2015. 03:52 PM | 1 Like Like |Link to Comment
  • Time To Sell Gold And Switch Into Gold Miners [View article]
    I would be worried about the declining costs trend being sustained. Average mined grade has exceeded average reserve grade for most miners for several years. As mined grade deteriorates to reserve grade, costs will rise. That said, in the short term, costs have declined and are staying low so buying the miners as a trade, hedged by a short gold position can make some sense. You just want to execute such that your short gold does not offset all your miner gains if we see a gold rally.
    Aug 7, 2015. 03:15 PM | 1 Like Like |Link to Comment
  • Can Long Run Exploration Sustain Its 30% Dividend Yield? [View article]
    This is great news for the convertible debs.
    Aug 5, 2015. 12:17 AM | 1 Like Like |Link to Comment
  • Goldcorp Inc: Commentary On The Second-Quarter Results [View article]
    A good analysis if the recent Q, Fun Trading. I too have a small long position in GG via Jan at-the-money options. The technical factors suggest to me the bottom in gold is very near: record shorts among speculators in the weekly COT reports; 0 bullish percent reading; total apathy for deals for gold (and pretty much every other) miners. From a fundamental POV, I would say that half of the major producers have AISC above the current gold price level. This could lead to the first Y o Y production decrease in years. Anything can happen in the stock market, but the miners look like a classic "buy when there is blood in the streets" down here.
    Aug 3, 2015. 09:13 PM | Likes Like |Link to Comment
  • China's Ghost Cities Will Haunt The World [View article]
    Well spoken. The "contagion" effect from China's implosion will make Greece look like a joke. Their problem will become our problem.
    Aug 3, 2015. 02:18 PM | 3 Likes Like |Link to Comment
COMMENTS STATS
1,223 Comments
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