Seeking Alpha

Gold (GLD, IAU) and silver SLV, PSLV) stocks finish with huge gains, as bargain hunters swoop in...

Gold (GLD, IAU) and silver SLV, PSLV) stocks finish with huge gains, as bargain hunters swoop in to buy beaten-down miner shares. KGC +9.9%. ABX +5.9%. GG +8.5%. NG +9.3%. CDE +9.6%. SLW +7.5%. PAAS +7.1%. NEM +8.1%. SA +12.9%. SBGL +6.9%.  (earlier)
Comments (18)
  • Doug Eberhardt
    , contributor
    Comments (2727) | Send Message
     
    That's much better SA....

     

    You forgot USLV and NUGT which were up 18% and 21% today.
    28 Jun 2013, 04:25 PM Reply Like
  • Kilborn
    , contributor
    Comments (15) | Send Message
     
    I sold ANV yesterday afternoon after several days of beatings. Had a 25% stop loss on it, thinking I was fine. It hit after like 4 trading days at $5.4601, and got raw from the whuppin.

     

    "I was wrong," I thought, "but I did the right thing. That's what trading rules do - take the emotion out of the game." I was happy, even pleased, that I didn't make this trade an investment.

     

    Until today, when I watched it close at $6.48, only 18.6% higher than when I sold yesterday.

     

    The only way I'm gonna get rich in the stock market is by selling my proven stock picking system:
    When I Buy, You Sell.
    When I Sell, You Buy.
    28 Jun 2013, 04:53 PM Reply Like
  • Kilborn
    , contributor
    Comments (15) | Send Message
     
    P.S. It looks like I sold out yesterday to an insider. Terrific.
    28 Jun 2013, 04:54 PM Reply Like
  • Straychan
    , contributor
    Comments (152) | Send Message
     
    Don't try and trade, invest.
    28 Jun 2013, 05:29 PM Reply Like
  • Kilborn
    , contributor
    Comments (15) | Send Message
     
    Thanks Stray. This trade was slated to be a long-term trade for me, based on very good value metrics, and that's why I had such a big stop loss number on it. Losing a quarter of my position was - I thought - large enough to withstand a good amount of capitulation, which many mining stocks are going through right now.

     

    I'm not going to be involved, however, if the current trend (hindsight - ugh!) on a trade continues to the down side. This is debt-laden, and their backs are against the wall to expand on their current properties given the gold price and difficulty to attract capital. Their dilution in the $10s solved some debt problems, though not all.

     

    Regardless, this is a cheap stock with great potential properties if the gold price can get back on track.

     

    I got stopped out, so I missed the timing or missed the company, something I'll look at after a week or so.
    28 Jun 2013, 06:07 PM Reply Like
  • J Collins
    , contributor
    Comments (178) | Send Message
     
    Supposedly Buffett puts his stops on specific valuation metrics and never on prices. Seems to work like a charm over a long enough timeline.
    28 Jun 2013, 07:10 PM Reply Like
  • Gene Jaquet
    , contributor
    Comments (499) | Send Message
     
    @kilborn Welcome to the club.

     

    After 20 years of trading, I'm sticking to the only proven formula : buy and hold big, solid, boring stocks, preferably with a decent yield, come hell or high water. GG may not quite qualify, but I am holding through the downturn, and who knows in a couple of years...

     

    PS stops only serve to enrich HFT traders.
    29 Jun 2013, 04:44 AM Reply Like
  • Straychan
    , contributor
    Comments (152) | Send Message
     
    It will be fine, Gold's price will come back. I just don't know when. I don't own ANV,but I own physical. I'll just hold through the fluctuations and end up fine in the end. Good luck, Kilborn.
    29 Jun 2013, 10:45 AM Reply Like
  • lecso
    , contributor
    Comments (82) | Send Message
     
    This may be a short lived bounce of these very oversold miners. Gold is still very much in down trend...
    28 Jun 2013, 05:04 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (8176) | Send Message
     
    Shorts had better get used to days like today.
    28 Jun 2013, 05:13 PM Reply Like
  • pagreen1966
    , contributor
    Comments (573) | Send Message
     
    Been a superb day for gold miners. My favourite play, (RIC), is up 16% on the day. Hopefully the turnaround has started!
    28 Jun 2013, 05:13 PM Reply Like
  • chuck lewis
    , contributor
    Comments (341) | Send Message
     
    Editor The Lewis Letter
    Peter Schiff, Blanchard writer deserves the kudoos for a great call yesterday predicting a"vicious gold rally". I added my two gold coins when Biryli called for a gold short and I predicted the squeeze would make him disappear. If in fact a short squeeze develops gold could get to $1400 per oz in a flash. Meanwhile, today ended the second quarter and those gold stocks that rose must be new portfolio entries as their prices were dressed up. Think, yesterday's NEM dividend was over 5%.
    28 Jun 2013, 05:25 PM Reply Like
  • Sharplikecheddar
    , contributor
    Comments (88) | Send Message
     
    I love how the message boards were flooded with people trash talking Peter Schiff all week. I averaged down all week and am so glad I did. I have nothing but time. Seems to me my PM's always make a run about mid summer and provide great returns going into the fall.
    28 Jun 2013, 05:43 PM Reply Like
  • J Collins
    , contributor
    Comments (178) | Send Message
     
    If a big bank like JPM is in risk of getting caught in a metal related short squeeze, they will just dump more paper on the market. It's as simple as that.
    28 Jun 2013, 07:15 PM Reply Like
  • PM's Rock
    , contributor
    Comments (99) | Send Message
     
    Let them. Eventually physical will dry up and production will diminish. Then supply and demand will come in to play. What you are forgetting is the majors are closer to net long now. This suggests to me we can easily see a spike soon.
    29 Jun 2013, 06:16 AM Reply Like
  • thatsforschur
    , contributor
    Comments (45) | Send Message
     
    Bought Collosus and Teracco the day before. Both up, 20pc and 13 pc respectively. All my other pm's have reversed dramatically. Could the experts be wrong AGAIN?
    29 Jun 2013, 01:44 AM Reply Like
  • hecky
    , contributor
    Comments (89) | Send Message
     
    Some that are smart are looking for bottoms at $1000 and $17 for gold and silver. Might be kind of early for a real reversal.
    I have not sold my PM stocks. Somehow I still think metals are a long term buy.
    29 Jun 2013, 02:31 AM Reply Like
  • Lturco
    , contributor
    Comment (1) | Send Message
     
    Believe your plan, persist and have diversity of investments. Live with the "not easy or painless" scenario. If you don't-- you will sell to early and buy to late. It is not over till the golden lady sings.
    29 Jun 2013, 01:53 PM Reply Like
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