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Kinross Gold Corporation: Sold Our Stake

|Includes: Randgold Resources Limited (GOLD)


By Bob Kirtley


skoptionstrading.com



KGC Comparison Chart 11 November 2010.JPG

When compared with gold, silver, the gold bugs index, GDX and GDXJ, the Kinross Gold Corporation (NYSE:KGC) has under performed. It may take some time for Kinross to complete its digestion of Red Back Mining and the ensuing company restructuring. As we can see from the above chart Kinross has made no progress so far this year.

Our patience has come to an end so we must bid farewell to the Kinross Gold Corporation, today we sold all of our shares taking the cash back to the side lines where we hope to deploy it in such a manner as to enjoy a good return it.

This is a brief history of our how we traded Kinross in the past:

Kinross Gold (KGC) we originally acquired Kinross at $10.08, Kinross then went through a bit of a pull back so we signaled to our readers to “Add To Holdings” at those discounted levels of around $11.66. We also gave another ‘Kinross Gold BUY’ signal when we purchased more of this stock on the 20th August 2007 for $11.48. On 31st January 2008 we reduced our exposure to this stock when we sold about 50% of our holding for an average price of $21.96 locking in a profit of about 93.60%. On the 24th July 2008 we doubled our holding with a purchase at $18.28 giving us a new average purchase price of $14.50.

We sold Kinross Gold today for $18.69 today, for a profit of 26%.

We wish Kinross every success in the future and will place them on the watch list in order to keep this company under observation as they now have massive reserves.

On the skoptionstrading front some of our ’stops’ were triggered yesterday sending us back into cash with some good profits, we will update the chart on the skoptionstrading site this weekend.

SK Chart 23 Oct 2010.JPG

The above progress chart is being updated constantly. However, to see exactly how it is going, please click this link.

So, the question is: Are you going to make the decision to join us today?

Stay on your toes and have a good one.

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Disclosure: KGC