It is funny how quickly the worm can turn. I was kicking self just 2 weeks ago that I picked the wrong horse by choice of exposure to silver [Feb 12: Silver 3 Months Later - I Picked the Wrong Horse]
At the time the stock was $15. Now 2 weeks later, after an "ok" earnings report [Feb 25: Silver Wheaton (SLW) Ok Results, but Some Massive Expansion Opportunities] we're in the $17.60s. I believe this has more to do with the boom in commodities (along with the overhang of Goldcorp selling finally gone), but this is a 17%+ move in a very short time so I am going to lock in some profits. This is not a major position and I'd like to add back at lower levels now that Silver Wheaton is acting "normal" again (plus I will increase my exposure when I do buy to a larger % of portfolio); but I am going to cull some today. While this position might ying (go up) while the general market corrects, I still don't want to lose such a nice short term profit to the bears....
p.s. Taking a little Kinross Gold (KGC) off as well...the chart looks identical to SLW in the past 2 weeks... that is "vertical". I don't want to take too much away from my core position, because the Fed is playing right into precious metals hands as a 'store of value' vs fiat money printing press.
Long both names in fund; long neither in personal account
1 comments:
It's amazing the overlap of the stuff you own/buying and what I have.
Currently hold a few March 15 calls on SLW. I closed half my position back in Jan around similar price. I was worried a few weeks back when GG was selling their shares.
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