start here

start here

The Daily IKN email digest, get all daily posts sent to you next day (& no ads)

I say things on Twitter

4/15/08

stocks and stuff mentioned in April (so far)

Here's a little recap of the stocks'n'things mentioned in the last two weeks. Let's see how we've been doing.


It started by covering the BG short, opened at 98 and 95, and closed at 86. Pretty good trade, though i am kicking myself for being chicken and not going long afterwards. All that preservation of capital stuff froze me, so I just watched as BG zoomed to $108.58 (today's close). Humph...missed opportunity, and basic mistake.

On the same day I went long GLD at $91.64, then added to the position a few days later at a knockdown bargain $86 and bits. With GLD closing at $91.66 tonight that's a winner, and I still have $95 as my selling point. As well as the gold ETF, I added a chunk of physical gold last night at $929. I repeat that these are trading positions and nothing to do with the long term gold positions.

Here I sold non-core holding PCU at $120 (the buy was off this blog's radar, but it was at around $105 a few weeks back). Then tried to get clever with shorts, timed it badly and lost a buck or so. Since then PCU has basically flatlined, and there's no rush to get back. Meanwhile, the ongoing spot copper call is working out just fine, with $4/lb cu strong resistance and today's close at $3.92/lb.

Next, I highlighted why I like Aurelian after it closed at C$8.75. It's down a bit since then (closed $8.34 today), but the whole point here is to wait for a couple of months, see how the new Ecuador draft mining laws come out and then expect the buyout offer. ARU showing a technical loss here, but ain't sweating at all.

Just last week I wrote up on Candente Resources, and since then the stock is up 6.5%. Not bad, but I reckon there's plenty more to come. Still dirt cheap.

Last Friday, I reiterated my short call on Chilean ETF fund, ECH. So far we're in positive territory there, but only just. 0.6% means we've covered the commissions costs and not much else. The position is still open and the initial target is still $48. Key to the play is the evolution of the Chilean Peso, and this week Chile's central bank has been actively intervening as promised.

This week I wrote this note on Global Copper (GLQ.to) and Los Andes Copper (LA.v). GLQ can only be called a technical victory, because the very next day before the bell it announced the sale to Teck Cominco and shot up 25%. However LA.v has done very well, up 13% in just two days' trading, and good volumes too. Somebody mailed in today and asked me for a target on LA.v, and i replied that under the present circumstances I think it's worth around 0.80. That target is NOT set in stone, however. Vamos a ver........

Finally, today's note on Telecom Argentina. Lost a touch today and closed at a round U$20. Early days....let's comment in the next update note in two weeks' time, yeah?

All in all, not a bad two weeks. The copper call is working well, and LA.v has made this week so far. I'm still annoyed about not going long BG. PCU is still held in the LT port, but there's not much reason to add any trading shares right now, imho. Gold looks good, in LT physical, trading, and ETF form. Plenty of patience there.

Look for another of these updates in 2 weeks' time. Also, look out for the sneakydeaky quiz V answers out tomorrow.