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Gold/Mining/Energy : An open letter to jr. gold investers by Ron Pitts 03/27/97
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To: William H Huebl who wrote (94)3/30/1997 8:54:00 AM
From: David R. Schaller   of 297
 
William, you look "golden" now, but don't take to long to unwind your position. Things can move fast in this market.

A few rambling thoughts:

It has been mentioned several times on this thread that Barrick drilled 100 holes on Busang. Their spokesman has denied that they even drilled one hole. Thinking is they took 100 samples (tainted?)

The notion of taking profits on stocks that have appreciated is an interesting one. In my mind, before I sell a stock I ask "what am I going to do with the proceeds?" Is there a better play than the one I'm already in? (assumes a diversified portfolio) If not.. why sell. I currently have a double in St Jude. If I sold half, where is the better investment? What has more potential? They have lots of cash, great prospects, honest management, Not IN INDO! ect, ect. I do this with each stock. If the stock doesn't look overvalued why sell. My guess is that for most of us, if we sell off half a position..we don't put the money in T-bills..we buy another mining stock. When the whole sector gets blown out, having moved half of YRI to IPJ wouldn't help.

Late last year I moved almost my entire portfolio to gold stocks. In the last three months (even after the blow-out) I'm still left with two doubles +, one 50% gain, & one 30% loss. Where else can you find such great returns? Selling some of them to hold cash or buy something else isn't in my game plan. Unless I find another stock that I like better than the ones I own..I'm holding.

Best to all on Monday.

Dave
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