Hello Pezz, Today’s Report:
The main issue for today was Message 19261393 , as in ‘what to do with HKD hoard?’
To remind you, I had sold my out-of-favor AUD Message 19252161 for a bushel of disliked HKD, and I must do something, almost anything, to get out of HKD, given its close relationship to that other disaster-to-happen called USD.
The secondary issue for today was that gold has risen quite respectably in the past few days, and notwithstanding my great love for gold, my paper gold position (as opposed to my physical gold position) was always meant for trading. I fubbed the trading a few times, and may fub it a few more times, but I must keep trying.
I am highly reluctant to trade my beloved gold, physical or paper, but I remind myself of that strange, ugly, and pathetic little character in “Lord of the Rings, Twin Towers”, slave to hobbit, that goes around mumbling, ‘master stole our precious (ring)’ and the folks that were destroyed by their love of gold.
Anyway, philosophy and fairy tales aside, I did thus:
(a) Reduced my gold allocation from 14.6% down to 12.6% at today’s price, claiming a 14% gain from this purchase Message 18826924 <<April 11th, 2003>> when the world’s debt looked to be less, geopolitical situation looked brighter, victory in wars sooner, and triumph of conquest more total.
(b) Converted a whole lot of HKD into CAD, upping CAD allocation to 25.2% from 18.6%.
Yes, now I am way the *&^$%4?! over-weight in CAD, which is a big gamble for any USD-denominated financial refugee. I just figure that there are currencies, there are other less worthy currencies, and then there is gold, and they must all be traded, because there is no null-position, and there must be no rest for capital.
I am keeping the pot stirred in my attempt to solidify, protect, and otherwise crystallize my 12.13% NAV gain (translates to a 17.9% gain on actively managed portion of asset) for 2003. This is all hard work.
I am prepared to continue selling down my paper gold as it rises, and continue buying CAD as it falls.
Chugs, Jay |
