Wow, that was quite a hit to take when the Dow capsized back then...
My story is I was mostly flat going into the crash, except for a few XAU puts I had purchased a few weeks before for about $600 bucks... On the day of the crash, when Bill Griffeth's face was turning as white as a ghost on the old Financial News Network, I was getting frustrated because my little XAU puts were not participating in the huge down move, so I tried to call my broker and close the position, but could not get through...
So the world almost ended and the next day the sun did in fact rise, and when I tried to sell my XAU put again, the price had zoomed up to something like 27!!! Back then, the gold stocks took a big hit after the crash, I guess partially because of people trying to meet margin calls. So because I could not get through to my broker, my percentage gain was remarkable, even though it was a small position, Wish I could do that every week! <g> |
