Buy opportunities were all over the place. I had very little sleep last night, as I am very heavily positioned in many different equities. Jesse, as you know, ACA is my biggest dollar position with a few blue chips and other Diamond explorations. I was concerned over possible huge paper loss. This morning, before the North American markets opened, I tried to convince myself that there are no economic indicators that can justify such a selloff. As most of you know, this morning, the TSE was down approx. 230 points in fifteen minutes of trading. I did not sell, but was almost in tears. I had about 15% of my portfolio in Cash and started fishing for good stocks. I spent about 5%. I hope not to many of you sold in the panic selling. I had sold 60% of my portfolio, 10 years ago, on Black Monday at a loss. I know the feeling.
I have been communicating with a few of you privately buy it has been awhile that I don't post anything so let me share an opinion or two.
1. Assuming the markets don't go into another bizarre sellof, Ashton is a long-term buy at these prices. Stock should recover well within the next couple of days and trade back at the $6.00 plus range.
2. As well, I can't disclose the source, but there is a rumour on the streets re a new kimberlite. If Ashton confirms such a finding and confirms it is part of the K14 family, I and a few other people beleive the bulk sampling will be real good.
3. I hate to say this for the Gold Stock lovers but Gold Mining stocks are not and will not be in the limelight for a long time. Diamond stocks and a few metal mining stocks will outperform the market for the remaining of this year and next. |
