Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: SliderOnTheBlack who wrote (4576)	2/25/2007 10:25:39 PM
From: re3	Read Replies (1) \| Respond to of 50526

so just before the curtain comes down for the evening, are you currently short gold and / or gold shares?

To: SliderOnTheBlack who wrote (4576)	2/25/2007 10:27:46 PM
From: orkrious	Respond to of 50526

LOL. I'm a semi-retired day trader thanks to the PM bull. I closed my trading account in 2005 when I realized trading isn't as profitable as investing. That's not to say I don't trade. In May and June of last year when the PMs were getting killed I bought huge positions in PAAS and NG on margin. I sold the NG when ABX bid on it. I still have the PAAS and am holding for LT cap gains. Yes, I've held my 100% fully-invested core position during the dips. It was far easier for me than the average gold investor because I was concurrently short stocks. Last summer as the homies were getting smoked I rolled those short profits into the miners as they were getting killed. Yes, it takes a strong stomach. I've suffered 30% drawdowns in my PMs. But so what. In 2002 I bought my first AZS at US $.75. It's now $12. The same year I bought my first SA at $1.52. It's now $16. I bought PAAS at $4. (I did sell all of my PAAS around $22 in Jan 05 when I read about potential summer 05 election problems in Peru, but I rolled the proceeds into more NG at 9 (now 16) and SSRI at 15 (now 36).) Then I bought the PAAS back under 18 (on margin) when the election was causing consternation in the mkt. So, yeah, I'm a buy and holder of the miners. There may be some traders that have had a higher after-tax return, but I'll bet they haven't beaten me on an after-tax basis. I trade some other stuff, like the homies and lenders on the short side, but that's not the way to true wealth. Back in 2001 or 2002 Richard Russell said there aren't many people who can buy and hold the gold bull, but those that do will be rich. I told myself I could do it then and I have. It hasn't been easy, but it beats calling tops and losing my position.