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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG -- Ignore unavailable to you. Want to Upgrade?

To: TheSlowLane who wrote (12384)	12/8/2009 12:15:32 PM
From: Wade	Respond to of 48092

They live in a 2-D world. We can't make them think 3-D. LOL

To: TheSlowLane who wrote (12384)	12/8/2009 3:29:17 PM
From: TheSlowLane	Read Replies (4) \| Respond to of 48092

Well...the club bought GDXJ but only after I had withdrawn my recommendation. It was very strange. I made the case for it. And then one of our members, a senior broker at UBS gave his thoughts. He proceeded to smear the entire industry but not having any facts he relied on anecdotes instead. He said all of these "secondary" gold mining companies are heavily in debt, are managed by totally unscrupulous and unethical individuals (takes one to know one apparently), have no assets and no production and give "shoddy" presentations when they come to visit. He noted that Julian Robertson said that people should be shorting gold stocks here, not buying them. He said that we should not buy the stocks without owning the underlying asset and that he would vote against buying GDXJ unless we also voted to acquire GLD. I said I wouldn't touch GLD with a 10-foot pole and there was no way I would recommend it. So we put it to a vote and after such an extreme scorching the motion did not carry. I was asked if I would like to try again with a smaller number of shares but respectfully declined and withdrew the recommendation. Then, in a turn of events almost too bizarre for words, Mr. Broker recommended that we buy 600 shares of GDXJ (vs. the 1000 I had recommended). And it passed. They asked me where I wanted the stop loss order and I said "Ask him, he's the sponsor now." So...now we own it, with a 10% trailing stop. I can hardly wait to write the minutes for this meeting...Mr. Broker will be able to excrete his recommendations from any one of a number of new orifices that I am going to tear for him. At least the food was decent.