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I sold most of my position in Yamana Gold today

Norseman88Norseman88 Posts: 962
in Precious Metals
Last time it got this high TPTB engineered a nasty sell off and the stock tanked over 30% so I decided to take my 60% profit and run, now watch Gold climb $500 in the next couple months and Yamana double in price.image

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    yellowkidyellowkid Posts: 5,486 ✭
    I try to remember what an old timer told me once " You never go wrong taking a profit". image
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    jmski52jmski52 Posts: 22,380 ✭✭✭✭✭
    Make yourself feel better and buy some bullion with the proceeds!image
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
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    WeissWeiss Posts: 9,935 ✭✭✭✭✭
    Seriously. Nothing wrong at all with taking a profit like that. Good for you. Buy something tangible with the money! image
    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
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    roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Nothing to lose by taking a nice profit. Maybe I should have done the same! But you WILL get a chance in the next few weeks or months to buy it back cheaper imo. I decided to hold on to my AUY a little longer. There is still too much bullishness (imo) lingering in the charts (GLD and GDX). Plus copper, oil, SM, interest rates, are still pushing up as well. And the key item: the dollar just made another new interim low while knocking on the 75.99 door. But the dollar is getting close to completing a series of 5 legs down any day here.

    I also feel that Yamana is lagging behind fellow intermediates Eldorado and IAG which have both hit new highs for the year and have been darlings as of late. It wasn't long ago that EDO got a horrendous smackdown with a poor quarterly report and a stock dilution. Things change. Yamana has already exceeded $12 a while back so I'd like to see them at least get closer to $12 (now at $11.40 or so). Too many other leading miners are at yearly highs and AUY is no dog imo (new highs for BVN, KGC, GSS, IAG, EDO, GG, AEM, SLW, SSRI, CDE, HL, RGLD, etc.). Right now it still looks like miners are leading physical gold.

    roadrunner


    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
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    Norseman88Norseman88 Posts: 962
    I have felt that Yamana was undervalued especially compared to other miners but for some reason it has a hard time breaking through.
    Of course I remember watching it fall to under $4 a share in March and wanted to buy a bunch more but resisted, of course in hindsight it was a steal but Ford was an even bigger steal and I skipped buying them too.
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    Wolf359Wolf359 Posts: 7,653 ✭✭✭


    << <i>Last time it got this high TPTB engineered a nasty sell off and the stock tanked over 30% so I decided to take my 60% profit and run, now watch Gold climb $500 in the next couple months and Yamana double in price.image >>



    Nice Score anyway.
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    MrOrganicMrOrganic Posts: 1,366


    << <i>Last time it got this high TPTB engineered a nasty sell off and the stock tanked over 30% so I decided to take my 60% profit and run, now watch Gold climb $500 in the next couple months and Yamana double in price.image >>





    congrats on the smart move!
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    roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Yup, you sold basically at the peak. And you can already buy it back at a 10% discount. It's also still possible that we could see a week or so pull back followed by one last run to a new high in early October. It's not out of the question.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
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    Norseman88Norseman88 Posts: 962


    << <i>Yup, you sold basically at the peak. And you can already buy it back at a 10% discount. It's also still possible that we could see a week or so pull back followed by one last run to a new high in early October. It's not out of the question.

    roadrunner >>



    It doesn't happen very often, Roadrunner do you think that the stock market and Gold stocks like Yamana will go up and down together or will there be a disconnect with mining stocks advancing while the stock market tanks like the 1930's???
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    roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    I think eventually a disconnect will occur but probably not this next time the SM moves down. Gold will have to go to a new level as the derivative mess jumps to a new level. Who knows when that tangled D's mess goes into warp dive?

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
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    fcfc Posts: 12,789 ✭✭✭
    what a great call that was. congrats!
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    metalmeistermetalmeister Posts: 4,584 ✭✭✭✭✭
    Did that with PAL in my IRA too. Sold at $9 dropped to $2 and bought back in.
    Also Sold TIE a few years back and proceeded to climb over 1000% upimage
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    Norseman88Norseman88 Posts: 962


    << <i>what a great call that was. congrats! >>



    Like I said it doesn't happen very often, if Yamana falls another buck or two I might jump back in or maybe put some money into GDX as I'm sitting on a bunch of cash right now.
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