Manana, my mentor said the following re gold calls here: a general rally from this oversold area and a concurrent selloff in precious metals is right on. Pardon my poor memory but did he/you/anybody have either duration and/or extent of these moves?
I'm now kicking myself for not unloading more PMs but at least I did blow off the KGC which was about the biggest position. Rebuy at 1.79, was it? Or, do you do this scaling in from there? Not that I like KGC all that much but it does have leverage with that low price. GFI and HGMCY are much better fundamentally but for the politics in SA. And, I'm wondering if todays announcements by ABX aren't a fakeout to eliminate weak holders to provide shares for the major players. After all, ABX is the best managed and operated gold outside SA. They have reserves, money, experience, etc to be in the forefront of a serious gold bull move, although perhaps not percentagewise.
The DUK boys scrambling for money. I'm seriously disappointed that they're selling over 50million shares at 18.35. Really a poke in the eye to existing shareholders. But, maybe the exigencies of their balance sheet are worse than they have been telling the world. I'm guessing that if there aren't more skeletons falling out of their closet the 18.35 is potentially a major base. I'm thinking of selling the 17.50 put if there's any premium.
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