Hi Joe,
funny you should mention AUY and SLW because up until today I owned 5000 of each. AUY I am still very high on and still own the 5000 shares. They mine primarily GOLD so less of an industrial metal and more of a hedge against inflation.
However, yesterday I called up and spoke to a representative for SLW. They have earnings coming up shortly so I wanted to get a feel for where they stood. The fellow told me that Silver WHeaton has a heavy debt load and if silver stayed at $9, that by the middle of 2009, they would have problems servicing the debt and would have to take some action. Also he said that this debt situation would be discussed when earnings are released and that "guidance" would be given... Hearing this was enough to make me sell my shares.
I am also considering picking up some shares of unhedged with zero debt IAMGOLD (even pays a small dividend). Here's how I'll do it. You can sell November 2.50 puts for between .25-.30 and thus you will either make over 10% in less than a month or own IAG for a net of $2.20-2.25! Of course, only do this if you want to own the shares because there's a decent chance that you will get assigned in this market. IAMGOLD is currently at 2.71 so if it closes below $2.50 on the third Friday in November, you will get assigned and own the shares...
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