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« Reduced Exposure to Pan American Silver Corporation | Main | Hecla Mining Company sold Silver Wheaton Corporation bought »

Reduced Exposure to Endeavour Silver Corporation

As we have discussed a number of times in such posts as Are Silver Stocks worth the effort? today we continued with a revamp of our portfolio of silver stocks. We sold 50% of our stake in Endeavour Silver Corporation (EXK) for an average price of $3.33 and moved the proceeds onto the sidelines for redeployment at a later date.

Despite managing their operations very well their efforts are not reflected in the stock price and so rather than fight the market we have decided to reduce our exposure to this stock for now. We will be watching Endeavour's progress with a keen eye with the view to returning to it should we detect a more favorable market sentiment and signs of an improved share price.

Tomorrow we intend to continue with our strategy of reducing our exposure to those stocks that we view as not performing adequately enough and again we will probably return the funds to the sidelines as we work on opportunities that benefit from the 'fall' rally. However there are a number of options trades coming onto our radar so some of the cash may be utilized via other trading vehicle,

We would like to stress the importance of reviewing your portfolio and implementing the fine tuning that you believe is best for you. We are all different with different objectives and differing aversions to risk etc, so do the work and satisfy yourself that you are ready for what the market will throw at us.

Stay on your toes and have a good one.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.

The latest trade from our options team was slightly more sophisticated in that we shorted a PUT as follows:

On Friday 7th May our premium options trading service OPTIONTRADER opened a speculative short term trade on GLD Puts, signalling to short sell the $105 May-10 Puts series at $0.09.

On Tuesday the 11th May we bought back the puts for just $0.05, making a 44.44% profit in just 4 days.

Recently our premium options trading service OPTIONTRADER has been putting in a great performance, the last 16 trades with an average gain of 42.73% per trade, in an average of just under 38 days per trade. Click here to sign up or find out more. have been rather fortunate to close both the $15.00 and the $16.00 options trade on Silver Wheaton Corporation, with both returning a little over 100% profit.

To stay updated on our market commentary, which gold stocks we are buying and why, please subscribe to The Gold Prices Newsletter, completely FREE of charge. Simply click here and enter your email address. (Winners of the GoldDrivers Stock Picking Competition 2007)

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For those readers who are also interested in the nuclear power sector you may want to subscribe to our Free Uranium Stocks Newsletter, just click here.

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Reader Comments (1)

Is this the beginning in earnest of the wild market days? Today, the Dow is down, precious metals stocks are down, and uranium stocks likewise. A little disappointing news and the market tanks, a little good news and the market shoots up. Truly, the market is the biggest casino in the world. Where have all the investors gone who used to be tenacious when it came to investing? All we seem to have now are traders and speculators who flip prices like flapjacks, (pancakes to those guys across the pond). I bought SKF recently and it is one of the few stocks that is ahead today. Yes, I bet against the Dow, and the question is what will happen tomorrow and the next few days. The feeling is like walking up the down escalator.

August 11, 2010 | Unregistered CommenterJohn Ell

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