You are going in the wrong direction. Buy Gold mutual funds. Not individual stocks. You will come out ahead and keep it to only 10% of your portfolio. It is very volatile. I put 3k into Vanguards precious Metal fund, re invested all dividends and just walked away. Today if I cashed out I would have 20k.
Gold is a blind spot for me. I understand that it is used as a financial store of value. But unlike other metals, like copper, that have broad industrial uses, it seems like as much a #$%$ shoot as trading anything else that is based on solely fear and greed rather than fundamentals.
I like to have something where there are fundamentals at play that I can understand, as well as the "fear and greed" aspect that drives technical trading.
I suppose the best option would be gold producers, but they don't always follow the price of gold as a commodity, since there are production costs, etc., involved.
Can you explain the rationale for AUY? I looked into it a bit, and it appears that they are very conservative about valuing their reserves in the ground so that they did not get hit as badly by write-downs as other producers. Is there more to it than that?
At $9.58, I think you talked me into putting in a buy order tomorrow. Gold getting slammed again, but I think $1300 should hold. Seems like AUY always dips into the low-mid $9 range, then dependably rises up to the mid $10 range. A nice 10% return each cycle.