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Goldcorp Inc. Message Board

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  • ChiTrader ChiTrader Jun 7, 2006 10:25 AM Flag

    question for old-time longs

    All those nice little tradeable peaks and valleys are easy to see in hindsight but much harder to pull the trigger on ST trades than it seems, when one is a LT bull. There must have been 10 different times when I was thinking of selling some shares of GG, or just writing some covered calls to cushion the expected downside, only to see the price of GG steadily climb farther than anyone thought possible in such a short period of time. I may have booked some gains (and paid taxes on those gains) but might be sitting here with half or fewer of the shares I have today- OR NONE!

    And if/when the price of gold has set new highs that most people wouldn't have dreamed possible 5 years ago, two years ago, or even today, I'll be selling those shares gradually and finally cashing out on the superbull market in commodities.

    Does it hurt to sit and wait out the dips? Of course. We longs have endured immense pain in mid '02 (nearly a 50% haircut), early '03 (a 30% whack), and the big cahuna- late '03 to early '04 (a 45% drop and a 21-month wait until we made new highs in GG). This correction may be worse than any of those, or it may be over tomorrow, but until the Fed stops printing dollars as fast as the presses can run, the price of gold can only go up over the long term. That's my story and I'm sticking with it.

    *sitting down next to Jesse Livermore with my hands pinned tightly under my butt*

    Best of luck to all,

17.12-0.57(-3.22%)10:34 AMEDT