Shad:
Rule#1. Nobody ever went broke taking a profit.

Start selling some of your MIN. 😂😂😂

That’s funny, Excelsior.
The novo chart is a great object lesson of what will happen when the whole sector gets a really nice bid. Researching those technicals (without paying much attention to the RSI ) could payoff on future moves regarding other stocks. It’s real easy to get out ..way too early..

JohnK – True… profits are good, and the Novo proceeds allowed me to rotate into other names, but leaving that much on the table is painful to watch.

Wolfster – Sold out of MIN — as we discussed on ceo today…. I’m buying CDB Cordoba, now instead …. while it is smashed down from the Friedland Financing Fiasco… Hahaha! [now MIN can soar!!!]

Chartster – great points on taking a closer look at the technicals, although, this move is pure momentum on the narrative and it has become the “Story Stock” of 2017 because of their Exploration work and Discovery, the size of their land package, and the potential to really hit this one out of the park….

There are also 5 different newsletters promoting it, and that helps on the visibility.

Rule#2.
You will never have a ten bagger taking profits.
Who said this was easy?

Rule #3 – You can still take partial profits AND have a 10 bagger on your core position:

http://www.doomsteaddiner.net/blog/wp-content/uploads/2012/03/wheelbarrow-of-money-520×340.png

Good one Shad.
I love letting the houses money ride,but at the same time I have been hammered by Macro corrections that have brought me close to joining these guys.
https://www.google.com/search?q=panhandler&rlz=1C1GGRV_enUS755US755&tbm=isch&imgil=EZ7r3D0bvmN4OM%253A%253BRfKYogz19Fck8M%253Bhttps%25253A%25252F%25252Fonebaddecisionawayf

Agreed. It is a delicate debate between cashing out, only taking partial profits and letting the houses money (really it’s your money) ride, and leaving it all in for the glory.

Not every story of leaving money in for the glory has worked out like Novo Resources.

When I was trimming back many Gold/Silver positions last July or trimming Uranium positions in January of this year, many investors acted like I shot the family dog.

However, by holding on they either did a round trip, or worse, they had just bought the top and rode it down for terrible losses.

I’ve preserved much more cash over the years by locking in nice gains when they are present, and then leaving a core position in place at a good cost basis.

There were a few like Novo or Claude that got away from me, but dozens and dozens of companies in many sectors where locking in the gains was the right thing to do. Making 100-200% on part of the money is sooooooo much better than the gains most investors make in Mutual Funds that average 8-15% that it should never be something to be ashamed of. However, missing 300-1000% gains is a pisser. That is why I like to leave some in place (30-60% on a core position) to keep riding….

That last post from me was worded poorly…. For clarity, when I trim it is usually 25-33% of a postion (1/4 or 1/3). However if a stock really takes off and double or triples quickly, then I may sell 1/2 to 2/3rds of the position and only leave 30-50% in place.

I have never understood why investors think they need to buy their whole position in 1 transaction and sell the whole position in 1 transaction.

Yes, it can give an investor the ultimate best returns if they happen to get lucky and buy the ultimate bottom and get even luckier and sell the ultimate top…. but that is INCREDIBLY rare to do once, much less consistently.

I prefer averaging into a good cost basis (and average both up and down if I like the stock), and then fading out the position as it starts to run. Most times it works out great in the longer game, unless the stock is truly damaged on fundamental reasons (like recently with Primero).

However in most cases, this is a wise risk management strategy, and I don’t care if get the exact bottom or top, and just want the gravy in the middle.

“I never buy at the bottom and I always sell too soon.” ~ Baron Nathan Rothschild

Rothchild using reverse psychology to make everyone feel good…….

Probably the best move most pros make is to buy more as their initial pick moves up as they are confirmed to be correct….. I actually bought some more MIN on Monday as I feel $2 is a proper valuation after permits and financing are established….I tend to do as you said with 1/3 of a position when an explorer moves up nicely like tk did. Definitely depends on the type of play and the risk/reward ratio

And I by no means am anything remotely close to a pro in case anyone was wondering. 😂😂😂

…. and yes, I couldn’t help it, I even added a few shares of PPPMF to the fold.

#TurnAround? (only for the Contrarian’s contraians out there….)

So far though it’s been an absolute bloodbath……. (and it tanked out many of my other gains from 2017 so far, but balanced out my tax losses 🙂 )

Well, it will if I sell down here. Still undecided about holding for the turn around or cutting bait and running for the hills…… I want to see the next 1-2 quarters of production before making a decision.

Bloodbaths don’t bother me but I don’t like the reasons for this one. I’d take spanky’s EXK any day.

Poo in Canada and PooPooPoo in the U.S.!

Yes, I have a growing position in $EXK but they are on much firmer footing.

The prior management and even the current management teams at Primero have destroyed the value of this company over the last 2 years making repeated bad calls, focusing on the wrong areas, piling on debt, and not running the mines as efficiently as possible.

Selling Black Fox was important for the debt burden, but killed much of their future expansion, right when that mine was starting to deliver the goods. McEwen shareholder really benefited from that pickup. I would have preferred to have been diluted down a bit further without selling that asset.

Now they need to raise more money to get San Dimas optimized and they’ve been delisted from the NYSE.

I don’t think there is much downside risk left at this point (other than an all out Bankruptcy — which is still possible), but I don’t like that the new CEO went on BNN and stated emphatically that they wouldn’t have to issue any more shares to handle the debt, and that they were just going to work on optimizing operations at both both mines and expanding their resources to replenish reserves. That was a VERY misleading public statement in my opinion. He said the loan from Sprott would be enough…

$P = Poo is a fair statement at this time. I just hope there are a few corn kernels in there (gold) to keep this thing afloat. 🙂

Re: “Selling Black Fox was important for the debt burden…”
Yes, but they got a pittance for it and shouldn’t have taken on so much debt to begin with.

There might not be much downside left, but that doesn’t mean there’s much upside either. We need a positive development of some kind and it better be good.

Yeah – agreed. Again, I didn’t like that they sold Black Fox for about 1/8 of what they paid for it, and would have preferred that they held onto it. I know they need to pay down debt but that seemed like really bad decision.

However, if they can get San Dimas back on track over the next few quarters and crank out the production (without more strikes and nonsense from workers) then they can build a ladder out of the hole they are currently in.

Conway has talked about selling San Dimas, too – looks like a raid to me.

Yeah – I’m disappointed and was expecting much more from Joe. He’s been a good CEO in the past and for other companies, but they are giving away the assets of this company and I’m surprised there are many lawsuits about just selling the Black Fox mine.

He said they would be fine just working on cost controls, and I feel he lied publicly about their plans moving forward. Ridiculous…. but not surprising in the mining industry.

correction. I’m surprised there are NOT many more lawsuits about them selling Black Fox at such a discount.

It is sinister.

It’s really not surprising in any industry. There’s plenty of shady stuff anywhere you look including the “junior” tech stocks.

absolutely, the end of last year was zesty in AMY.

Yeah – MIN Excelsior will likely get their permits and make it a go in the copper space.

Especially since I’m sold out at present. (lol).

Well done Bonzo Barzini. Very well done.

P.S. – Don’t encourage Primero on selling San Dimas too….. You already got a big enough gift this month when they sold Black Fox to MUX.

The mining business is absolutely insane and is still the wild west of business….

However, If I was Randy Smallwood over at Wheaton Precious Metals…. I’d probably just buy Primero at this point (like how Sandstorm just bought Mariana).

The valuation for San Dimas is so crazy at this point, that they could have it all for a song & a dance….. They better make a move before the jig is up.

Yes, WPM should buy San Dimas. With the silver stream the mine might not be profitable for anyone except WPM. But WPM doesn’t operate mines, so maybe MUX could buy it and make a new deal with WPM that would be good for both.

MUX better pay up this time then…. 😮

Sandstorm doesn’t operate mines either, but they bought Mariana. I was thinking that that if WPM bought out Primero, that they would do a hell of lot better at reselling the company and assets than the $P -team has been doing.

Just a thought….

Excelsior, you are right. WPM should buy San Dimas and sell 1/2 to a good operator like AG, EXK, PAAS, or MUX.

After reading over the transcript from their most recent investor conference call they are apparently in advanced stages of selling just the San Dimas Mine. After selling Black Fox and with plans to sell San Dimas, that would only leave them with their 2 Development projects: Cerro Del Gallo & Grey Fox, and their Ventanas and San Anton Exploration targets.

I guess they would transition from a producer over to a Developer/Explorer using the sale of both mines and the Mexican tax credits to pay off the debt they accumulated.

Here is a map and listing of all Primero’s operations:

http://www.primeromining.com/English/operations/default.aspx

At least the 2 development projects and 2 exploration projects are unencumbered with streaming deals from Wheaton River.

It is going to be an interesting rest of the year for Primero, but in reading the transcript they at least settled down the unions on July 29th by paying a partial bonus, with the rest payable at year end. They believe this will motivate the staff to get busy and get things moving again for the balance of the year.

I also like that $MLN Marlin has a royalty on La Cigarra as a shareholder in both companies 🙂

http://www.marlingold.com/la-cigarra.html

I’ve been making a steady killing on Marlin since the middle of last year, and have posted on them a few dozen times, but nobody seems to have much interest in discussing them.

I love that they are a hybrid company (producer/Royalty-Streamer) with the producing gold mine, huge Gold development project, a streaming deal with Golden Reign, a royalty on El Compass which is the next mine slated to go into production for Endeavour Silver (EXK), and a royalty on La Cigarra the (KTN) Kootenay Silver project referenced above.

Also, Wexford owns 85% of the stock so the float is very tight, and it has been the big winner.

Also, they just nabbed (SCZ) Santa Cruz Silver’s best Development project the Gavilanes asset :

___________________________________________________________________

Santacruz Silver Enters Definitive Agreement to Sell Gavilanes Project to Marlin Gold for US$3.5 million

August 8, 2017 — Vancouver, B.C. — Santacruz Silver Mining Ltd. (TSX.V:SCZ) and Marlin Gold Mining Ltd. (TSX.V:MLN)

Akiba Leisman, Executive Chairman and Interim CEO of Marlin states that “this acquisition is a great transaction for both companies. Marlin gets to acquire an advanced exploration asset in one of the most prolific mining jurisdictions in the world for an attractive price, and Santacruz emerges as a debt free silver producer. The potential of Gavilanes is substantial, and we are proud to use the full extent of our technical and financial capabilities to advance the project and add substantial value to Marlin shareholders.”

Arturo Prestamo, CEO of Santacruz says that “This transaction will allow us to settle in full our outstanding obligations to JMET, LLC thereby unencumbering our assets, improving our working capital and giving us more flexibility to advance our producing Veta Grande and Rosario Projects”.

http://www.santacruzsilver.com/s/news_releases.asp?ReportID=799200

https://ceo.ca/ipt

Correct. Today is a good day even for the discerning buyer.

Thanks Matthew. Some investors here think everyone is Buy, Buy, Buy all the time, but that is not the case, and there were times people shorted the miners using inverse ETFs and times people moved to the sidelines. However when there are major dips and stocks trading at incredibly low valuations, then that is when discerning buyers should add to positions. This seems to escape certain posters as witnessed below.

Agreed Matthew. b is always banging on that swipe that “It’s always a good time to buy” but seems to be a lazy reader. The times to buy are during corrective price moves, or sometimes it is isolated to only certain stocks. I can’t think of anyone other than Franky/James that advises buying every day.

Like you mentioned though, when a trend is bottoming technical data looks to point to a move higher, then it very well may be time to buy every day for a stretch of time.

Apparently the concept of “buying low” escapes certain people.

Indianapolis is to far north, ….so we will see very little, most of the action will be in Ky. so they say…….

I’m below you in latitude so our view will be great.

Took 5000 mg of Vitamin D today. I don’t get enough sunshine in my underground lair.

http://resources3.news.com.au/images/2010/12/09/1225968/549943-julian-assange.jpg

Are those stand up hotel rooms…….looks like a lot of vacancies…..

Those are about all the room the sheeple will be able to rent , once the crash comes….

The sunshine sounds good. The thong….not so much…. 😮

Agreed – It is Tailings after all….

The main point of the release is that they are going to be able to feed Mineral Ridge with the old tailings to keep the lights on while they are permitting the other satellite deposits near the mill.

That seemed like good news to me, since the market has discounted down in price their ability to find more ore for Mineral Ridge.

Personally, I feel SGN will surprise the markets with some of their other surrounding exploration work which has historically been much higher grade material.

And it is a GOLD mine after all! 😉

Thanks for simplifying things out. I appreciate both of your input. (;-)

Yes. Thanks Ex. I saw that muddy piece. It’s sure taken a beating…. Not inclined to ‘average down’ on this one. Will probably keep as is and look to dump when/if it climbs back up. I like Americas Silver at the moment.

Yeah, I think Asanko will claw it’s way back up out of the present low price environment, but most of the mid-tier and smaller producers are so bombed out right now, that most of them are at very attractive prices, and some have less issues to deal with.

As for Americas Silver, it has some key catalysts coming for the balance of the year with the ramp up of San Rafael into production. We are in the transition at present but there should be more news flow over the next few months. With Zinc & Lead prices so elevated it really is helping the cause.

Good points JohnK.

Yes, I’d agree that the “Right” explorers can have the most explosive bang for the buck, but most will strike out because it is so difficult to hit good results, and 99% will never become a mine, even if they do hit.

Last year in 2016 the small Silver producers like Impact, Excellon, Santacruz….. and the medium producers like Americas Silver, Great Panther, Silvercorp, and Fortuna….. and even the larger producers like First Majestic and Coeur went up 500%-1000%, and some of the developers like Alexco, Bear Creek, and Silver Bear also had huge 3-8 fold moves upwards.

There were a few explorers like Silvercrest, Orex, Canasil that did even better, but many explorers in the Silver space didn’t move much, due to lack of funds, misses, or lack of exploration.

The thing with advanced developers or Producers is that they are far less risky than explorers (though not without risk of course), so I like having a mix.

I’d wager to guess that investors positioned in those Silver and even some Gold producers and developers trounced the returns of most investors that just had 10-12 explorers last year.

Everyone likes to discuss the big wins in exploration, but few acknowledge how many also strike out.

Diversification works for me, but I do agree the most explosive gains are a well timed early entry into an Exploration company BEFORE it hits.

Cheers.