Thursday, September 6, 2007

Selling into Strength

Continuing my recent theme of selling some of my holdings into strength and in the process, redefining my portfolio, I took advantage of today's gold rally to sell my Agnico-Eagle shares.

Agnico jumped 9.67% today as gold jumped 2% (according to Kitco). I still believe that Agnico is a great company and has excellent prospects going forward but it's another one of those stocks that has had a huge jump since hitting a low of $36.68 on August 16th; that almost 39% in three weeks!

By selling these shares, I have reduced my precious metals exposure. This might not be the brightest move as gold and silver tends to perform best at this time of year. That being said, I still hold Goldcorp and Silver Wheaton; both of which, had good days, as well today.

I intend to utilize the cash from this transaction to finance a future investment that will help diversify the assets in my stock portfolio.

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