After Minefinders had a very quick run in the mining stock recovery (and gold bull market) early this year, I put a protective stop on my holdings to safeguard those returns — that stop loss order got triggered today, actually pretty close to the lows of the day. In the end, that means roughly a 65% gain in the course of a few months, which is always just fine with me.
Minefinders is still an intriguing company, and the Dolores mine in Mexico looks promising indeed — but while I hold bullion gold and silver as essentially a savings and wealth protection asset, mining stocks are volatile little buggers that I have a hard time evaluating and that can come across very big surprises both good and bad … so in this case, after lucking into a very quick return, I’m happy to give up the shares on this stop loss sale. I continue to hold all of my other mining stocks, none of which has had anything like the run Minefinders had for the first half of this year … and I will keep an eye on MFN from time to time, especially if mining stocks get seriously cheap again relative to the gold price.
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