Today, I bought 2500 shares of Crocodile Gold Corp. (TSE:CRK) at $1.12.
I also sold 2500 shares of Impact Silver (TSXV:IPT) at $1.14.
In at $0.97, out at $1.14, profit = +16.95% after commissions.
Stock Trade Commentary
Both operations happened in my HELOC account. I basically swapped silver for gold and crystallized the profits on the silver stock. If you ask me, 17% profit for 1 month of holding period is not bad at all. Of course, the price for IPT might end up higher by the end of the day. As you know, IPT is a company I like to hold and I am still holding 5000 shares in my TFSA and would not hesitate to pickup more of it at the right price in the future.
The move into Croc has so far been successful as since I bought it at $1.12 it hit $1.19 so far. ??CRK was above $2.00 earlier this year and got punished for having teething issues with their startup operations. In my opinion, it comes down to this: the company has reserves and is currently in production since June. They should hit 100k oz of gold this year and 200k oz of gold next one. Their cash cost should be around $700US/oz. With gold above $1250 they will do just fine. CRK has been on my radar for a long time, the recent price action in the market triggered my move to buy in.
Are you currently holding any metals? If not, are you considering buying into any junior producers?