Yesterday, I bought 2,500 shares of Impact Silver (TSXV:IPT) at $1.31 in my HELOC account.
I also sold my 500 shares of Arcan Resources (TSXV:ARN) at $4.81 in my non-registered account.
In at $4.51, out at $4.81, profit = +6.21% after commissions.
Stock Trade Commentary
I am back into Impact Silver with a small position that I would grow if the price corrects significantly. My timing for getting back in might not be perfect since European debt woes seem to linger for longer than I thought they would. This will place some pressure on PM prices in the short term. Of course I couldve bought for much less had I waited but isnt that market timing? If there is a junior miner that I trust will deliver it is IPT. Impact Silver will be closing their offering on November 29 for $15MM which will be used to expand production and accelerate its extensive exploration and drilling programs in Mexico. Their Q3 report also due on November 29 should have a lot to say about their expansion plans which I trust will turn this company into an intermediate producer. I expect some weakness in the share price in the short term.
I also sold my Arcan shares in my non-registered account simply because I was using too much margin and thought Id lighten up as the price was strengthening. As usual, right after selling the price hits $4.94 shortly after (I got used to that). Since the shares were bought on margin I do not feel bad at all for selling as theoretically I should not have this money to start with if it was a cash only account. Nothing is wrong with the company as I am still holding my shares in the HELOC account with no intention to sell any of them below a minimum of $5.00. The problem is knowing me, I might just end up buying into another stock in this account if I find the price worth it now that I have buying power back in my non-registered account.
