My investment thesis over the past few years have been quite disjointed. I agree with the macro prognosis of people like Grant Williams in that the copious money printing and debt burden of the Western World along with the rise of the BRICS and concerted efforts to dethrone the petro-dollar will at some point be favourable for gold.
Trying to turn this into a profitable long equity strategy has been fruitless !!
I have the capacity to invest in Canada and the US via the E*Trade platform. I am reluctant to do this however due to the way the investments are held in a US based nominee account. Given the precedent of MF Global and the Dodd Franks Act providing derivative holders first claims if a counterparty goes to the wall, I am concerned that assets I think I hold (i.e. shares held on my behalf by a nominee) would evaporate in the event of the nominee becoming bankrupt.
Like you I am wary that we are progressing toward a market correction - Every month this does not occur doesn't (yet) make me think I'm wrong, only that it is a month closer. Thus I have been avoiding the industrial sector which I traditionally have had investing success in, waiting for a much better entry opportunity.
Anyway - as it relates to gold miners; I think that the producers are all struggling at present. Gold price direction is confused, at best, and the developers have execution (and often sovereign) risk !!
Maybe, like the advice - "there's a time to buy, a time to sell, and a time to go fishing" ... maybe I should go fishing !!
Cheers
John
EVR Price at posting:
96.0¢ Sentiment: None Disclosure: Held
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