Wednesday, September 5, 2007 0 comments ++[ CLICK TO COMMENT ]++

Sold: Harmony (HMY)

Not sure if this is a dumb idea or not (I have a habit of missing gold rallies) but I sold my gold holding, Harmony (HMY). Ended up with practically zero gain, after taxes and commissions. Although gold can break out here, I'm not confident enough yet with it. Furthermore, I think Tribune looks way more attractive, albeit with big risk of the deal not closing, so I have decided to either add to that or hold cash.

For what it's worth, I still like Harmony and I would look at if someone wants a high-risk miner with high-leverage (due to high costs). But the macro environment is very questionable for gold right now. Although gold should rally with all housing problems and a switch to an easis bias by the Federal Reserve, it hasn't been as impressive as I would have liked it. It is still tracking too closely to the broad market for my liking. Since I'm bearish on the broad market, I don't like it.


HMY Sale price: $9.41

ROI: 3.29% (excl taxes and commissions)

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