Monday, July 8, 2013

Rik Green's Investors Forum Growth Portfolio down 8.9% in June

RG's growth portfolio <Port-faux-lio> lost 8.9% in June and the S&P500 lost 1.5%.  CVX was down 2.7% and GG, PSLV, PHYS, and CEF were down about 14% due to the precious metals price smack downs in mid-April and at the end of June.  PSLV and PHYS were down about 11% consistent with paper gold and silver prices.  GG and CEF lost almost 15% in June.  Mining stocks were down more than bullion as you would expect given their operating leverage.  And, perhaps valuations for mining stocks were catching up to metal prices because valuations in May did not drop as fast as for the precious metals.

Year to date the port-faux-lio is down 15.3% and the S&P 500 is up 12.6%.  Gold and silver are down 26% and 35% year to date, respectively.  SLW and CDE are down 17% and 6% respectively during June and since I purchased them in mid-April.  Should I double down and buy more?  Better to wait a while and see if now really is the bottom.  Missing the bottom won't upset me as much as piling on more unrealized loses.

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