• FireFox Gold
    • Hit it good and actually gets rewarded even in this crappy market environment (someone actually dared to press buy!).
    • Still cheap IMO.
  • Grande Portage
    • Nice channel sample and decent hits but gets punished with a -16% drop (!)
    • Case intact and still cheap with 1.5 Moz of very high-grade gold
  • Metals Creek
    • Mobilizing drills to Ogden, gets slightly punished
    • Around US7.5 M in Enterprise Value……..
  • Trifecta Gold
    • Exploration underway at Eureka Gold, slightly up
    • Around US$3.5 M in Enterprise Value…….

Bear markets are easy because it’s hard to make a mistake whilst buying almost anything. The hard part is to hang on until what isn’t priced in today gets priced in. At the peak of the 2016 rally in miners I saw producers price in a much higher silver price than where silver was trading. Today I see especially gold juniors price in a gold price that is hundreds of dollars lower than where it currently is. Knowing that sentiment always oscillated and taking advantage of it is an easy but at times frustratingly boring way to make money.

Like shooting fish in a barrel right now since almost every other sector is performing and there are no buyers left. Everyone is looking for an uptick to sell and chase something else… But to the patient hunter goes the spoils…

From Howard Marks’s book – “The Most Important Thing”


Note: I own shares of all companies mentioned and they are banners sponsors. Consider me biased and always make your own due diligence. This is not investment advice.

Best regards,

The Hedgeless Horseman

3 thoughts on “Wrapping up Another Day

  1. Ryan says:

    Unfortunately seems like these things headed for another 20-30% loss as general market rolls over. I know I’ve lost about 15% and about 30% from peak only a couple months ago. Nulegacy has hurt me the most followed by Novo and LAB. Bought them all way too early.

    1. admin says:

      That is always a possibility but the important thing is that like the COVID crash in miners it was an unsustainable drop and was reclawed after just a couple of months. Thus I see it as a non issue since it either a) Does not crash or b) It does crash but rebounds quickly. Either scenario works for me and if scenario a happens and I sold because I feared scenario b happening then it could cost me a lot in terms of lost profits.

      Right now every story looks like a mistake. Just like it does during every correction. NUG actually did miss so that is understandable. Novo and LAB are intact and are down on sentiment (which will change). I still remember the 2015/2016 bottom when I bought low but the portfolio went down 47% in just a few months… Before rebounding 500% in 8 months. Things can change on a dime.

      Best regards

  2. Paul Cernac says:

    How many of us look at a chart and place an alert at a certain level and say “I wish I would have bought here. If I get another chance, I will.” And that alert hits your phone and you are scared to pull the trigger because it might go lower? HH is right. You may be punished for few months, but aren’t we all betting with a 3-5 year time window?

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