I sold my April Gold futures position today. I still hold many gold mining companies.
AAUK – Anglo American ADR
AU – Anglo Gold Ashanti Ltd
FCX – Freeport McMoran
GFI – Gold Fields Ltd ADS
GG – Goldcorp Inc.
NEM – Newmont Mining
Disclosures and Confessions: I own every stock mentioned above. I have been acquiring them for years. I plan to sell during an inflation led panic buying of gold (which I hope never happens). I may also sell one or more stocks during relative valuation differentiation.
I feel guilty benefiting from gold mining, which does some truly terrible things to the environment. I wish governemnts around the world would better regulate the way gold miners go about extracting this mineral to protect their own people and lands. That would level the playing field among all gold miners and probably also push the price of gold higher. It would also mean we'd have a healthier planet.
Gold miners also don't have the best reputation for how they treat workers, especially in Africa. I vote proxies (when possible) to reflect my values towards treatment of local workers, however this is also difficult.
Disclaimer: Nothing in this trade log is meant to be specific financial advice or a recommendation to buy or sell. I do not give investment advice. Do your own research. Do not rely on anything in this weblog to make investment decisions. I do not log all my trades here. I only describe or mention those that I think might be interesting. Consult an investment professional familiar with your specific financial situation before buying or selling any security. Options may be for me but they are are not for everyone.