Well, the day that we’ve all been waiting for has finally come and gone… Maybe?
Everyone anticipated a HUGE selldown in many of the stocks held in the GDXJ ETF… and the market did not disappoint. Or did it?
Here’s what transpired today for a few of my holdings (and some others).
Klondex Mines (KLDX)
Average Daily Volume: 1.48M shares
Today’s Volume: 12.97M shares (+776%)
Kirkland Lake Gold (KL.TO)
Average Daily Volume: 1.40M shares
Today’s Volume: 36.73M shares (+2,523%)
Richmont Mines (RIC)
Average Daily Volume: 503k shares
Today’s Volume: 3.74M shares (+643%)
Fortuna Silver Mines (FSM)
Average Daily Volume: 1.92M shares
Today’s Volume: 14.17M shares (+638%)
Endeavour Silver (EXK)
Average Daily Volume: 2.41M shares
Today’s Volume: 10.21M shares (+323%)
Teranga Gold (TGZ.TO)
Average Daily Volume: 557k shares
Today’s Volume: 12.80M shares (+2,198%)
Average Daily Volume: 2.33M shares
Today’s Volume: 33.09M shares (+1,320%)
Continental Gold (CNL.TO)
Average Daily Volume: 796k shares
Today’s Volume: 12.61M shares (+1,484%)
Average Daily Volume: 5.22M shares
Today’s Volume: 20.76M shares (+297%)
Resolute Mining (RSG.AX)
Average Daily Volume: 8.22M shares
Today’s Volume: 35.16M shares (+327%)
And the mother of them all…
First Mining Finance (FF.V)
Average Daily Volume: 1.16M shares
Today’s Volume: 81.61M shares (+6,935%)
And a weekly update for some individual holdings…
Please Note: The late action selling occurring at/near/after market close was most definitely GDXJ unloading and probably not factored in the table below… I’m guessing we’ll need a few days before the dust is settled and the new share count is updated? I’m speculating, of course… Nonetheless, these numbers were obtained straight from the horse’s mouth…
I made the mistake of not tracking shares also held in the GDX ETF, which is a HUGE component of the GDXJ (see below). FYI, there are a few duplicate holdings that are found in both ETFs (Klondex Mines, Resolute Mining, Kirkland Lake Gold, B2Gold, Semafo, Fortuna Silver, etc.)…
GDXJ Holdings: As of 6/16/17.
Btw, GDXJ holding of GDX reduced from 6,801,703 to 5,101,277 shares, looking at yesterday (6/15) to today (6/16).
And I have this screen capture from a little over a month ago…
GDXJ Holdings: As of 5/2/17.
Feel free to compare to your heart’s content…
We saw some MASSIVE volumes today! Surprisingly (or not), despite all the trading, the share price of most of these stocks didn’t really do anything noteworthy (the “panic” selling at market close seemed to be very well coordinated/orderly/premeditated)…
Before today, everyone (and their mom) had been speculating and anticipating a steep decline and there were many shorts who were front-running the GDXJ rebalance…
Well, ultimately all that forecasted destruction in these shares definitely did NOT happen today!
My own personal strategy over the last few months has been to buy on the dips and dollar-cost average (DCA) my way down, spreading out my purchases into spaced out tranches.
Like always, because I don’t know jack shit about anything…
The markets ALWAYS surprise, no matter what!
For the life of me, I’ve never understood how some people can have so much confidence (hubris) to say things all “matter of fact” and act like they know everything…
WTF is the point?
Seriously, if we were all that damn good, everyone would be a billionaire…
Anyway, even now (after the fact), I still have not a clue as to what will happen next week…
Will these gold stocks start their recovery?
Consolidate around these levels?
Or is the worst still to come?
I have no freekin’ idea… Your guess is better than mine.
So, I’m preparing myself for all of those scenarios…
I’ve got cash to add more cheap shares…
I’ve got enough positions built up to sit back and do nothing…
I’m on vacation, so if we’re gonna be consolidating awhile longer, it’s all good…
“Buy low and sell high.”
That’s pretty much all I know…