Today was another ‘sit on hands’ day with not much buying to be done. So I got to wondering how I was doing in an experiment I’m running that mostly holds precious metals stocks and ETFs that I started edging into a couple years back.
The purpose of the experiment wasn’t to make gobs of money, but to see if I could create a counter-market hedge. My thesis was that, if the broad market was as over-bought and as disconnected from fundamentals as I thought, then the metals and their producers should eventually become a put (i.e., could serve as portfolio insurance for my holdings elsewhere).
In all, I’m running 110 positions in the account. These are just the top 53 by portfolio weight.
Weight P/L Description 17.2% 196.8% iShares Gold Trust 8.2% 293.5% Aris Mining Corporation 6.7% 309.1% New Gold Inc. 6.3% 259.9% Gold Fields Limited American Depositary Shares 6.3% 271.0% AngloGold Ashanti PLC 4.5% 156.8% Orla Mining Ltd. 3.6% 83.0% VanEck Junior Gold Miners ETF 3.4% 125.0% VanEck Gold Miners ETF 3.1% 92.2% Harmony Gold Mining Company Limited 2.6% 107.0% Eldorado Gold Corporation 2.6% 145.7% Triple Flag Precious Metals Corp. 2.2% 137.8% OR Royalties Inc. 2.2% 98.5% Wheaton Precious Metals Corp 2.1% 31.6% Sprott Physical Silver Trust Units 2.0% 206.8% Themes Gold Miners ETF 2.0% 242.6% Iamgold Corporation 1.7% 87.8% B2Gold Corp (Canada) 1.6% 202.5% Sprott Gold Miners ETF 1.5% 53.5% Avino Silver & Gold Mines Ltd. (Canada) 1.4% 86.0% United States Antimony Corporation 1.3% 180.9% Centerra Gold Inc. 1.3% 61.0% Freeport-McMoRan Inc. 1.1% 40.7% Aura Minerals Inc. 1.1% 104.0% Amplify Junior Silver Miners ETF 1.1% 31.4% Sprott Active Gold & Silver Miners ETF 1.0% 280.4% Gold Royalty Corp. 1.0% 90.1% Albemarle Corporation 0.9% 70.9% DRDGOLD Limited American Depositary Shares 0.8% 31.0% WisdomTree Efficient Gold Plus Gold Miners Strategy Fund 0.8% 28.6% Sibanye Stillwater Limited - ADR 0.7% 99.3% Equinox Gold Corp. 0.7% 34.4% abrdn Physical Silver Shares ETF 0.5% 83.1% Alamos Gold Inc. Class A 0.5% 22.4% Global X Gold Explorers ETF 0.5% 59.8% VanEck Merk Gold ETF 0.5% 22.0% ISHARES INC 0.4% 30.5% Galiano Gold Inc. 0.4% 81.6% Skeena Resources Limited 0.3% 24.2% Sprott Physical Platinum and Palladium Trust Unit 0.3% 58.7% Pan American Silver Corp. 0.3% 27.1% GraniteShares Platinum Shares 0.3% 63.3% Hudbay Minerals Inc. (Canada) 0.2% 32.3% New Found Gold Corp 0.2% 54.9% Global X Silver Miners ETF 0.2% 27.9% PBF Energy Inc. Class A 0.2% 41.5% Comstock Inc. 0.2% 100.0% Silvercorp Metals Inc. 0.1% 172.3% Lithium Argentina AG 0.1% 98.6% Sociedad Quimica y Minera S.A. 0.1% 4.4% United States Copper Index Fund 0.1% 19.0% United States Natural Gas Fund 0.1% 56.5% Newmont Corporation 0.1% 26.9% U.S. Gold Corp.
Yep, not a single loser –so far– which I tend to be pretty ruthless about getting rid of before the loss becomes an annoyance, just as I tend to harvest windfall profits as fast as they occur. But I’ve let these stocks and ETFs ride, because that was how I had set up the experiment. It was meant to be a longer-term project that still has a way to play out.