Was waiting for a nice rebound in the stock price and sector before selling. Got it today in both.
Yamana is a fabulous company with a good future. I just didn't like how Marone sold us all out. He made off like a bandit at the expense of his long term shareholders. We got the shaft here. I have been invested here for about 14 years now. I bought my initial stake high around $12cdn per share and have been sitting in losses for quite some time. I started averaging down quite a bit over the last few years to the point my avg was around $7.30cdn now. I was sitting with a loss around $40k at one point. I didn't make much here for that very long hold but I didn't lose either (maybe I did if you consider the opportunity cost). I did get the dividends here and re invested them.
I will NEVER invest in another miner. Too many headaches and too many greedy CEO's who think of themselves instead of shareholders. Marone could have done a much better job of selling here at a better price. He got his $50m for selling out on the cheap for his new suitors. Why should he care?
I still say Gold will do very well and will be one of the stronger asset classes to thrive over the next 2 years. Gold is being manipulated and held down. The USA dollar is toast and the rest of the world will dump their dollars in favor of hard assets. We have not yet seen the chaos in the world get going. But it's coming and we have seen the early part of this now. It will get much worse. Hard assets usually do well in this environment after the initial pullback Gold too will suffer at first before moving up.
I still hold another miner which I will dump the minute I break even on that one. (New Gold- another problem miner - holding for 13 plus years now and down quite a bit there). If you plan to stay in this space then stick with the royalty companies and forget the producers. Not worth the headaches. I own a couple of royalty companies and they are doing fine. I will continue to hold them.
My other plan going forward is to invest only in dividend paying "blue chip" companies with a yield of 4.5 percent minimum. Markets are so corrupted and manipulated today that the average investor does not make money but rather loses money. It wasn't this way 25 plus years ago. Too much shorting, manipulating, insider trading, etc. Yet the SEC doesn't seem to care about these unfair practices. It's all BS. Who needs this? Not me.
Good luck everyone.
Ron