I Believe ...
Pierre whatshis name is not a deep thinker.
If I sell a position I need to have something better (risk/reward) to do with the proceeds.
I was in grade school with Jonathan Ratner at the FP (that's just an aside - but small world).
NEVER let tax treatment divert your fundamental investment strategies. There is a large burn scar on my posterior that reads "Remember Nortel or you get this capital gain avoidance treatment again!" And that really, really hurt.
When the 1 - 12 month LIBOR runs from 0.25% to 0.75% I don't see many reasons to be running for the exit - opportunity cost is almost nil, and German safety deposit boxes won't be emptying any time soon - they are freaked by history and the PIG countries and hating the euro-shackles. Mr. China has greenbacks falling out from the mattress. But where do any of us turn, and we are the guys thinking about it every day. In the great wide world the mass of folks, the pension plans, the mutual funds, they ain't got enough gold among them to pay next month's gas bill.
I'd change horses but ... why give up on a nice thing unless the valuations are out of whack ... and they aren't so bad, yet. And as I have said previously, I did lighten up some and diversify into some other junior positions a few weeks (or is it months now) ago ... around the mid-$6's I believe. No regrets.
When the DOW hits 8000, gold is sneaking up on $4000, and KGN is at $50 or $100 ... then lets revisit!
OK, maybe I'll head for the hills before that, but I still feel like it is early innings in the new reality these days.
CG