Bought 200 K.TO @ $15.94

Update Aug 13: I got stopped out at $15.80 for small loss.

Precious metals and the miners are holding well in today’s 30 point drop in S&P (WSJ article). In particular, gold just made a higher low (Figure 1) and AUD/USD is holding 0.8900 somewhat. As such, I’ve lowered my mental stop on the PAA.TO short to $24.30, a mere few cents above. Secondly, I am taking a long position in the Kinross Gold Corp. (K.TO).

Gold

As evident in Figure 2, Kinross has been taking a beating the past year. However, it is trading on a long term Fibonacci support level around $15.80. Thus, I am buying here with a small position while Kinross is making higher lows intraday and on the daily (so far).

I have set a mental stop at $15.60 and a hard stop at $15.50.

Risk is ($15.94-$15.50) * 200 = $88 + $9.90 commission = $97.9 = 1% of account.

Kinross Gold Corp. (K.TO) weekly chart

Kinross Gold Corp. (K.TO) daily chart

Related posts:

1. Bought 200 VEN.TO @ $9.74, Stop $8.90
2. Bought 300 VEN.TO @ 8.95, Stop 8.80
3. Sold 350 VEN.TO @ 10.50 (Profit +0.8%), Re-Bought 250 VEN.TO @ 10.67
4. Bought 1000 PMV.VN @ 0.62
5. Sold 3 PAA.TO 10DEC Puts 25.00 @ $2.25, Mark $24.62, Loss 0.3%