Hedging...

So taking this opportunity to put some hedges on

Things have been running hot for a while now. My YTD is now up to over 24%.

I’m taking this opportunity to put on some hedges. I’ve recently raised cash to 25% - as a result of trimming some stories and exiting others (Vistry I’m looking at you).

However after a quick audit, my mining segment has swelled to 46% of my overall portfolio. Partly because it’s done so well this year and partly because the other areas haven’t kept pace. Gold itself has been on a tremendous run with limited pullbacks and seemingly going higher every day.

I’m in no way calling a top in Gold here. However, GDX looks stretched - the daily RSI is almost as high as it has ever been and I wouldn’t be surprised for a short term breather.

The challenge with some of my mining plays, is that many are focused on incremental improvements - getting a permit, drill results, soil samples. All of which take time. Some have run well lately and I don’t want to exit them.