If you have followed my blog for some time you would know that OBJ represents the largest percentage of my portfolio. Based on the original purchase price I have invested twice as much into OBJ as I have into KGL and MHM.
My original plan was to buy more shares in KGL after the outcome of the Kyrgyz Elections, although it does appear from early polling that our preferred candidate (the current Prime Minster) will be elected to the position of President. I also posted a chart a couple of days back that indicated gold may be heading lower and therefore I was happy to wait another week or two before purchasing some more shares. That situation has now changed and it appears as though the move down was a false break. Gold has since put in a couple of strong days and broken the upper band of the long term up trend, which in my opinion, indicates that it may be able to go on another run. (more on that in my next post).
So with gold breaking to the upside, positive news emerging from Europe and KGL remaining in the low nines I decided to hedge my bets and buy half now, half later. As a result of this new purchase I now hold 75% of my ideal holding in KGL (previously 50%), which leaves the last remaining parcel to be purchased in the near future. This will ensure I am fully invested in KGL for the time being.
So with the decision made to add to my holding I looked to place an order on Thursday morning at 9.1 cents. For those of you who had your brokerage accounts open that day you would have notice everything was still in “pre-open” even at 10:30-10:40am. Something was definitely up and we all soon discovered that the ASX had gone into melt down. Based on the market depth I think I had a good chance of my order going through. However, as luck would have it more positive news from Europe emerged while we were off line and by the time we were opened I was only able to get my order away at 9.3 cents. It wasn’t all bad though as it did manage to close even higher at the end of the day.
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