Archive | February, 2013

Never been into Gold

28 Feb

Looking at Barrick Gold Corp at its 52 week lows might consider making a position in them.  They reported a net loss for the fourth quarter.  Usually, I do not like to invest in a company that has zero profitability.  But Barrick is a big name and stock price has been suppressed.

Could this be an opportunity to make some money?  Or could this be another Cliff Resources which I’m holding at a 50% loss now since I had hopes for it to come back out of its rut.  

I’m just thinking out loud.  All hypothetical talk.  So don’t go out on a limb and buy them.

Ally Savings from 1.8% to 1.2%

25 Feb

RBC bought out Ally as of February 1st.  Looks like big banks are buying out their competition left to right.

Ally was a high interest bearing savings account that offered 2% when I first set up my account while other banks were offering in the low 1% range.

Today, after coming back from my vacation, I found out that my “current” 1.8% savings account from Ally had been reduced to 1.2%!  That’s a big dip, and I am not going to stand for that.

Ally has lost my business as a client.  By not offering the best interest rate,  I am moving my money to my savings account at ING Direct which offers 1.35%.  The savings interest rate isn’t spectacular, yet it is higher than what Ally is offering at the moment.

Scotiabank** has also bought out ING Direct.  I hope that they will keep ING the way it is without turning them into another subsidiary to their cause.

New Buy: SU.TO 300 shares @ $32.30

8 Feb

I’m hoping Suncor will bounce back up by the time I come back from my Mediterranean cruise.  Yes, they did miss earnings thus the dip, but overall they are a solid company that will generate tons of oil for us down the road.

I just needed to have a last hurrah buy before I leave for a good two weeks!

I took advantage of my MBNA Smart Cash 0% offering cash balance transfer.  This 0% financing is good till September 2013, after that regular interests will apply.  I decided to take out $8000 to play with instead of using my margin account that charges 6.25%.  With this $8000 transfer to my margin account, I incurred a 1% processing fee from MBNA which is minimal compared to the length of my “loan”.  Of course, I plan to swing trade with this money and try to come out ahead in the course of seven months to make my “loan” worth while.  After my 0% is up, I will sell my stock and pay back the loan in full.

Happy Chinese New Year.  Enjoy family day too!

Trade Alert: Sold PWT @ $10.72

6 Feb

Last time when PWT climbed steadily to around $10.70, it peaked and fell back almost to my buy in price.  Second time around, I am not willing to see my profits diminish right before I go on vacation. Today, I sold PWT @ $10.72.  Gross profit of $390.  

It just might climb upwards steadily, but this is on margin and I am not willing to let this sit while I am away for two weeks.  

Side note:  Sometimes, I always let go of the ones that are golden.  Today, WYN jumped up to $60.00.  I sold out at $56.80.  Just my luck.