I am tracking a 400-share position with a 6.38 cost basis and a stop-loss at 6.35. The weak bounce so far is encouraging but hardly persuasive. I’ve advised a stop-loss because AG looks likely to fall to at least 6.11 if it comes back down to the price where we acquired it. I’d be keen on re-positioning at 6.11, but in the meantime I have neither the stomach nor the patience to ‘average down’. Considering how bullion has been disappointing bulls since topping in 2011, there’s no compelling reason for us to give it the strong benefit of the doubt. We can ratchet down the skepticism if and when this stock pops above a 6.92 ‘external’ peak recorded on July 20, but until then there’s no reason to invest any hope in our watchful (prayerful?) vigil.
