Tax Loss Selling (Silly) Season
Historically a lot of juniors are up 30%-100% within 1-3 months from the mid-December tax loss selling bottoms… Food for thought.
18 thoughts on “Tax Loss Selling (Silly) Season”
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Look at Novo. It stinks to high heaven! And New Found Gold just keeps going higher and higher. Seriously, what in the world is going to make Novo’s stock start to go higher? I just don’t get it. So many people have gotten this one wrong, including myself.
I am holding and hoping Quinton Hennigh will come through. I also hope HH is holding on… If he sells, the stock may go down a lot.
I bought more today and am ready to buy more if it goes lower. We’re nearing the end of the tax loss silly season
Thank you, HH! I still believe the fundamentals will come thru and Novo stock will be much higher in 5 years’ time.
It never ceases to amaze me, people wanting the stocks they like to go up. I am enjoying every minute of NSRPF dropping. It is one of my largest positions. If I am fortunate enough it will continue dropping so I can add to it even more. Do you really think that QH and his people are not going to get this thing to work?
Dave,
It’s a rarity for people to be that rational as you just alluded to. Appreciate the comment which is a breath of fresh air! Good luck to us all.
Best regards
For someone who has been sitting on cash and waiting for a chance to nibble more on Novo, today’s prices are an improvement. For someone who would like to get rid of cash entirely, via a much larger position in Novo, still lower prices in a couple of weeks (perhaps due to shares hitting the market or some sort of a crash in the broad stock market) would be a still more favorable circumstance were it to materialize. Nothing about the company has changed for the worse (to my knowledge). There are just more shares that previous holders want to part with at lower prices. It is the inverse of the circumstance in which someone grabs you by the lapels and screams “Gimme that bag!” The louder they scream “Take my bag [of gold],” the more favorable it becomes to go ahead and accept it.
I’m so tired of hearing about “tax loss” selling. It’s simply used as an excuse for the crappy performance of PM stocks year after year.
Most PM stocks are crappy and deserve their crappy performance!
Let’s see how Novo’s stock performed after last years tax-lows season.
On December 26, 2019, the stock (US $) was trading at $2.94. By March 20, 2020, the stock had plummeted to $1.07. Do we have that to look forward to in addition to the roughly 50% the stock has lost just from this past August?
What in the world is management truly doing? Did Kirkland really have some insights into this company when it dumped its shares?
As far as I know, the management is doing fine. Tax loss season should end very soon. It does not extend to March. I believe GDX will make a slight lower low tomorrow and then it will rebound. So the tax loss season may end tomorrow! I am holding on. https://www.youtube.com/watch?v=LB0yRharfCQ
Yes when Kirtland sold out – for whatever the reason, it was a shock. Today’s drop in Novo shares may be testing the intraday bottom of 11/30. Hope it holds here….
So Novo owns something like 11 million shares of New Found Gold, and they released tremendous news of terrific new intercept levels. Shouldn’t it be a “redfish” that Novo’s stock is not reflecting the big bounce in New Found’s stock price?
Not necessarily. Most people may not even know Novo owns a big chunk of New Found Gold! And there is a good possibility that people still do not understand the long term prospect of Novo. Instead investors are bidding up bitcoins and tech unicorns. In this kind of bubble market, people are just chasing what is hot right now. Some value play gems can lie low for a long time. Novo may be a big example. Chartwise, one can make an argument that Novo is at the right shoulder low of inverse head and shoulder pattern. We may be at a good buy point. Fundamentals says that Novo stock would be a lot higher in 5 years. I am willing to wait. I was holding at March low. Why panic now?
How about a possibility that Kirtland sold Novo shares holdings to log in tax loss – to reduce overall corporate tax for the fiscal year? And then Kirtland insiders can back up the truck on Novo shares at bargain prices for their family trusts. If I were Kirtland insiders who have confidence/excitement in long term prospect of Novo, that is what I would do…
Jay Lin: for me a major sale by HH would be more significant than the dump by KL. I would have to think seriously about selling. In this regard I trust HH’s judgment more than that of KL’s management.
I am humbled by your trust and confidence in me Marshall! I hope it is not misplaced!
Best regards,
Erik
If a holder’s CPA needs a loss for 2020, and that holder books his loss now, then I, excuse me that holder, should have a large pool of NOVO stock to replenish his holdings at a small transaction cost after the deal is booked, especially after 12/27/2020. And I have confidence in QH, HH, and CPA.
Plan change. Large initial position at $.75, later positions raised cost to $2.20, add to position this month to bring cost down, wait for mill production news and see what happens. Pay taxes.