Just a short post on how I got lucky flipping KL stock last week and buying it back yesterday.
On Friday 22 November I looked at the chart and surmised that KL was at the top of the mountain and it was time to sell and take profits. I sold at $63.75 and booked a 31% profit on my buy price. The stock closed the trading day at $63.32
I didn't call the top, just got lucky. I had no idea what announcement was coming before the market open on Monday.
Then BOOM!
KL was buying all the assets of Detour Gold. Why not?
They're practically neighbours and KL needs the assets going forward to be a relevant major player in the gold space.
The stock closed Monday 25 November at $52.38 on the merger news.
I bought back my 100 shares at $53.24. The stock plunged.
Didn't catch the bottom but I did save myself 17% on the downside.
I have never owned DGC but what a piddly day as they only gained 40 cents on the day. Market is on wait and see mode for this transaction.
Sometimes it's better to be lucky than good. It was a great time to sell KL as they gave up all their gains for the year.
It remains to be seen if buying back the stock the next trading day was the right move or waiting would have been better.
I still had the money in cash so I decided to pull the trigger.
What do you think? Anyone else own Kirkland Lake Gold?
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