Not sure why they felt a need to cover a non-story, but I thought I'd share.
http://finance.yahoo.com/news/though...151224620.html
Earlier today we revisited former Texas Congressman Ron Paul's precious metal-heavy portfolio.
Paul is one of the most famous advocates of gold as an investment, so we took a look at how his 64 percent precious metal portfolio was handling the recent crash in the price of gold.
We took a look at the three major mining stocks that the Wall Street Journal described as the largest of Paul's holdings. Here's what has happened to them in the past six months:
- Newmont Mining Company: 24.17%
- Goldcorp Holdings: 24.21%
- Barrick Gold: 27.14%
While those were reported as his largest holdings, Paul did report owning shares of a swathe of "junior" mining companies, considered smaller and riskier bets.
We took a look at how those mining companies performed in the past six months. The result is a series of brutal losses:
- Agnico Eagle Mines : 20.6%
- Allied Nevada Gold Corp: 49.03%
- Alumina Common: +51.28 %
- Anglo Gold Ashanti Ltd. 29.55%
- BrigusGold Corp. Com MPV: 23.39%
- Claude Research Inc: 46.67%
- Coeur D'Alene Mines Corp: 24.92%
- Hecla Mining Co: 26.94
- El Dorado Gold Corp: Not Listed
- IAM Gold Corp: 54.54%
- Kinross: 17.42%
- Lexam Explorations Inc: 29.41%
- Mag Silver Corp: 17.39%
- Metalline Mining Co: Not Listed
- Pan American Silver: 17.55%
- Silver Wheaton Corp: 15.57%
- Virginia Mines Inc: +5.15%
- Vista Gold Corp. 48.32%
- Viterra Inc +0.62%
- Wesdome Gold Mines Ltd: 38.21%
Looking at the twenty-one publicly listed mining companies in the Ron Paul portfolio, the average return on investment was a dismal 22.62% over the past six months.
Given that the Wall Street Journal reported that Paul's portfolio was worth between $2.44 million and $5.46 million and that 64 percent of his assets were in these precious metal stocks a veryloose estimate is that Ron Paul has lost between $353,204 and $790,366 over the past six months, based on the average loss of his mining holdings.
The moral of the story: don't just be in gold related assets.
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