- Miners' Wingman
- Posts
- Adiós, 2023! These stocks have been waiting
Adiós, 2023! These stocks have been waiting
Wingman
December 30, 2023
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
If ever compensated for an article, it will be mentioned here.
Adiós 2023, and Tax Loss Sellers!
Ah, the most wonderful time of the year. No, not Christmas, but the end of the tax loss selling season.
Every year, tax loss selling occurs as investors sell investments that have lost value to offset gains they've made on other investments. When you sell an investment for less than what you paid for it, that's a capital loss. The cool part is that you can use these losses to decrease your overall taxable income.
The last day for tax loss selling falls a few days before the end of the calendar year due to settlement time. When you sell an investment, it usually takes a few days for the transaction to settle. So, if you sell on December 31st, the settlement might not happen until the next year, which means it won’t count for the current tax year.
The last day for tax-loss selling in 2023 was Wednesday, December 27th.
On Thursday and Friday, some stocks surged without any news. We've listed companies that are on our watchlist that had positive moves despite no news, likely due to tax loss selling ending and new investors jumping in.
Some noteworthy companies include:
Banyan Gold concluded their tax loss selling pain a month earlier, a fact not adequately reflected in this table. Their stock hit a low of approximately C$0.265 and surged within a month to as high as C$0.38.
Magna Mining saw buyers outnumbering tax loss sellers by mid-December, experiencing an impressive rise from around C$0.42 to a high of C$0.61.
Melkior Resources did have news on Dec 28, with the announcement of a private placement closure. However, it's an interesting company with a tight share structure and some promising assets.
Regulus Resources had little news this year, but that is one thinly traded stock.
Expect an eventful week ahead full of news. Not entirely certain where it's coming from, but companies tend to hold off on announcements until after the holiday season.
Big News for the Canadian Nickel Industry
One piece of news that couldn’t wait for the new year was released after hours on Friday.
Prior to the Share Purchases, Agnico Eagle did not own any Common Shares. Following the Share Purchases, Agnico Eagle owns 19,600,000 Common Shares and 6,860,000 Warrants, representing approximately 12% of the issued and outstanding Common Shares on a non-diluted basis and 15.6% of the issued and outstanding Common Shares on a partially-diluted basis (assuming the exercise of the Warrants).
Congratulations on the new shareholder Canada Nickel.
Since it's the weekend, let's take a look at Wingman's portfolio performance. Subscribe for free to access our investment journal and get insights into our investments.
Reply