Tuesday 24 July 2007

A good day thanks to China Goldmines

Many people still find the stock markets a fearful thing and choose not to invest. Property seems like a much simpler bet and people can see what they are getting for their money.

The difference with property though is that you need a big sum to invest to make some money. Sometimes in the stock market there are easier ways to make money on a small scale and in a short period.

I was up early this morning and whilst reading the Telegraph, came across this story. China Goldmines had announced an amazing find of new gold, five times more than expected.

Thus is seemed very obvious what would happened when the markets opened. So I went to a broker similar to this one, opened and online account in 10 mins and put forward some cash (...from my overdraft facility, in case you think Mrs. Slicker would leave me with any pennies between paydays).

This took no time at all, the market were already open and the stocks had shot from 120p to 140p. I bought at that price and after hitting 172p, they closed at 167.5p today. This left me with a paper profit of 37.5p per share in a single day. Assuming I had in the region of 700 shares, this left me with a profit on paper of £213.50, less the costs of setting up the account, buying the shares and the cost of the overdraft (about £45). The overdraft is not payable until the month end so if I sell the shares tomorrow, the total costs will be about £32 ( a 21% profit overall).

So £180 for doing very little indeed, certainly no real knowledge of the market, just reading the business pages and reacting to it.

Now perhaps some of you will understand why I am so keen to look through all the business pages at the weekends....

PS All blue skies have clouds that intervene eventually, I came home to find Mrs Slicker in possession of several bags of 'strictly necessary shopping purchases' - no doubt with a cost of considerably in excess of £180.


Steven_L said...

Interesting, mind you when I wake up early and fancy a flutter I still buy the racing post.

Aint many shares you can buy into with £20 and end up larging it all day on the proceeds!

Stan Bull said...

Happy to report that I've made a small fortune off the Istanbul Stock exchange in recent years.

CityUnslicker said...

Steven - Well stock market and gambling are very closely related. Different kinds of gambling really!

CityUnslicker said...

IT - Good to hear, that has been an active market, the difficulty for us is that currency risk makes it hard to invest. For a local this is no problem!

Newmania said...

Yes well if either of you have any spare cash I could find a home for it ..its the usual struggle for me ...oh well rich in love .

CU what is this story about Brown and the Bonds ...its on the Dale thread and I `m not really sure I follow it.

CityUnslicker said...

N I will look into tomorrow. How is life as a commuter?

Newmania said...

Not gone yet , and I already commute from Islignton down to Croydon so I will be commuting less. Can`t wait to go actually . BLimey News Statesman this morning going with
" Game Over"

Not the way to start the day. I don`t think so though.If you look at what would have happened nto Blair over the floods where the govt. are clearly culpable to some extent and the nothing that happened to Brown you cansee the sort of support he is getting.

When the story dies it will be different but I agree with IT an outright victory was always optimistic and now looks unlikely

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