A week to hunker down. Was kind of hoping that gold and silver would ride the storm better on the war news. At least the loading up on oil worked
Portfolio News
In a week where S&P 500 dropped 1.98% and Europe dropped 6.57%, my pension portfolio dropped 2.08% somewhat in line with the US markets. Good time to be under-invested in Europe. Of the 3 large portfolios, this one was hit the least. Biggest hits in value terms from Northern Star Resources (NST.AX) down 10.9%, Deep Yellow (DYL.AX) down 17.5%, BHP Group (BHP.AX) down 9.6%, Uranium Royalty Corp (UROY) down 17%, enCore Energy Corp (EU) down 28.9%, Amplify Junior Silver Miners ETF (SILJ) down 15.6%. Feels like a lot of panic selling - the reality is the world still wants the gold, silver and uranium.
Big movers of the week were Terra Critical Minerals (T92.AX) (62.3%), Venture Global (VG) (28.8%), ADX Energy (ADX.AX) (22.6%), Blue Star Helium (BNL.AX) (20%), TechGen Metals (TG1.AX) (19.2%), Viva Energy Group (VEA.AX)(18.6%), Strike Energy (STX.AX) (18.6%), Gevo Inc (GEVO) (17.6%), Karoon Energy Ltd (KAR.AX) (17.5%), Viking Mines (VKA.AX) (15.8%), Carnarvon Energy (CVN.AX) (13.6%), OD6 Metals (OD6.AX) (12.9%), Coronado Global Resources (CRN.AX) (12.7%), Power Minerals (PNN.AX) (12.5%), AdAlta (1AD.AX) (12.5%), Locksley Resources (LKY.AX) (12.1%), Starr Peak Mining (STE.V) (12%), United States Natural Gas Fund (UNG) (10.7%), Santos (STO.AX) (10.4%), 88 Energy (88E.AX) (10%)
20 stocks in the big movers is a bit of a surprise - more than expected in a
war week. Not a surprise is the mix but from the top - uranium (1 stock), oil and gas (9 stocks), gold/silver mining (2 stocks), alternate energy (2 stocks), rare earths (3 stocks)
Markets were rocked by surging oil price and US market did not like the Friday jobs report - inflation will be building if the oil bust stays this way.
Crypto Surprises
It is almost like the war did not begin. Bitcoin price pushed higher finishing the week 2.1% higher than the open with a trough to peak range of 13.3%. Price moved up just as the war started.
Ethereum price pushed higher too finishing the week 2.3% higher than the open with a trough to peak range of 14.8% - bot chart pushing trough long held levels.
Going to be taking a few weeks off markets - will not check any other prices this week.
Nuclear Energy Holdings
One addition in Canada and auto-invest in two places on ASX and a staggering 10.3% drop in valuations.
A few changes in the mix of holdings with Yellow Cake plc (YCA.L) moving into slot 1 displacing Uranium Royalty Corp. (UROY). Paladin Energy Ltd (PDN.AX) and Sprott Junior Uranium Miners ETF (URNJ) swap places in slots 5 and 6. Coming into the Top 10 in slot 9 is Atomic Eagle (AEU.AX) displacing enCore Energy (EU). Other 52 creeps over the 50% mark. Share of portfolios drops nearly 2 whole points.
In the grand scheme the changes in holding by stage are not key but Producers did drop one whole point with the uptick in Explorers - going to guess the one stock in the big movers did that.
Alternate Energy Holdings
One addition in lithium and a bothersome 7.2% drop in valuations.
No changes in the ranking with Sigma Lithium Corporation (SGML) the biggest faller in share down 0.9 points. 0.2 point drop in share of portfolios.
Precious Metals Holdings
A few sales and additions in both gold and silver - hard part of the story is 8.6% drop in valuations thanks to the war start.
No change in the rankings of the Top 10 but UBS ETRACS Silver Shares Covered Call ETN (SLVO) in slot 1 does move up 1.3 points.
Bought
Lightning Minerals (L1M.AX): Gold Mining/Lithium. Reporting SPP addition in personal portfolio from February.
Tasmea (TEA.AX): Engineering Services. Dividend yield 3.01%. Added a parcel in personal portfolio. Swiss Transparent Portfolio idea - they liked this dynamic
In an Australian market facing a shortage of 90,000 skilled workers through 2028, the ability to source and mobilize labor at scale is a profound competitive advantage. Tasmea currently spends A$13 million annually on third-party labor hire at an 18% margin. By redirecting this spend to WorkPac (which they acquired in December 2025), the group captures those margins internally while utilizing WorkPac’s 1.5 million candidate database to onboard employees faster.
Did the comparison with some of the other engineering and mining services stocks. Sure hope the idea has legs as the stock has already done the work. Liking the look of the laggard Lycopodium Limited (LYL.AX) - sold pout of it a little while back - time to add back.
Mastercard Incorporated (MA): Payment Services. Added a small parcel and April expiry credit spread in pension portfolio with ROI of 25.9% and 1.9% price coverage. Swiss Transparent Portfolio idea. They liked this dynamic
Mastercard’s fiscal year 2025 results highlight the sheer power of the electronic payments duopoly. Revenue for the year improved by 16% to $32.8 billion, driven by a 14% increase in high-margin cross-border volumes and a 10% increase in switched transactions, which reached 46.5 billion. The company’s ability to scale without a linear increase in costs is evident in its adjusted operating margin, which expanded by 140 basis points to 57.7%.
Chart tells it own story - support below the bought put level (480) but some resistance up above - that is fine as long as price stays above $500.
Investigator Silver (IVR.AX): Silver Mining. Company completed PFS and placement for development of silver mine north of Kimba, South Australia. With AISC of $26 and 11 year life of mine looks a great idea with silver in a range between $70 and $90. Next Investors idea. Did also put in a low ball pending offer at the placement price.
OD6 Metals (OD6.AX): Rare Earths. Next Investors idea based on acquisition of options to acquire fluorspar mining properties in US.
Added a small parcel in personal portfolio and did put in a pending order below the price achieved to cover the front running story. Did some digging into the website - not clear how much the team knows about fluorspar as their other projects are in copper and rare earths
Scorpio Tankers (STNG): Oil Shipping. With dividend ex date coming up exercised in-the-money call option in pension portfolio to grab the dividend. The bought call (60) was part of a 60/67.5 call spread left over from a call spread risk reversal set up when Maduro was captured in Venezuela. Leaves over a covered call which is also in the money. Now have to hope price stays above the sold call level (67.5).
iShares South Korea Index (EWY): South Korea Index. Korean market was smacked when it opened after a holiday Monday after the war start - at one stage down 12%. Yes, they are reliant about 30% on oil and gas deliveries through the Straits of Hormuz. No other markets were hit that hard - not even Japan. Added a small parcel of stock thinking this was an over-reaction. Also put in place an April expiry 130/140/120 call spread risk reversal. With net premium of $5.50, this offers 82% maximum profit potential for a 8.3% price move. The call spread is fully funded by the sold put with 7.2% price coverage. Not bad return for 6 weeks exposure.
Let's look at the chart which shows the bought call (130) as a blue ray and the sold call (140) as a red ray and the sold put (120) as a dotted red ray with the expiry date the dotted green line on the right margin. The bought call (130) is just above the stock purchase price which was not far off the low of the 18% price fall. The sold call (140) is halfway back up to the highs. The sold put (120) is around the levels of the previous higher lows.
SK hynix (HY9H.F): Semiconductors. The big challenge of the Korean stock markets is the index is dominated by 2 stocks - Samsung Electronics Co (005930.KS) and SK hynix Inc (000660.KS). Swiss Transparent Portfolio have added the latter to their portfolio. They figured a 10% drop in prices is a good discount for a stock that is at a 50% discount to its industry peers. Found the Frankfurt listing as my broker does not provide access to Korean listings. Added small parcels in pension portfolio on successive days as prices keeps drifting lower. Dividend yield 0.27%.
NOV Inc (NOV): Oil Services. With price opening at $18.90 (Mar 6) was hit on a pending order in personal portfolio for January 2027/May 2026 20/30/18 diagonal call spread risk reversal. This offers maximum profit potential of 475% for 58% price move. The ratio sold put (18) fully funds the call spread premium with 4.8% price coverage at trade time. Was higher when the pending order was placed.
Let's look at the chart which shows the bought call (20) as a blue ray and the sold call (30) as a red ray and the sold put (18) as a dotted red ray with the expiry dates the dotted green lines on the right margin. At the time the pending order was placed (before the war began) price was on a good trajectory heading into the blue sky zone. Was going to need two blue arrow moves to get to the maximum. The start of the war set that trajectory back and what is more likely to play out is the light blue arrow price scenario, which will end short of the maximum. The sold put level (18) is now at risk. Why this trade - oil services was beginning to grow well and the company also has capabilities that will be used in nuclear reactor builds.
Geiger Energy was Baselode Energy (BEEP.V): Uranium. Watched interview with CEO Rebecca Hunter on Triangle Investor talking about the drilling program in the Thelon Basin. The view was the discoveries could be as important as the Athabasca Basin with similar geology and geochemistry. As the business is also exploring Athabasca this makes a good double opportunity. Doubled the small holding in pension portfolio to scale in
The Thelon Basin is regarded as one of the most prospective areas globally for discovering high-grade, unconformity-style uranium deposits outside of Saskatchewan’s Athabasca Basin.
Builders FirstSource (BLDR): Building Products. Assigned early on sold put. Breakeven $104.45 vs $93.12 close (Mar 6) - a bit of history to recover. Rising rates will not help. TSP idea from way back. Writing covered calls at the assigned strike.
Sold
Star Minerals (SMS.AX): Gold Mining. Took out capital deployed in personal portfolio for 50.7% blended profit since September/November 2024. Original investment was predicated on uranium tenements in Namibia - company since redirect to gold in NSW
AuKing Mining (AKN.AX): Gold Mining. Took out capital deployed in personal portfolio for 87% blended profit since February/March 2025. Next Investors idea - they remain invested.
ASX Portfolio
The segment reports trading in ASX fractional share portfolio. Trade entries are made based on stock screens looking for undervalued stocks (price to book, price earnings, price to sales) that are showing technical signs of breaking a downtrend. Exits are made at 35% profit or 25% if 52 week high is lower than 35% advance. New buys are in $500 lots. Scale ins and top ups in $250 lots
Auto-Invest
Two sets of auto-invests added this week - that was the week activity
$600 spread across 4 uranium stocks, one gold ETF and two index ETFs - in personal portfolio. Reducing cost base this week
Uranium
- Silex Systems Limited (SLX.AX): Uranium Enrichment.
- Global X Uranium ETF AUD (ATOM.AX): Uranium.
- Deep Yellow Limited: Uranium.
- Elevate Uranium (ELV.AX): Uranium.
- Terra Uranium (T92.AX): Uranium.
Indexes
- VanEck Gold Miners ETF (GDX): Gold Mining. Yield 0.55%
- Vanguard Australian Shares Index ETF (VAS.AX): Australian Index. Yield 3.0%
- Vanguard MSCI Index International Shares ETF (VGS.AX): International Index. Yield 2.41%
For my kids portfolio - lowering some cost bases - 5th month
- Bannerman Energy (BMN.AX) - Namibia explorer
- BetaShares Global Uranium ETF (URNM.AX)
- Aura Energy (AEE.AX) - Mauritania developer plus Sweden explorer
- Cauldron Energy (CXU.AX) - Western Australia explorer
Hedging Trades
First Majestic Silver Corp (AG): Silver Mining. War begins and price tanks 20% - added another parcel in pension portfolio as a hedging trade. Seems like a tidy discount on a growing free cash flow opportunity.
Income Trades
Covered Calls
Three covered calls written in two portfolios - all US
Naked Puts
Sold puts happy to own at lower prices
- Scorpio Tankers Inc. (STNG): Oil Shipping. Return 2.5% Coverage 4.9%
- Casino, Guichard-Perrachon S.A. (CO.PA): French Supermarket. Return 20% Coverage 6.6% - return drops to 14.5% after Paris trading costs.
Sold puts on stocks that might get assigned on covered calls
- Alamos Gold Inc. (AGI): Gold Mining. Return 5.8% Coverage 0.6%
- Netflix, Inc. (NFLX): TV Streaming. Return 1.2% Coverage 8.3%
- Scorpio Tankers Inc. (STNG): Oil Shipping. Return 2.3% Coverage 16.6% - April expiry
Credit Spreads
- iShares U.S. Aerospace & Defense ETF (ITA): Aerospace/Defense. ROI 25.8% Coverage 4.6%
Credit risk is looking good even though cash reserves are down a bit from last month
Resources
Cautions: This is not financial advice. You need to consider your own financial position and take your own advice before you follow any of my ideas
Images: I own the rights to use and edit the Buy Sell image. News headlines come from Google Search. All other images are created using my various trading and charting platforms. They are all my own work
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Investing: Interactive Brokers provides comprehensive global markets coverage with very competitive commissions. Open an account to earn up to USD 1,000 in IBKR stock. https://mclnks.com/ibkr
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March 2-6, 2026