这个投资组合在2012年度单月最大的跌幅仅为2.2％，这主要得益于我们采取了销售期权的方式对冲了部分风险，让投资组合的回报更加平稳。

The portfolio in 2012 the biggest monthly performance decline is only 2.2%,This is due to the us to take the way of selling options hedge the risk of part,Let portfolio returns more smoothly.

　　“贵金属投资组合”开始于2012年4月1日，“资金”为100万美元，经过9个月的运营，到2012年12月31日，投资回报为7.9％。很多朋友可能会说这并不算高，但我们组合的回报已经大大超出了购买黄金、白银或者贵金属矿业公司指数的同期回报，而且我们是在没有使用财务杠杆，并一直保持了50％左右的现金头寸情况下实现的，风险也较小。这个投资组合在2012年度单月最大的跌幅仅为2.2％，这主要得益于我们采取了销售期权的方式对冲了部分风险，让投资组合的回报更加平稳。

"Precious metal investment portfolio"Began in April 1, 2012,"funds"For 1 million dollars,After nine months of operation,To December 31, 2012,Return on investment is 7.9%.A lot of friends may say that isn't high,But we portfolio returns has been greatly beyond the buying gold/Silver or precious metals mining company index returns over the same period,And we are in no use of financial leverage,And keep the 50% of cash position of realize,Risk is smaller.The portfolio in 2012 the biggest monthly performance decline is only 2.2%,This is due to the us to take the way of selling options hedge the risk of part,Let portfolio returns more smoothly.

　　

最高回报为53% The highest returns is 53%

　　自2012年4月1日设立投资组合以来，我们一共直接购买了18只股票和ETF，而我们出售的期权则在这18只股票和ETF之外还增加了两只股票的期权，也就是说，我们在过去9个月的投资都是围绕20家不同公司和ETF进行的，基本达到了在贵金属领域内部分散投资的目标，大大降低了矿产行业时常面临的公司出现经营问题的风险，对一个愿意花时间管理资产的个人也是可以接受的。

Since April 1, 2012 since the establishment of investment combination,We have direct purchase and stock and etfs,And we sell options are in those stock and etfs outside still increased two stock options,that,We in the past nine months of investment is around the house and different companies and the ETF,Basic reached in precious metals field internal investment diversification goal,Greatly reduces the mineral industry often face the risk of management problems in the company,For a willing to spend the time management of personal assets is also acceptable.

　　在这9个月中，我们直接买入股票回报最高的是白银矿业公司First Majestic (AG)， 价格上涨了53％；其他回报较高的股票还有为取得红利购买的Agnico-Eagle (AEM) 和特许权公司Frano-Navada (FNV)，分别上涨了46％和45％，算上红利，这两只股票的总回报则达到了47.4%和45.5％。而通过销售看涨期权使得持有AEM和其covered call的综合回报则达到了52.6％, 比仅仅持有AEM股票的回报高出了5％。这3只公司的股票价值在12月底达到组合总价值的16％，其中FNV和AEM很可能会一直跟随我们的组合到本轮贵金属牛市彻底结束。一个有意思的现象是，上面3只表现最好的股票都是在2012年5月23日购买的， 我们当时的购买价并非这3只股票年内的最低价，而是在确定股价已爬出低谷之后购买的，看来等待合适时机的耐心最重要。

In the nine months,We directly buy stock returns are highest in silver mining companies First Majestic (AG), Prices have risen by 53%;Other return higher stock and to get bonus to buy Agnico - Eagle (AEM) And the franchise company Frano - Navada (FNV),Up 46% and 45% respectively,Including bonus,The two stock total return reached 47.4% and 45.5%.And through the sales call option makes hold AEM and its covered The comprehensive return call reached 52.6%, More than just hold AEM stock returns is higher than 5%.This three company's stock value at the end of December to combination by 16% of the total value,The FNV and AEM will probably always follow our combination at this precious metals bull market is finally over.An interesting phenomenon is,Above three best stock is on May 23, 2012 to buy, We had a purchase price is not the three stocks years rock-bottom price,But in determining the low share price has climbed out after the purchase,It seems a good time to wait for the patience of the most important.

　

　严格执行止损规定“挽救”了我 Strict implementation of the stop loss provisions"save"my

　　20只股票中已经平仓的期权销售交易没有出现一例亏损，并非都是因为我的运气好，而是再次说明了销售期权赚钱的概率比购买期权更高。只有两只直接购买的股票因事先设定的止损要求而出售，考虑出售期权的收入和红利之后，其实只有一只股票是真正亏损的，那就是GORO，亏损29％。我非常庆幸自己当时坚决执行了事先设定的止损规定，因为在我们11月1日销售GORO股票之后，其价格继续下跌了28％，到现在还没有恢复到我们止损时出售的价格。无疑，坚决止损让我们避免了一次更加严重的损失。

And stock option has been liquidated sales transaction did not appear a loss,Not all because of my good luck,But again the sales option money than buy options higher probability.Only two direct purchases of stocks because of the prior setting stop requirements and sell,Considering selling options after income and bonus,But, in fact, only a stock is a real loss,That is GORO,Loss of 29%.I am very glad that enforce a pre-set stop loss provisions,Because in our November 1, after sales GORO stock,The prices continue to fall by 28%,They are not returned to us when stop selling price.undoubtedly,Resolutely stop let us avoid a more serious loss.

　　新的一年，贵金属市场很可能更加动荡。黄金已经连续12年上涨了，虽然说明这一大牛市非常强劲，但是在历史上已经十分罕见。没有任何一个牛市可以直线上涨。鉴于目前动荡的国际金融形势，我在新的一年中仍然会非常谨慎。而从另一个角度看，受2012年12月份市场气氛的影响，贵金属矿业公司的估值与金价相比又是黄金牛市开始以来最好的时期之一，像去年8月份持续到11月份的贵金属矿业公司股票大涨的情况随时可能再次出现。

A New Year,The precious metals market is likely to more unrest.Gold has risen for 12 years,Although the big bull market is very strong,But in history has is very rare.No bull market can zoom up.In view of the current turmoil in the international financial situation,I'm in a New Year will still be very careful.But look from another Angle,By December 2012, the influence of the market atmosphere,Precious metals mining company valuations and gold and gold since the start of the bull market compared to the best of one of the period,Like last August to November for the precious metal mining company of stock of may appear again at any time.

　　出于上面的判断，我们组合去年的策略在今年仍然是一个很好的选择。

From the above judgment,We combine the strategy of last year in this year is still a very good choice.

　　李京红

LiJingGong

　　南加州大学马歇尔商学院MBA，特许金融分析师（CFA），拥有20年以上国内外金融财务投资经验。精通商品投资，尤其是贵金属领域。

The university of southern California Marshall business school MBA,Chartered financial analyst(CFA),Have twenty years of domestic and foreign financial financial investment experience.Proficient in commodity investment,Especially precious metal field.

　　先后任职于五矿洛杉矶分公司、固定收益投资公司等处。2005年起带领自己的团队为包括世界500强企业在内的跨国金融类公司提供中国战略咨询服务。

Successively in Los Angeles branch office of metals/Fixed income investment company place.Since 2005, led his team to include the world top 500 enterprises, the multinational financial companies provide China's strategic consulting services.

　　

投资组合展示： Portfolio show:

　　交易：

trading:

　　2012年12月6日：

On December 6, 2012:

　　买入：1000股PHYS，价格$14.45

buy:PHYS 1000 shares,The price of $14.45

　　2012年12月20日：

In December 2012, twenty days:

　　买入1000股EGO 1/18/2013 $15 看涨期权，价格$0.05

Buy 1000 shares EGO 1/18/2013 $15 call option,The price of $0.05

　　2012年12月21日：

On December 21, 2012:

　　卖出：2000股 EGO, 价格$12.80

sell:2000 strands of EGO, The price of $12.80

　　红利：

bonus:

　　2012年12月17日：

On December 17, 2012:

　　1000股AEM，每股红利$0.20，共计$200

AEM 1000 shares,Dividend of $0.20 per share,A total of $200

　　2012年12月29日：

On December 29, 2012:

　　1800股FNV, 每股红利$0.05，共计$90

FNV 1800 shares, Dividend of $0.05 per share,A total of $90

　　2012年12月31日：

On December 31, 2012:

　　1000股GDX，每股红利$0.462，共计$462

GDX 1000 shares,Dividend of $0.462 per share,A total of $462

　　上期终盘：

Prior period ZhongPan:

　　2012年11月30日：

On November 30, 2012:

　　终盘总价值：$1090868

ZhongPan value:$1090868

　　本期终盘：

This ZhongPan:

　　2012年12月31日：

On December 31, 2012:

　　资产总价值：$1,079,361，比2012年11月30日下跌了1％，比开始投资时（2012年4月1日）上涨了7.9％。

Assets value:$1,079,361,More than 30 November 2012, down 1%,Than start investing(April 1, 2012)Rose 7.9%.

　　作者提示：这一虚拟组合主要关注贵金属投资，投资种类和行业风险集中，不适合作为普通投资者全部投资组合的模型。投资货币为美元，交易在美国市场，未计算交易成本和利息，不使用财务杠杆。跟踪每日组合变动，请查阅我的博客：http://blog.sina.com.cn/jlismith。

The authors suggest:This virtual combination focusing on precious metals investment,Type of investment risk and industry concentration,Not suitable for ordinary investors as a whole portfolio model.The investment money for dollars,Trading in the American market,Not calculation transaction costs and interest,Do not use of financial leverage.Follow up daily changes in combination,Please refer to my blog:http://blog.sina.com.cn/jlismith.