On 7/22/08, I sold 10 AUY Aug08 15 Calls for a net deposit of $360.50 in 4 IRA accounts.  I have owned 700 of these shares for some time with a basis from 6.85 to 10.34.  The basis for the other 300 shares is 12.11.  These last shares were just put to me last weekend.

AUY doesn’t pay a great dividend even though they just tripled it to .01 per month from .01 per quarter.  However, if I can keep selling calls like this my basis will be zero before too long.  My return on invested capital will then be infinite.  :-)  That is hard to beat.  The secret, of course, is that AUY has been tending to channel between the high 12’s and low 16’s for awhile.  When it is above 15 I have been able to roll it out and continue to hold and make additional money on AUY.