I went long SandStorm because it was the premier up-and-coming gold royalty play. Maybe the next Franco and Wheaton. But somewhere along the way, the company over-diversified (in my view) into base metals. That might be okay at a time when I'm more bullish on industrial minerals, but they took on considerable risk to do it. I've been unhappy with other management decisions as well and I don't think I'm the only one. I was deep underwater on this trade for a long time and have long been looking for an exit. I was patient, however, as the company was and still is a cash cow. Since it's still mostly a gold play and gold was rising, I bided my time. This week, I finally got a chance to exit and get all of my money back, so I took it.

Might not the stock keep rising with gold? It might, but There are other, purer gold plays I'd rather bet on. And while the political risk in this play hasn't blown Sandstorm up yet, there's no telling when that might happen. I'm happy to be able to watch whatever comes next from a safe distance.