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If an investor buys silver/gold stocks as a hedge

What are you hedging? (Are you simply talking about diversification and if you have some precious metals in the mix)

IMHO - Commodities in general: It is a good idea to have some planned exposure either through owning or investing in the commodities either directly (such as owning the bullion/beans/bacon) or indirectly (such as a stock/ETF/MF based on the index) or on a specific company.

Right now part of my portfolio is in equity of a mining company specifically as a play for copper. Structurally there is a case for continued support of copper and some other base/industrial metals where gold and silver may be a little more sentiment driven. (read bubble)

Also, are there any thoughts about what percentage in metals?

Percentage wise: From MPT to pulling a number out of the Wizard of Oz's flying monkeys Efficient Frontier, GOOD QUESTION!

Over time: In theory, owning metals will reduce the volatility of a portfolio as you are invested in another asset class (Commodities) that has historically shown maybe moderate correlation with equities - depending heavily on the mix of metals. And while the last couple of years precious metals have really boosted the average, metals have not quite shown the same long term average growth that equities have. So - to much in metals and history repeats itself - you will have less growth, to little in metals and you have the volatility---

Which concerns you most: Growth vs. Preservation??

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