This month, my portfolio hit an important mark: achieving $10,000 profit (including the unrealized gain). Even though the unrealized gain can fluctuate day to day until all positions are closed, seeing the number made me somewhat happy.
The main reason for this month's was gain was Gran Colombia Gold (GCM: TSX). As the gold price rose sharply this month, the stock price of Gran Colombia went along. Also there were several positive news (end of the strike, positive drilling result, etc.) were announced by GCM in September.
The problem with such sharp price increase is that it often is followed by sharp downward pressure short after. In order to protect my gain in GCM, I decided to buy a put option of GDX. GDX is an ETF which tracks a gold miners index. Should the gold price drops in the short-term, the put option should somewhat offset the loss. Let's see how this works out.