Happy New Week, everyone. I was pleased to see silver leaping higher again, but I’ve taken a couple of actions with both the short-term and the long-term in mind.
For the long-term, I am as enthusiastic about silver as ever. I have maintained two-thirds of my position in PSLV, absolutely willing to ramp it back up to a full position at hopefully better prices. In two other family accounts, I have taken 100% of the position off the table, taking profits. In short, I remain long PSLV, but to a smaller extreme.
For the short-term, besides taking profits on various portions of PSLV positions, I have taken a bearish position in the miners by way of going long January 17 2025 $45 puts on the big ETF symbol GDX.
It just seems to me that folks have become enamored very, very quicky with precious metals in recent days, and I think it’s time for some back-pedaling. I’d be interested in becoming a wild-eyed bull with silver if the /SI contract can ease back close to $33.
