My desire to get long silver has been a bit of a running joke, because I’ve tried and failed a few times to do so. The losses have been tiny each time, but it’s been frustrating, nonetheless. I decided to remain in wait-and-see mode, and in the meanwhile, gold has been taking a multi-hundred dollar drubbing.
I’ve decided, however, to give this (yet another) shot. Silver seems to be at a possible, and I say again, possible, point of support. Precious metals have looked like absolutely dog poo compared to crypto lately, so in a way this is a VERY contrarian play, because $BTC is super sexy while /SI is a laughingstock.
Below, for example, is PSLV. The dashed horizontal represents support.
Below is the bigger ETF, symbol SLV, which I am now long. The horizontal is likewise support (and thus my stop-loss).
If SLV fails the horizontal, I will become even more disenchanted with this trade, particularly since it’ll break that medium-term supporting trendline. Anyway, we shall soon see!
