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I’ve bailed (again) on silver first thing this morning. The reason is simple. Last night, I looked at the gold futures contract and immediately thought, “What the HELL were you thinking?” It didn’t even occur to me (until after hours) that there was a looming H&S top on gold. And if gold falls, obviously, silver will fall also.
Back on October 16th, I did a fifteen-minute video for my premium members about how enthusiastic I was about silver. In fact, I haven’t been able to shut up about this topic. Not to say that the past month of silver action hasn’t been silky smooth………
We’re just over an hour into the trading day, and it’s look good so far. Below are my fifteen bearish positions (I am long puts on all of these, expiring no sooner than January 17 2025). Three are up a tiny bit, but on the whole it’s a really good morning.
I own a lot of physical gold and silver, and I had planned to amass a VERY large position in PSLV.
I established a medium-sized position, got out at a good profit a couple of days later, and since then have tried entering and exiting a few times, losing money in each instance (but preserving most of my earlier profits). This morning was the last straw. As thrilled as I am about silver’s prospects, I am not TOUCHING this stuff again until after the election.
