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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.
We will soon discover if silver’s minuscule pullback late last week was all that it’s going to do. I am medium-sized long PSLV right now and will cheerfully go full-bore if there is more strength. As it is now, there is a greater than $10 measured move that should transpire as long as we hold above the lows of the past few trading days.
Just to be clear that the source writing to you now (your friendly blogger and letter writer) is not one of the many come-lately momo “me too!” crowd, here is a historical fact:
Long-time Sloper and 5-star friend Baby Bear suggested that, instead of wringing my hands over waiting for silver to dip a little bit to get a good price (which may or may not ever happen), just ease into the position, a little at a time, and don’t worry about the rounding error.
Perhaps he’s right. Silver did ease back a little this week, but I’ve begun tiptoeing back into position just in case it doesn’t offer me the courtesy of a dip to buy into.
