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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.
A couple of weeks back, when I went ga-ga over silver, it was my intent to get long in a medium way, get out, wait for a meaningful pullback, and then REALLY get back in, bigger than ever.
Well, parts one and two went all right. I did indeed get long in a medium way, and I got out with nice profits (arrow). I felt pretty clever for a few hours, but as you can see, silver brushed itself off and climbed yet again, so I was calling myself all kinds of creative names yesterday. As of this moment, with /SI down 1.4%, I don’t feel quite so bad.
