The precious metals have taken a smashing so right now my portfolio doesn't look healthy. It has fallen 50% off its peak just a week ago since I'm very levered towards Silver. Silver has fallen 25% since Wednesday and Friday's 17% decline represents the biggest one day fall since 1984. We're not living in normal times. I have since closed out some SLW Jan positions and moved towards longer term Silver positions. With SLW that's going to take significant time before the chart is repaired and right now that's not going to happen so I will probably close out the remaining SLW positions sometime next week and move those towards July Future Calls, which look really cheap now. Because technical analysis is worthless when it comes to manipulation, what you want to buy when chasing options is time.
My Silver target is still $60 (or higher) by June 2012. The bet of my life. Buckle up Dorothy for the ride of your life.
2 comments:
I opened up my positions recap email and screamed. Then I thought 'maybe it's a good opportunity to buy some more?'.
Who knows?
xL
I would buy more but I'm already all in.
Banking cartel desperately wanted to smash the PMs.
Huge moves up and down are always expected during the near final phases of the bull market.
$60 Silver and $2500 Gold by June 2011. Possibly much higher.
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