Bookkeeping: Selling a Third of Silver (SLV) Position - Trader Mark

Sign Up | Log In | What is SocialPicks?

Bookkeeping: Selling a Third of Silver (SLV) Position
Nov 04, 2009 05:15 PM UTC

Trader Mark

Return	Risk
-7.05%	MID

Analyst

Profile & Performance

Subscribe to author

Symbol	Sentiment	Start	Return	Closed
AGQ	n/a
SLV	n/a

Via Fund my Mutual Fund:

With our largest long position, Ultra Silver (AGQ) up by 15% in a session and a half, we're going to sell a third here around $62. I cannot see anything the Fed doing hurting gold or silver, but we've been buying on dips so I am just going to lock in some profits.

While gold has reached new nominal highs, silver has been lagging a bit of late - but it was surging ahead of gold much of the previous few months. Silver has use in industry unlike gold, so its more of a duopoly play on both "store of value" and "economic growth", while gold is simply the former. We've actually been overweight silver and underweight gold.

I am going to put another limit order to sell one third at $66 which is the current resistance to see if Ben Bernanke's reign of dollar destruction can give us a quick rally post 2:15 PM in the precious metals. If not, we'll just buy back on dips. A break over $67s would obviously be very bullish (please note - TA should be done on the underlying index - in this case SLV, not the 2x, 3x ETFs - just making use of this above chart to represent the logic)

Long Ultra Silver in fund; no personal position

Read the rest of original post »

Add Comment

Be the first to comment on this story and earn 2 points.

Your Comment

IN THE PRESS

None of the information contained on SocialPicks.com constitutes a recommendation by SocialPicks or its users that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. SocialPicks is not responsible for the posts, discussions, and recommendations of the users on the Site. SocialPicks does not provide investment advice. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the website. SocialPicks' users' past results are not necessarily indicative of future performance. Neither SocialPicks nor any of its users guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the website. You understand and agree that you use the Site and Services at your own discretion and risk and that you will be solely responsible for any damages that arise from such use. Before acting on any information contained on the website, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.