Wednesday, March 9, 2011
Trade Update: SLV
We reentered SLV with a half position at $27.20 on Jan 5, and another 1/2 position at $28.64 on Jan 7 giving us a cost basis of $28.87. Now the SLV is trading at $35.52 as you can see. There is no reason to do anything so long as the shares stay above the old resistance of $31.
What we want to do now is start getting back into our mining stocks that we exited when silver looked due for a pullback. The mining stocks themselves are a little riskier, but we can also get more bang for the buck with them. We will also get back into the miners index or GDX. We rode the GDX from $29 to $51 area before I got out. We will have to buy them back at around $60. Sorry, but I don't have a crystal ball. You can just as easily see it as a real $21 profit rather than an unrealized $10 loss.
Look for the Alerts.