Silver Sell Off
Silver spot price is down about $2 overnight (about 15%), while gold is down about $16 or 2%. The rumor has it that some hedge fund in Hong Kong is forced to liquidate its holdings, particularly silver.
Tomorrow silver stocks must sell off, by at least 15-20%. I will be catching that knife.
I’m even happier about selling SLW early on Thursday. In part, it was pure luck, in part it’s all the lessons I learned – don’t get too greedy. Too many times I got stuck with a stock for a nickel. A profit is a profit.
I will be buying SLW again. Not SLV. I don’t like that ETF, seems to me it’s more like paper than a mining stock. Well, I know SLW is not truly a mining stock, but what I mean is SLW is much more real to me than a certificate, which is what ETFs are. You can, of course, use ETF for day trades, but sometimes when I get stuck with SLW, my mind is at peace because I know it’s okay. They make money and they’re real.
Other than this, I don’t have any strong candidates for tomorrow, just a watchlist of about 15 stocks. Will have to see what they do in the morning.