Friday, February 05, 2010

Shorting Silver still a good trade

Today I have posted the chart on ZSL, the ETF Ultra Short on Silver. As you can see this has gained almost 50% from $4.00/share price where I have purchased it. It looks as though it is still headed higher but if you won this, consider selling it on the next big surge and buying it back cheaper afterwards. Actual Silver is now at $15.08/ounce and I expect it to go down to $13 to $14/ounce. Gold currently is at $1058/ounce and will break below $1000 in my view for the short term. But longer term Gold will rise and set new highs as inflation concerns drive the world economy. As with any trade, timing is everything.

The Dow is now comfortably below 10,000 and currently at 9963 and has decisively moved below the 3 year resistance trend line seen on the previous post. It looks like the market overall is headed lower as well as volume to the downside has been strong these past 10 days.

Labels: , , , ,


Post a Comment

<< Home

Technorati Profile