The overall fundematals remain extremely bullish for SLV from our viewpoint. Record low interest rates, inflationary signs around the world, and underperformance of GLD over the last number of years.
Tuesday, February 8, 2011
Silver is Strong
We are watching silver (SLV) move back up above $29, which was the previous intermediate-term high. We shorted SLV back on January 13th near $27.95. The metal fell down near $26 but has since strengthened. Our strategy dictates that we do not hold cash, so we will swap from 100% short to 100% long SLV near the close if SLV closes above the previous high of $30.
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