My options gaped in the hundreds of percents, unfortunately, I closed some yesterday, with a gain of +450%. Those would have been at +1200% for an extra 24 hours of exposure. Such a shame.
Option positions, open last Friday evening, closed yesterday. Decent gains in just 4 trading days...
Current options portfolio. Let's see how much more silver can drop.
Now the question is, how many of the silver bulls sold at close to $50? or even after the crash and bounce, at $42? Long term investors will be killed in the next few months.
I am still looking to buy and hold silver, but not until it reaches sub $10.
Just about an hour after I posted these charts and figures, silver took another leg down. Here are the updated screens:
Clarification: It looks like I was not clear in my post: I am looking to buy and hold silver on the long term, only when silver is sub $10. Probably actually sub $7.
Silver just dropped $12 in two trading sessions, that's about 30% drop.
Be sure that conspiracy theorists will come up during the week-end with lots reasons why central banks, JPMorgan and evil speculators teamed with the exchanges to make this happen. The reality couldn't be further from the truth.
That said, I have been considering going long silver for a bounce that should be on track for next week, but options implied volatility was too high to be worth buying them — premium of 5% notional for an ATM option with 5 days of theta. I considered going long the futures or the SLV, but I decided not to carry the risk over the weekend. I will look forward to the open on Monday in APAC to find out what I will do. Objectively, I think next week I'll have to go long silver for the bounce back. Not sure exactly when yet.