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« Silver Price Manipulation | Main | Silver Prices Drop Almost 4% »

Silver Wheaton Corporation: Sold Dec $35.00 Call Options

slw logo.JPG

In todays early flurry we sold our position in one set of the Silver Wheaton Corporation (SLW) Call Options, which were the December $35.00 contracts. We took the view that the time element is slowly ebbing away and the strike price was becoming harder to hit.

These contracts were part of the purchase that we acquired on the 8th September 2010, covered in our post entitled Silver Prices: Dare to Dream, when we took the plunge and acquired a spread of Call Options on our favourite stock.

We paid $0.18 per contract back then and sold them today for $0.20 which gives us a small profit of 11.11%, nothing to write home about, but we now have our cash plus a few more dollars back on the side lines.

The remaining tranche of call options is currently showing a paper profit ranging from 48% to 59% so we are reasonably comfortable with them.

Silver Wheaton Corporation trades on the New York Stock Exchange and the Toronto Stock Exchange under the symbol of SLW.

The Company has a market capitalization of $9.32 billion, with 344.00 million shares outstanding, a 52 week trading range of $11.86 to $28.39 with an average volume of 6-7 million shares traded, although spikes in trading have seen 14 million shares change hands.

Back to our latest venture which was the launch of an Options trading service we are pleased to report that it is going very well so its a big thanks to all those who have signed up for it and the supportive emails that you have sent us.

Our premium options trading service, SK OptionTrader, has opened and closed 12 trades in the last 6 weeks, banking an average profit of 70% on these trades.

This brings our total of closed trades to 38, with 36 winners. This means that a subscriber who had invested $1000 in each of our 38 trades would have banked profits of $15,636.00. We have just posted a set of charts demonstrating the importance of timing in any trade on gold-prices, please click here if you are interested.

SK Chart 23 Oct 2010.JPG

The above progress chart is being updated constantly. However, to see exactly how it is going, please click this link.

Stay on your toes and have a good one.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.

To stay updated on our market commentary, which gold stocks we are buying and why, please subscribe to The Gold Prices Newsletter, completely FREE of charge. Simply click here and enter your email address. (Winners of the GoldDrivers Stock Picking Competition 2007)

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Reader Comments (1)

SLW has just closed at $27.33 putting on $1.11 for a gain of 4.23%

Scanning the air waves we have these forecasts for SLW:

Silver Wheaton Target Raised To $27 From $22 By TD
Silver Wheaton Target Raised To $29.50 From $27.50 By UBS
Thomson Reuters: Outperform
SmartConsensus Report: Buy
Market Edge Second Opinion: Long

We'll go a tad further and predict that SLW will hit $40.00 by Jan 2011.

October 25, 2010 | Unregistered CommenterSilver Prices

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