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« Silver Wheaton Corporation Call Options Update 16 September 2010 | Main | Silver Prices Rally Takes a Pause »
Wednesday
Sep152010

Silver-prices step on the gas

Silver Chart 15 Sep 2010.JPG

We have been banging on about silver prices for some time now so todays move upwards brought a smile to the faces our small team as the day got off to a great start. Big sister, gold prices grabbed all the attention with a move to record high prices and silver followed on with a really good effort closing at $20.46/oz.

What we need to see now is gold prices hang on in there and stay in record breaking territory for the rest of the week. After the close in New York prices dipped a little over in Australia, but in a way that was to be expected as their rugby team has just been beaten by the All Blacks, which tends to annoy them, cant think why. Anyway, Hong Kong opened in a more positive mood and prices have started to creep back to where they closed. We do need the Asian markets to retain a positive attitude towards this tiny sector keep both silver and gold prices up there so that a 'proper' rally can get some traction. The next couple of weeks could be electric as record highs grab the attention of the media and get some air time, in turn creating a little more interest and luring a few investors to join us.


A quick peek at the above chart of silvers progress and we can see that silver prices have entered the 'fall' season in top gear as they have hit the ground running, setting the stage for one serious rally until the year end. The indicators are in the overbought zone and they could decide to take a breather, however, don't count on it as silver looks to break new ground. If it does, then hang on to your hard hat and be prepared for a bouncy ride.

We will cover our options trades later this week.


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.

On Friday, 27th August 2010, we closed another successful trade banking a profit of 79.46% on Call Options on Silver Wheaton.

The latest trade from our options team was slightly more sophisticated in that we shorted a PUT as follows:

On Friday 7th May our premium options trading service OPTIONTRADER opened a speculative short term trade on GLD Puts, signalling to short sell the $105 May-10 Puts series at $0.09. On Tuesday the 11th May we bought back the puts for just $0.05, making a 44.44% profit in just 4 days, with more positions opened yesterday. Drop by and take a look.


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)

For those readers who are also interested in the silver bull market that is currently unfolding, you may want to subscribe to our Free Silver Prices Newsletter.

For those readers who are also interested in the nuclear power sector you may want to subscribe to our Free Uranium Stocks Newsletter, just click here.

Silver Bull 15 sep 2010.JPG

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Reader Comments (3)

Greetings Gentlemen...been a while...peak of the baby snake season, record year volume-wise but this year I have to work twice as hard to make the same sales as last year, and deflation has definitely hit my sector, lots of undercutting of prices mostly by folks throwing in the towel, a lot more time-wasters this year, more un- and under-employed folks with plenty of time to email questions, share their "wish list" with no intention of buying...I'm like a one-legged man at...well, you know...
...So we were all waiting for a significant (say 5%) dip in spot prices this summer for a buying op...by mid-august nothing, so I bit the bullet and bought another 80 oz of silver at about $20...some 10-oz Academy "Stackers".... and another oz of gold (several fractionals 1/10th and 2 1/4th oz) at just over $1200...just in case...with a couple G's ready to pounce if we get a breather before this fall's run...some Bears are going into hibernation while others continue with vocalizing their Denial...exciting times again indeed....thanks for all of your informative updates...Best regards...Snakeman Scott

September 15, 2010 | Unregistered Commentersnakeman

Hello,Over the past few years you have left a wealth of sound judgement almost every week.I also picked 4 years ago that gold would make $1300.00 in 2010 & silver would be $24.00 ounce & your country would know terrible heart ache by a FED Printing trillions of paper dollars in a bid to make the dollar 50 to 70% with less buying power in order to offset overseas debt,which at the current level it cannot pay back in TWO HUNDRED years.Gold & silver in bullion is a must in these turbulent times.Let other subscribers tell me your thoughts,Regards, JOHN.

September 26, 2010 | Unregistered Commenterjohn Fairlie!dAVIES.

snakeman,

Thanks for taking the time to comment, always appreciated.

If my memory serves me well (Julie Driscoll – a song called 'Wheels on Fire') sorry, its one of those early mornings!!!! But you have made some very good purchases on the 'dips' and good for you, well done.

As for the next dip, we might see one in mid October, but our gut feel is that it will be short and shallow. So we will probably hold onto what we have as usual but may take some profits from the Call Options on Silver Wheaton Corporation.

September 26, 2010 | Unregistered CommenterSilver Prices

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