Wednesday, May 19, 2010

Bookkeeping: Adding Back to Ultra Silver (AGQ)

Last Friday, I sold 20% of my Ultra Silver (AGQ) position simply because gold and silver were getting very crowded as trades. As I wrote then:

Nothing negative at all to report on the chart for Silver ETF (SLV) which is the underlying instrument for Ultra Silver (AGQ)... I am simply going to take 1/5th off here as a function of taking profits as they come.

I sold that batch around $70.50, which in retrospect was 24 hours away from the "top" of this move - so a good sale. With silver getting hammered today to the tune of 4%+ I can buy back my stake around $60.60 - therefore I am. This is about a 14% drop since last Friday. The silver ETF has pulled back nicely to its 50 day moving average.

I added a little to our gold exposure, but nothing major. I will be curious to see how these 2 precious metals do when the market rebounds.

Long Ultra Silver in fund; no personal position

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