Shorting gold and silver today. But firs…
Shorting gold and silver today.
But first — one of our loyal subscribers writes me:
“If we are long term, is today not a day to buy a little more across the board?”
The answer depends on you and what you’re trying to do with your own portfolio. My mission here is to show you how this former hedge fund manager and 15 year Wall Street veteran is re-building his own personal stock and option portfolio after having had a three year TV-anchor-induced investing and trading hiatus. If you haven’t bought as much as you want at these levels, then yes, you should buy some more. As for me and my portfolio, as I mentioned the other day, I’ve gotten closer to building these positions to nearly half as big as I’ll eventually want them. And so I do scan the stocks and my positions in them to see if I can improve my cost basis and/or build up an individual position or two that aren’t as big as the others. But the portfolio’s currently balanced about as I want it to be (though my biggest position Corning has been acting terrible after its initial post-earnings pop last week, and that’s weighing on my mind) and when I look at the individual stocks, we’re either up in the positions or about flat as we’ve done our buying for now at these or lower levels already.
And thus, the only trades I’ve done so far is to continue to scale into some Gold and Silver short positions using GLD and SLV. I’ve shorted common in both GLD and SLV and I’ve bought slightly out-of-the-money puts in some GLD as the premiums there are very cheap, considering how volatile the price of gold can be. SLV’s options are too expensive after the huge swings silver has had over the last week or so.
Let’s rock!