Taking Profits On The Metals

Back around Christmas time, I purchased some silver in the form of SLV.  You can get more leverage by owning the individual mining companies but I really liked the picture of SLV.  Since that time, it’s had some fits and starts but it has clearly broken out.  Remember though, in this environment, you have to take profits on a good trade. Otherwise, they’re gone.  I locked in about a 10% gain.  Many of you own the other popular metal, gold.  Gold recently broke out of  a very long downtrend since last summer.  Now, it’s contending with the $910 level.  In the last year, it’s been at that level about six times.  I’d look for a pullback on gold to about the $825 level before resuming the uptrend.  In summary, I’m still bullish on the metals in the medium term but locking in some profits in the short-term.

This post published at www.karleggerss.com

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February 2009
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