Don’t recall who to attribute the quote too, but it has always stuck with me.
EDIT New image: (can now compare current rise with past rise directly)
I’m not big on “targets”, and these might not be drawn correctly, but here are a few.
+ The obvious and GARGANTUAN silver opportunity
+ Silver And Gold – Long If A Buy Stop Triggers Near Yesterday’s Highs.
+ Silver: 4 Reasons To Be Long
Update September 17, 2012: Bought a few JAN 2013 70 calls for 0.010 on the dip (for fun). The chances of them ever being worth anything is very remote. And if silver explodes, the chance of being paid for holding them just as remote 🙂 That’s why it’s “for fun”. (Sep 18: I left an open order for some more and was filled at 0.005 🙂
Update September 30, 2012: Bought a few JAN 55’s for 0.04 for fun too.
+ New Silver Upleg
Update 3, October 21:
Update 4, January 21, 2013:
Cheap options usually expire worthless. 🙂
June 45 calls at average price of 2.15.
June 70 calls average price of 0.082.
Stop loss is price closing below this morning’s low.
The MRCI monthly silver chart is finally starting to look a bit extended.
+ Silver Warehouse Shenanigans or the Real Deal? Scroll down for the newer info and some historical perspective.
+ James Turk – The Waterfall Decline in the US Dollar Has Begun If true, far out of the money options might pay off well.
+ Mr Ferguson is suggesting a metal rise into mid next week followed by a dip into May 12 to 20 timeframe.
3 90% silver dies are currently worth $10.65.
Just speculation: At this point Mr. Bernanke would have to resign or be fired to stop the metal train.
EDIT: Sold the June 45s for 2.16. Don’t want to get caught in a down draft: SLW is still weak and I expect it to be weak until silver is above 50. Interestingly, the 70 calls are bid 9, ask 10. These are more long term speculations that I won’t trade hopefully for a while.
Now it’s best to wait until the medium term CCI looks to be bottoming. Price could easily go to the magenta 170 EMA near 41.
April 29: The trendline has been broken to the upside. Time to wait for a backtest. Those June 45 calls are now trading for 1.80, down -16%.
May 15: I was greedy regarding silver in April. Paying attention to illusions does not produce gains in anything but experience-the-hard-way. Just going to assume the out of the money in-a-galexy-far-away option will be worthless.