As much as I hate to do it, my risk management rules tell me I have to take some losses today.
So, I booked $7K loss by closing some of my silver position. I'm keeping the other part hedged and holding.
That $39.43 level was breached to the downside. And I took action but tried to trade it today. That is a bad signal. but not only that, gold's price action was robust and for 2 or 3 days now, silver hasn't followed. The last time this type of divergence, with these magnitude moves happened, silver was sold down another 30 to 40%. I can't risk that. I don't believe it will happen but beliefs are for church folk.
I'll watch tomorrow and get back in if the numbers say so.
Dow down 6% for the year.
Nasdaq, S&P and TSX down between 11-15% year to date. It hurts to buy and hold.