Silver in April

Daily P/L = 45.52% = $88.00
MTD Value Change = 114.22% = $149.99
YTD = -58.6% = $398.24

Had some serious losses trading silver and other things in the wrong direction early in the year. Wasn't in the zone, didn't look at my indicators, watch my numbers.

HOWEVER, debt ceiling crisis has been GREAT for precious metals right now. Been paying attention to the news like a hawk, watching the silver price, caught a great big wave from April 37.00 call options. Spot went to $40.75/ounce the moment I sold. Beautiful trade.

Trade Details:

April 4th - Bought 1 call option (bullish) on the Silver exchange traded fund for $1.24 x 1 contract of 100 options = $124 + $5 brokerage commission = $129

April 8th - Sold 1 call option (bullish) on the Silver ETF for $2.82 x 1 contract of 100 options minus commission charge = $282 - $5 = $277

Net gain? =$158 = in one week

Wow Warren, were you lucky or risking much? 

   Not really, check it, my total investment was $129. I could only lose that much, max, therefore my potential risk and downside was set in stone. Hence, playing options on silver put in a limited risk, unlimited gain situation, which is AWESOME and always the situation you want to be in. 

Then, again, I wouldn't ride a loser all the way from $129 to zero dollars. I'm willing to lose say, 20% in case I placed my positions in the wrong direction. 

All in all, I love silver. I know how it moves. I followed currents events to the T, and I have full faith Obama and his banking/defense homeboys will spend money like no tomorrow, hence our need for more and more toilet paper. Precious metals will rise against this currency fraud and debasement.