The bears have come out to play and be proven right as those that bought into NYSE:ZSL the ProShares Ultrashort silver ETF have made 10% in the last 5 days as those that were still long NYSE:SLV have lost more than 11%. It’s been a crazy road for silver and we don’t think the fun has stopped.
The bears who’ve been calling for a pullback in silver which, quite frankly was the safer bet than those of us promoting the price of silver to continue to rise, have all been saying I told you so. From the Wall Street Journal, to Forbes, to The Street, to Seeking Alpha have all been publishing articles about how they each called the pullback and bursting of the commodities bubble (both gold and oil have seen pullbacks as well.)
So what’s the price of silver? Well, at writing this, the spot price of silver is at… gasp… $34.93 per ounce. Yikes. That means, the price of silver at $50 no more than 2 weeks ago, we’ve seen almost a $15 drop in the price of spot silver, futures, or whatever you want to call it. The price of silver is way down.
While we don’t try and tell you what to do, invest in silver or short the market, we’ll be looking at whether or not this a good time to buy silver or keep shorting the market as it goes down.