Back on April 11th I wrote about my bold short call in silver, which had gone parabolic and was starting to look toppy. Over the next two weeks, I aged about 10 years watching the iShares Silver Trust ETF (SLV) squeeze shorts and run more than 20% higher. I was never really in a lot of size on the trade, but it hurt nonetheless. It took a hike of margin requirement by the CDE and further by several brokerage houses to finally trigger the overdue sell-off in gamed silver.
More recently, in a CNBC Asia appearance, I was asked by my fellow guest what my feelings were, technically on silver. I reiterated my feelings that I felt a top was imminent, and over the past three days we have gotten around an 18% down move. At this point I am more inclined to look for a bottom in silver. Below is the clip of that appearance.
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