Beating Buy and Hold (thru disciplined speculation)

drbubb · August 11, 2011

SLV could trade up to $38.40-38.50

I am leaving an order in to:

SELL 1,000 x Jan.$27 call at $12.20 (P-Alt.#2)

I picked up those "extra" Oct.$34 calls, and so I can do this.

(from yesterday - the order filled while I was sleeping):

08/10/2011 YOU SOLD CLOSING TRANSACTION

-SLV

C27 CALL (SLV) ISHARES SILVER TR JAN 21 12 $27 (100 SHS)

Cash Contracts: -1,000 Price: $12.20

Where's it today, with SLV down over $1.00?

SLV JAN 21 2012 27.00 CALL

Last [Tick] 11.10[-]

Change -1.10 / % Change -9.02%

Bid 11.15- Ask 11.30

But PAAS is getting hit today too / PAAS: $28.12 $-0.96

drbubb · August 11, 2011

From DrBubb's diary...

Doesn't matter really, you'd have to be insane to sell PMs now.

"Never ever ever sell your Gold" (as Robert Ian said, eh?)

That's ridiculous.

Look at my "beating Buy and Hold" portfolio :

It does "what it says on the can" and it does it by REDUCING THE PRICE RISK of holding silver risk, by:

+ Retaining the "upside" in the Silver price thru calls on silver (silver etf, and silver shares), and

+ Limiting "downside" through a careful and disciplined use of options

A key element of this is:

: Cash + and in-the-money call gives you the same upside as owning silver

: But if the price falls, you can only lose the call premium

I would say: "Never say never...

And be flexible enough to see that (at times*) there are better ways to own the upside in precious metals than outright long positions"

*One of the best times to seek alternatives, is when you are in a parabolic price move (as gold is now.)

/ If the Robert Ians of the world do not see the sense in this, I think he's a frigging idiot /

marceau · August 11, 2011

From DrBubb's diary...

"Never ever ever sell your Gold" (as Robert Ian said, eh?)

That's ridiculous.

Look at my "beating Buy and Hold" portfolio :

It does "what it says on the can" and it does it by REDUCING THE PRICE RISK of holding silver risk, by:

+ Retaining the "upside" in the Silver price thru calls on silver (silver etf, and silver shares), and

+ Limiting "downside" through a careful and disciplined use of options

A key element of this is:

: Cash + and in-the-money call gives you the same upside as owning silver

: But if the price falls, you can only lose the call premium

I would say: "Never say never...

And be flexible enough to see that (at times*) there are better ways to own the upside in precious metals than outright long positions"

*One of the best times to seek alternatives, is when you are in a parabolic price move (as gold is now.)

/ If the Robert Ians of the world do not see the sense in this, I think he's a frigging idiot /

Since you've selectively quoted me in more than one place I guess I'll have to place my original post here as well.

Possibly, I think the odds are we've seen the top of the interim range already. My current thinking is a we get a long period of time bouncing between $1800 and $1500. The kind of volatility which will shake out the longs prior to a new breakout late this year/early next.

Doesn't matter really, you'd have to be insane to sell PMs now.

In short, expecting a correction and months of range trading, not selling any physical. Not exactly deserving of the tag 'ridiculous', is it?

Errol · August 11, 2011

A period of consolidation between say $1600 and $1750 is exactly what we need now.

drbubb · August 11, 2011

Since you've selectively quoted me in more than one place I guess I'll have to place my original post here as well.

In short, expecting a correction and months of range trading, not selling any physical. Not exactly deserving of the tag 'ridiculous', is it?

As I said on DrB's diary

Okay.

That's good. Some flexibilty in approach may well outperform inflexibility,

provided you are smart and disciplined

To be clear:

I wasnt criticising you, just Robert Ian's inflexible approach.

drbubb · August 12, 2011

... I am currently holding in Alt-Port#2:

OPTIONS / BOT at .Qty. Now at: Value = profit

zsl:ag$12c $1.28 5,000 $2.62 $13,100 $6,700 (last Friday's prices)

zsl:ag$12c $1.28 5,000 $2.90 $14,500 $8,100 (today's prices)

And these ZSL Calls are equivalent to being short about 3,425 SLV shares, so they can "hedge" the risk on the PAAS calls

I hope the way I shuffle these positions around, and look at different way that the portfolio hedging can work SHOWS HOW I CAN EXPLOIT the flexibility inherent in options positions.

In edit:

Just SLD 2,000 ZSL $12 calls at $2.95 x 2,000 = $5,900

( That's a 130% profit, relative to my $1.28 cost - Nice ! )

I decided to take the profit since the options expire next Friday.

Until then, the remaining 3,000 ZSL calls should hedge the PAAS calls.

They got cheaper as Silver traded up a bit today (SLV: $38.10 + $0.30) so i just:

BOT 3,000 ZSL $12 calls at $1.85 x 3,000 = $5,555

These options have ony one week of life, but with ZSL at $13.71, and an intrinsic value of $1.71,

they do not seem too expensive. SLV has run up to/near a resistance level and could easily fall next week.

original trade:

zsl: $13.40 / $12c : $1.70 x 5,000 = $ 8,500

slv: $39.00 / $41p : $2.65 x 3,435 = $ 9,103 (107.1%)

fri 08/05:

zsl: $14.33 +$0.25 (+1.78%) / $12c : $2.62 x 5,000 = $13,100

slv: $37.32 -$0.29 (-0.77%) / $41p : $4.05 x 3,435 = $13,912 (106.2%)

tue 08/09:

zsl: $15.05 +$1.18 (+8.51%) / $12c : $3.05 x 5,000 = $15,250

slv: $36.32 -$1.65 (-4.35%) / $41p : $4.67 x 3,435 = $16,041 (105.2%)

fri 08/12:

zsl: $13.64 -$0.27 (-1.94%) / $12c : $1.80 x 5,000 = $ 9,000

slv: $38.12 +$0.32 (+0.85%) / $41p : $3.05 x 3,435 = $10,477 (116.4%)

Comment:

What I have noticed about ZSL option vs. SLV options is:

+ So long as Silver moves in a single direction, ZSL options outperform, but

+ When the Silver price chops up and down, SLV options outperform

: Because the ZSL-to-SLV relationship shifts.

Also, ZSL options are harder to trade, since the bid/offer is wider

Original Relationship: ZSL-Aug.$12p : $1.70

ZSL: $13.40, so at $1.70, $12c = IV-$1.40 + TV-$0.30

SLV: $39.00: thus: ($13.40 x2)/$39.00 = 68.7%x5000= 3435

And, $1.40x 5,000 = $7,000 /3,435 = $2.04 per SLV share

So :: $39.00 + $2.04 = $41.04 Put SLV equiv.

Present Relationship: ZSL-Aug.$12p : $1.80

ZSL: $13.62, so at $1.80, $12c = IV-$1.62 + TV-$0.08

SLV: $38.12 thus: ($13.62 x2)/$38.12 = 71.46%x5000= 3,573

And, $1.62x 5,000 = $8,100 /3,573 = $2.27 per SLV share

So :: $38.12 + $2.27 = $40.39 Put SLV equiv.

Compare : 5,000 x $ 1.80 = $ 9,000

SLV-$41p: 3,435 x $3.04 = $10,442 (116.0%): was 107.1%

SLV-$40p: 3,573 x $2.16 = $ 7,718 ( 85.8%)

: $40.39p: 3,573 x $2.59 = $ 9,245 (102.8%)

Note: Had I done this analysis before the ZSL put trade, I might have

bought $41 or $40 Put on SLV instead.

(I hope some here are learning from my mistakes - It is free!)

drbubb · August 12, 2011

Latest : 8/12/11 : 8/05/11 : 7/29/11 : 7/22 : 7/15/11 : 7/08 : 7/01/11

SLV-- : $38.12 : $37.61 : $38.83 : $39.07 : $38.24 : $35.75 : $33.00 :

Silver : $39.07 : $38.33 : $39.89 : $40.10 : $39.07 : $36.54 : $33.70 :

Prem. : +$0.95 : +$0.72 : +$1.06 : +$1.03 : +$0.81 : +$0.79 : +$0.70 :

ZSL-- : $13.62 : $14.33 : $13.49 : $13.39 : $14.22 : $16.85 : $19.90

$62-X : $48.38 : $47.67 : $48.51 : $48.61 : $47.78 : $45.15 : $42.10

ZX/slv : 126.9%: 126.7%: 124.9%: 124.4%: 124.9%: 126.3%: 127.6%

====

DXY--- : $74.56 : $74.54 : $73.75 : $74.14 : $75.13 : $75.08 : $74.36

UUP---: $21.11 : $21.22 : $21.03 : $21.13 : $21.43 : $21.42 : $21.20 :

CRB--- : 326.53 : 326.08 : 342.08 : 347.93 : 346.30 : 343.55 : 336.71 :

Rsilver :: 8.704 : : 8.597 : : 8.371 : : 8.325 : : 8.291 : : 7.813 : : 7.510

===

Ag.$38p: $0.85 : $1.83 : $1.16 : $1.21 : $1.73 : ==== : ==== :

Ag.$34c: $4.20 : $3.75 : $5.10 : $5.32 : $4.65 : ==== : ==== :

Ja.$27c: 11.87 : 11.20 : 12.42 : 12.65 : 11.87 : $9.55 : $7.27

Sp.$34c: $4.80 : $4.40 : /5.00/

Oc.$30c: $8.62 : $8.00 : $9.27 : $9.47 : $8.75 : $6.45 : $4.40

Oc.$34c: $5.45 /$4.75 /

Ja.$27c: 11.87 : 11.20 : 12.42 : 12.65 : 11.87 : $9.55 : $7.27

Zsl$12c: $1.80 : $2.62 : /1.28/

ATX.v- : $0.90 : $0.93 : $1.00 : $1.02 : $1.26 : $0.98 : $0.76

Paas$25c $4.80 /$4.00 /

===

Trades this week:

SLD : SLV-Aug$34c: $4.50 x2,000= $9,000 (+) Alt.2

BOT : Paas-Sep$25c: $4.00 x2,000= $8,000 (-) Alt.2

SLD : SLV-Jan$27c: $12.20 x1,000= $12,200 (+) Alt.2

BOT : Paas-Sep$25c: $4.90 x1,000= $4,900 (-) Alt.2

BOT : SLV-Oct$34c: $4.75 x2,000= $9,500 (-) Alt.2

SLD : Zsl-aug$12c: $2.95 x2,000= $5,900 (+) Both: Alt.1 & Alt.2

BOT : Zsl-aug$12c: $1.85 x3,000= $ 5,550 (-) Alt.1 only

drbubb · August 13, 2011

OUTPERFORMANCE slipped a bit during the latest week...

RECORD

Record :: B&H Portf : Alt.Port #1 : Alt.Port #2 : Average : -Ratio- : -SLV- : -DXY- /--CRB-- real.SLV

01 July: --- $337.0 K : - $479.2K : - $465.2 K : $472.2K : 140.1% : $33.00 x74.36 / 3.3671 =# 7.288

08 July: --- $365.4 K : - $508.5K : - $498.1 K : $503.3K : 137.8% : $35.75 x75.08 / 3.4355 =# 7.813

15 July: --- $390.7 K : - $535.8K : - $532.8 K : $534.3K : 136.8% : $38.24 x75.13 / 3.4650 =# 8.291

22 July: --- $401.0 K : - $541.4K : - $539.8 K : $540.6K : 134.8% : $39.07 x74.14 / 3.4793 =# 8.325

29 July: --- $398.9 K : - $539.7K : - $537.1 K : $538.4K : 135.0% : $38.83 x73.75 / 3.4208 =# 8.371

05 Aug: --- $383.3 K : - $534.4K : - $538.9 K : $536.6K : 140.1% : $37.61 x74.54 / 3.2608 =# 8.597

12 Aug: --- $390.7 K : - $536.7K : - $541.9 K : $539.3K : 138.0% : $38.12 x74.56 / 3.2653 =# 8.704

Vs B&H: -- 100.0% - : -- 137.37% : -- 138.70% :

At 12 Aug., the average of the two Alt. Portfolios was $148,595 ahead of Buy&Hold.

Versus $135,200 ahead at 1 July when the Outperformance was 140.1%,

and $153,343 ahead the previous week.

/see DETAILED PORTFOLIO:

https://spreadsheets1.google.com/spreadsheet/pub?hl=en_US&hl=en_US&key=0Am5S2YdB2ZxYdC1KcWgxVVpqamJhQl9zRmt2aEhPaUE&single=true&gid=0&output=html

Why did OutP. slide by $4,748 in the latest week?

+ The B&H portfolio rose by $7,400, thanks to a $0.74 rise in physical silver prices. But the average of my two portfolios was up only $2,450.

+ SLV was up less, only $0.39, so the premium of Physical silver to SLV, rose to $0.95, from $0.72. (I will need to own 10,000 of physical silver in both alternative portfolios to maintain performance when those moves occur.)

+ I suffered some time decay on some of the August options as time passed, and very high options volatilities declined

This was not a big reduction in outperformance, but it does show that I need to be taking advantage of the flexibility that the options in my portfolios provide, or the outperformance cannot be boosted week-by-week.

If the silver price slides, I would expect Outperformance to increase, given that I have Silver puts and Calls without huge in-the-money values within both portfolios. In effect, I am now taking a very low risk bet that Silver prices will fall.

sine270 · August 13, 2011

Look at my "beating Buy and Hold" portfolio :

It does "what it says on the can" and it does it by REDUCING THE PRICE RISK of holding silver risk, by:

In the case of beating buy & hold, "It" does not do anything. It is you that does it and takes the time, the risk, the stress to make a profit that does better than buying bullion and holding. In this bull market the above is probably not worth it for most people even if they could make the percentage profits that you do. In my case where I like to relax in my spare time its a no brainer to just leave it be.

In the case of buy and hold "it" does the job for you. No need to think or plan on a daily or weekly basis. I'm guessing all this has been said many times before in this thread. If you were to consider the time and effort you put into a beating buy and hold and put a price on it I doubt it would still seem so good. Each to their own though.

drbubb · August 13, 2011

In the case of beating buy & hold, "It" does not do anything. It is you that does it and takes the time, the risk, the stress to make a profit that does better than buying bullion and holding. In this bull market the above is probably not worth it for most people even if they could make the percentage profits that you do. In my case where I like to relax in my spare time its a no brainer to just leave it be.

In the case of buy and hold "it" does the job for you. No need to think or plan on a daily or weekly basis.

That's fine in a rising market.

But what if the market stops rising and is no longer in a "long term uptrend ?

sine270 · August 13, 2011

That's fine in a rising market.

But what if the market stops rising and is no longer in a "long term uptrend.

I couldn't agree more. Thats when one needs to use the grey matter. That is where you can still make money and us buy and holders need to be out of the game. We could of course adapt and perhaps find the next bubble or get into the more complicated investments that you are trading.

Having said that, there must be other easy ways of making money. For example, the market could be near a low when its time to get out of gold. At that point buy a ftse tracker ETF. Easier said than done but could be another way of continuing once gold is done.

drbubb · August 14, 2011

I couldn't agree more. Thats when one needs to use the grey matter. That is where you can still make money and us buy and holders need to be out of the game. We could of course adapt and perhaps find the next bubble or get into the more complicated investments that you are trading.

Having said that, there must be other easy ways of making money. For example, the market could be near a low when its time to get out of gold. At that point buy a ftse tracker ETF. Easier said than done but could be another way of continuing once gold is done.

No one is going to ring a bell ('tho I may try to do that*),

So how will you know when to get out and shift into another asset ?

Actually, if you look at the 3 year chart, WTI-to-Gold became amazingly cheap in the last few days:

WTI-to-Gold.png.jpg

The WTIC-to-Gold Ratio fell down to the top of the Gap left in early 2009.

== ==

*The bell may have wrung already for Silver at $49/$50

sine270 · August 14, 2011

No one is going to ring a bell ('tho I may try to do that*),

So how will you know when to get out and shift into another asset ?

Actually, if you look at the 3 year chart, WTI-to-Gold became amazingly cheap in the last few days:

The WTIC-to-Gold Ratio fell down to the top of the Gap left in early 2009.

== ==

*The bell may have wrung already for Silver at $49/$50

Central banks may start ringing bells. I didn't get in at the best time but I'll be happy to get out as well as I got in. Could be worth getting most out before the top to get into stocks if they're low. Best keep some physical though in case it does go to $20,000/oz, not that I think that will ever happen.

I realise you will probably try to ring bells as will others here. This is probably one of the best places to watch.

drbubb · August 15, 2011

Sold the remainder of the PAAS Sep.$25 calls

Status Filled at $5.00

Symbol -PAAS110917C25

Description CALL (PAAS) PAN AMERICAN SILVER SEP 17 11 $25 (100 SHS)

Action Sell to Close Call

Meantime:

Silver is up : SLV: $38.2843 / +$0.1643

and has traded as high as $38.61, where resistance lurks

drbubb · August 15, 2011

On Wednesday : GLD-chart :

New high on a bit less volume - but still heavy

This may still be on track

Notice the lighter volume on the most recent rally

The 1730$ level still standing. I would be nervous if I was short gold now.

You must remember that the buying interest in gold increases as the price goes up, it does not decrease as

for other commodities. Considering that we are approaching strong season for gold, and the weight of the

Standard and Poor's downgrade of US debt, I would not be selling at this point, to buy back at lower price.

Volume is NOT increasing (yet) on this rally.

And I am not short. Instead I have some Puts on GLD and SLV

And as an experiment, I am trying some Puts on UGL : UGL-chart

This is the 2x etf on Gold

Status Filled at $7.80 x 1,000 shs = $7,800 : AP#1

Symbol -UGL110917P108

Description PUT (UGL) PROSHARES TR II SEP 17 11 $108 (100 SHS)

In edit:

I bought those too soon. They closed at Bid-6.80/Ask-7.60

UGL was at: $104.46 + $1.08 (+ 1.04%)

Closed at : $105.49 + $2.11 (+ 2.04%)

With GLD -: $171.80 + $1.83 (+ 1.08%)

I note that volume on GLD was way down from the recent highs.

klogger · August 16, 2011

I like ASA

I am very new to this, but I thought I would ask why you like ASA in the interests of trying to learn something.

asa-2011-08-16_2.png.jpg

There has obviously been a rising trend (blue channel) since November 2009, but this seems to go into decline in December 2010 (red channel). It looks to me like the upper red channel line and the lower blue channel line are forming a symmetrical triangle and may therefore be due a breakout.

It also looks like the price is thinking of dropping under the 50 DMA, and the 200 DMA has just trended flat. The MACD is also looking very low and crossing the centre line.

I was under the impression that all four of these were bearish indicators (with the MACD indicating no strong trend in either direction). Would it not therefore be better to wait until the breakout in 1-2 months time in order to see the direction of the breakout?

On the plus side, it has done a double test of the lower blue trend line, is that enough to mitigate the risk in your opinion?

Maybe there is much more to this than just TA, or I am just wrong! I haven't looked at the actual company information itself yet. I would appreciate your opinion if you have the time.

drbubb · August 16, 2011

Thanks for asking -

The way to play ASA is through options. Because I do think it could go either way.

The main argument is that ASA is a cheap way in to a Good portfolio of Gold stocks.

But the technical set-up is mixed, and there could be a big move in either direction.

I am very new to this, but I thought I would ask why you like ASA in the interests of trying to learn something.

There has obviously been a rising trend (blue channel) since November 2009, but this seems to go into decline in December 2010 (red channel). It looks to me like the upper red channel line and the lower blue channel line are forming a symmetrical triangle and may therefore be due a breakout.

At just below $30, I am mostly OUT of most of my ASA $25 Calls (at a profit), or am holding a large number of almost-free Nov.$30 calls.

The main way I got involved is:

+ I bought 65 Nov.$30 calls, and

+ I paid for them by selling 35 Aug.$30 puts - for Zero debit

My thought was, that the Aug. Puts might expire worthless.

Just Monday:

+ I bought-back the 35 Aug.$30 puts

+ I paid for them by selling 18 Sep.$30 puts - for Zero debit

So, Now:

+ I have 6,500 shares worth of upside until Nov.2011, and

+ I am exposed to 1,800 shares worth of downside.

This is like being long 1,800 shares, and having 4,700 free Nov.$30 calls.

ASA closed Tuesday at: $29.80 -0.10

Open: 29.90 / High: 30.00 / Low: 29.21 // Volume: 50,667

Percent Change: -0.33%

klogger · August 17, 2011

Thanks for the reply, I am going to need to go and look up this options stuff that you keep mentioning. I am not good enough to understand a lot of your posts. I do however understand that you seem to be hedging your risk through options, so I did get something out of it - more work :lol:

drbubb · August 17, 2011

Thanks for the reply, I am going to need to go and look up this options stuff that you keep mentioning. I am not good enough to understand a lot of your posts. I do however understand that you seem to be hedging your risk through options, so I did get something out of it - more work

The simplest way is to buy some Calls on ASA. But you might want to await a dip before doing that.

The thing to do is to start following the price of an individual option, like the:

ASA. Nov.$30 call : $1.95 - $2.20, call it $2.07

Versus: ASA stock : $29.80

The ASA Call has:

+ Intrinsic Value : $ 0.00, since ASA is now below the $30 strike price

+ Time Value ---- : $ 2.07, this value is only realised if the price rises over time.

My way of financing Calls by selling Puts is more sophisticated and involves more monitoring, and more trades

drbubb · August 17, 2011

Current Prices

silver : $39.92

SLV--- : $38.98

Oct34c : $5.85-$5.95

Jan27c : 12.65-12.80

I am making the following Portfolio shift

Alt-Port#1 sells 2,000 oz. Physical Silver to AP#2 at $39.92

Meantime:

AP#1 Buys : 2,000 SLV Oct.$34calls at $5.90 x 2,000 = $11,800 (-)

AP#2 Sells: 2,000 SLV Jan.$27calls at 12.70 x 2,000 = $25,400 (+)

Why?

I wanted to bolster the Physical silver holdings in AP#2,

and give the "more aggressive" Alt-Port#1 a better benefit if SLV begins sliding again

/see: https://spreadsheets1.google.com/spreadsheet/pub?hl=en_US&hl=en_US&key=0Am5S2YdB2ZxYdC1KcWgxVVpqamJhQl9zRmt2aEhPaUE&single=true&gid=0&output=html

sine270 · August 18, 2011

Current Prices

silver : $39.92

SLV--- : $38.98

Oct34c : $5.85-$5.95

Jan27c : 12.65-12.80

I am making the following Portfolio shift

Alt-Port#1 sells 2,000 oz. Physical Silver to AP#2 at $39.92

Meantime:

AP#1 Buys : 2,000 SLV Oct.$34calls at $5.90 x 2,000 = $11,800 (-)

AP#2 Sells: 2,000 SLV Jan.$27calls at 12.70 x 2,000 = $25,400 (+)

Why?

I wanted to bolster the Physical silver holdings in AP#2,

and give the "more aggressive" Alt-Port#1 a better benefit if SLV begins sliding again

/see: https://spreadsheets1.google.com/spreadsheet/pub?hl=en_US&hl=en_US&key=0Am5S2YdB2ZxYdC1KcWgxVVpqamJhQl9zRmt2aEhPaUE&single=true&gid=0&output=html

The above still seems very complicated to me.

Out of interest, is a part of your portfolio based on buy and hold in PM's? (ETF's pehaps) Or do you not consider it to be potentially profitable enough or too much of a risk? I ask because I'm trying to figure out if you are against buy and hold as a strategy or whether you just believe you will do better by trading.

drbubb · August 18, 2011

The above still seems very complicated to me.

Out of interest, is a part of your portfolio based on buy and hold in PM's? (ETF's pehaps) Or do you not consider it to be potentially profitable enough or too much of a risk? I ask because I'm trying to figure out if you are against buy and hold as a strategy or whether you just believe you will do better by trading.

I am not "against" Buy & Hold for someone with little time,

I just think I can beat it, with a disciplined approach using options etc

drbubb · August 18, 2011

A surprise?

Thanks.

Maybe this chart will surprise some others too:

TLT/Bonds versus GLD/Gold ... update : intraday

Like many here, and like Bill Gross, I have not been a big fan of T-Bonds.

Guess what, since Gross was publicly knocking them back in April...

BOnds/TLT have performed almost the same as Gold.

How many here would have guessed that ?

drbubb · August 22, 2011

NOT A GREAT WEEK ! I was too Bearish, but kept my discipline

I was "leaning to the Bear side", when I should have been on the Bull side.

There was a huge: +$3.86 / +9.88% jump in Silver, which was lifted by parabolic Gold.

But my discipline of keeping a 10,000 long position, will have kept me out of trouble.

Nevertheless, it is a shame to have missed a nice sweet buying opportunity.

Latest : 8/19/11 : 8/12/11 : 8/05/11 : 7/29/11 : 7/22 : 7/15/11 : 7/08 : 7/01/11

SLV-- : $41.68 : $38.12 : $37.61 : $38.83 : $39.07 : $38.24 : $35.75 : $33.00 :

Silver : $42.93 : $39.07 : $38.33 : $39.89 : $40.10 : $39.07 : $36.54 : $33.70 :

Prem. : +$1.25 : +$0.95 : +$0.72 : +$1.06 : +$1.03 : +$0.81 : +$0.79 : +$0.70 :

ZSL-- : $11.33 : $13.62 : $14.33 : $13.49 : $13.39 : $14.22 : $16.85 : $19.90

$62-X : $50.67 : $48.38 : $47.67 : $48.51 : $48.61 : $47.78 : $45.15 : $42.10

ZX/slv : 120.0%: 126.9%: 126.7%: 124.9%: 124.4%: 124.9%: 126.3%: 127.6%

====

DXY--- : $74.24 : $74.56 : $74.54 : $73.75 : $74.14 : $75.13 : $75.08 : $74.36

UUP---: $21.03 : $21.11 : $21.22 : $21.03 : $21.13 : $21.43 : $21.42 : $21.20 :

CRB--- : 329.47 : 326.53 : 326.08 : 342.08 : 347.93 : 346.30 : 343.55 : 336.71 :

Rsilver :: 9.000 : : 8.704 : : 8.597 : : 8.371 : : 8.325 : : 8.291 : : 7.813 : : 7.510

===

Ag.$38p: $0.00 : $0.85 : $1.83 : $1.16 : $1.21 : $1.73 : ==== : ==== :

Ag.$34c: $5.00 : $4.20 : $3.75 : $5.10 : $5.32 : $4.65 : ==== : ==== :

Ja.$27c: 15.20 : 11.87 : 11.20 : 12.42 : 12.65 : 11.87 : $9.55 : $7.27

Sp.$34c: $7.85 : $4.80 : $4.40 : /5.00/

Oc.$30c: 11.95 : $8.62 : $8.00 : $9.27 : $9.47 : $8.75 : $6.45 : $4.40

Oc.$34c: $8.35 : $5.45 /$4.75 /

Ja.$27c: 15.20 : 11.87 : 11.20 : 12.42 : 12.65 : 11.87 : $9.55 : $7.27

Zsl$12c: $0.00 : $1.80 : $2.62 : /1.28/

ATX.v- : $0.91 : $0.90 : $0.93 : $1.00 : $1.02 : $1.26 : $0.98 : $0.76

Paas$25c $5.55 : $4.80 /$4.00 /

===

Trades this week:

SLD : Paas-Sep$25c: $5.00 x1,000= $5,000 (+) Alt.2

BOT : SLV Oct.$34c: $5.90 x 2,000 = $11,800 (-) Alt.1

SLD : Physical-AG: $39.92 x 2,000= $79,840 (+) Alt.1

BOT : Physical-AG: $39.92 x 2,000= $79,840 (-) Alt.2

SLD : SLV Jan.$27c: 12.70 x 2,000 = $25,400 (+) Alt.2

drbubb · August 22, 2011

OUTPERFORMANCE slipped further during the latest week...