Remember when earlier we said the CME had hiked silver margins for the 4th time in 8 days? We lied. In fact, what the CME did was to hike margins for the 4th (effective May 5) AND 5th times (effective May 9). That’s right, dear reader, in one release, the CME has performed two concurrent margin hikes, which means today’s action is the 5th margin hike in 8 days, a previously unheard of event! As of May 9th, the initial margin is $21,600, or 11% of the contract value, while the maintenance is $16,000. This is nothing short of sheer panic at the CME.
I bought all my silver at $25 and below, so I’m still fine. I do wish I had paid attention to some of the technical traders and sold off part of my position in the high 40s. I could have bought back in at these levels and had some nice profits left over.
I’m decent at buying. I just need to get better at selling. Too, I tend to be in an investment or out of it. I need to get better at taking profits, even if it means selling part of a position.
- Gold at $1,563; Silver Breaks $48, $49, $50; Dollar Down to $73 (April 29)
- Silver Takes Out $46, $47; How and Where to Buy Physical Silver and Gold (April 22)
- Gold Takes Out $1500; Silver Takes Out $44, $45 (April 19)
- New Gold and Silver Records; Silver Takes Out $42, $43 (April 16)