Shorting Silver
Feb 01, 2021
In today's pre-market, various companies related to silver saw large amounts of short-covering. The speculation was that the GME traders from last week had moved over to forcing a short-covering rally of silver.
But a commodity, such as silver, is not as easy to squeeze as a single stock. There is only one GME stock. There are many stocks related to silver.
Here was my chart for AG, a silver company:
AG was one of those silver stocks that showed a gap up during pre-market. I posted a high-probability short at 23.85 with an initial target of 23.61. The price quickly moved to the initial target and then continued to fall, allowing short traders to simply move their profitable stops lower and lower to guarantee more profit.
Another way to trade silver is via one of several ETFs. SLV is one of those ETFs. Here is the morning chart:
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