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Taking a chance, although an up thumb on an ETF often doesn't keep up with the S&P.I expect the S&P to be tame and with an ultra I don't need much upside on Silver to score.I thought we might get a breakout at $21..it was looking good.Ukraine might factor in.Have to offset my downthumb on JNUG so Anchak can see that I'm still bullish on silver even if I am going to knock him away from the score leader board...
betting on higher silver prices from here
I'm admittedly no expert on industrial uses of silver, but I would think that in some applications gold is a preferable substitute (?), and I would say in jewellery, it is definitely a preferable substitute. So a decline in gold prices should also lead to a decrease in silver prices. Maybe that'a all crap, but I do know that I like to bet against the 3X leveraged ETFs, I just prefer the shorts.
As I've said before, I see big gains in silver this year, which means even bigger gains with this ETF.Silver could dip to $25/oz before the next leg up, which would create a very good (rare) buying opportunity.
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