Wednesday, May 28, 2008

Silver sold

With the price of silver going up and down faster than my comfort level I exited the silver position earlier this afternoon. As the position was only opened on 19 May it turned out to be a much shorter trade than I anticipated at the time of purchase.

My entry price was US$17.15 and my exit price was the equivalent of US$17.45 per ounce. These prices include the bank's spread and there are no other costs. A profit of US$0.30 per ounce is not a huge amount (it could have been close to US$1.00 per ounce if I had sold at the end of last week), but is still a pleasant outcome.

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