I picked up some options on silver miners when they were smacked yesterday!
I'm a sucker for buying stuff when people think it's overvalued.
This is a chart of First Majestic Silver corp, you can see how it had a little downtrend going on every since the wallstreet bets fiasco with silver. When I noticed it fell below $14.50 per share I felt I needed to jump in. I happened to snag it right at the bottom of that move down.
The great part is that today it rebounded and went up over a doller per share since that bottom I picked.
For this trade I bought long term options that go out over a year , I believe this stock can go parabolic within that time frame so I did it with a twenty dollar strike-price.
My next silver stock I grabbed was Silver One Resources Inc. (SLVRF)
Silver One Resources Inc., through its subsidiary, acquires, explores for, and develops silver properties in Mexico, Canada, and the United States. source
Now this one is a very risky little miner that I have had in my watch list for over a year. Its not an options play and isn't even margenable. The thing that gets me exited about this one is the people that are backing it.
Eric Sprott Increases Ownership in Silver One
Greg Crowe, President and CEO, commented: "This is the third time Eric Sprott has taken a position in the company. We are very appreciative of his ongoing support.
source
This is a huge indorsment and proves this company is worthy of one of the largest silver speculators known to man. I know you have herd of PSLV, the silver trust fund that has the physicle, not like the comex SLV rip off crime scene. Well it's managed by Mr. Sprott himself!
So those are the moves I made and I will be watching them like a hawk. Please don't invest because of anything I showed you, these are mega risky stocks and could go down a lot!
Thank you for reading my blog and have a great day!
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