Image Source: Pixabay
 

Well, I couldn’t take it anymore. I decided to sell a bunch of my silver bullion for lots of pieces of green paper. There’s only so long I can watch an asset value blow into the stratosphere before I can take money off the table. That was today.

Don’t get me wrong. I’ve got lots of gold, platinum, and SOME silver, just not as much as before. I was kind of teetering as to whether I should pull the trigger (less metaphorically, get into my car with a bunch of metal, drive to my dealer, and sell it to him), but what clinched it for me was when I called my bullion dealer for a price quote. He had to put me on HOLD.

See, I’ve been calling this guy off and on for decades, and that’s never happened. His shop is usually quiet as a library. Today it was unchecked pandemonium. Maybe silver will be $500 an ounce tomorrow, but honestly, this is nuts. It’s time for a serious breather.

Just take a look at this………..
 

Silver itself has simply gone vertical. As of Friday, it crossed $100 for the first time in history. Within an hour of the next trading day, it was up almost another 20%!
 

Here’s a closer view, just to illustrate how unchained things have become in just the past few weeks.
 

One last angle is the weekly chart of SLV. Notice that shooting star? I sure do.
 

I have no bearish positions in precious metals directly, but I have a substantial short position in XME, which will certainly benefit from any diminishment in precious.

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