It has been awhile since I've posted about what I am doing in the market, because to be quite honest there hasn't been anything new. I am still bullish on Silver, on Agriculture and bearish on the US Dollar. Here are some new points to note about the funds portfolio:
- The recent sell off in Silver from $37.50 around the start of the month, towards $31 into late last week is an opportunity in my opinion. I have added some positions through COMEX futures and through iShares SLV ETF, and reduce some positions from the Sprott Physical ETF. I still hold similar exposure, but I just diversified my holdings into different vehicles. Update: Re-Balancing Exposure
- Rogers Agriculture RJA ETF has had a decent bounce from the lows since we bought it. I think majority of the time, assets do not bottom on a V trough and that is what we have here. Therefore I closed the position for a decent profit and expect a retest of lows. At that point I will most likely add the position again. Update: Taking Profits
- Shorting US Dollar through buying Swiss Franc is still a position I hold without any changes. I remain bullish on the Euro, so since Franc is pegged to it, it should do as well as the Euro or possibly even better. Update: Holding Position
New ideas, opinions, opportunities and positions:
- Rice futures look very interesting for a break out from a bottoming base around here. I have minimum position as a trade more than anything else, but this is through one of my personal accounts.
- Soft commodities have under-performed all other risk assets including equities, junk bonds, energy, metals, grains, commodity currencies and pretty much all other asset classes to be honest. Coffee, Cotton and Sugar are depressed at these levels and are a great opportunity, so watch for the end of the bear market here, which started in early 2011.
- Apple has gone parabolic, which majority of you already know. I'm thinking about adding some long dated Puts on this company as a hedge for my commodity longs. It won't cost me more than a few percentage points of NAV, but the risk to reward is insane if the price crashes to the downside.
I'll be updating the Portfolio Page sometime at the end of the month, start of new month. As always it is interesting to hear opinions, so do share...