This past week has been insane for ASIR. We lost a majority of our gains from silver during the decline and we soon began to panic. The entire desk began to wonder how we could possible to recover from such a huge loss. For those that don’t know, ASIR went from around $800 to $400 in one day. It was an intense desk meeting and I had hoped that silver would pick up but with Bin Laden’s death and news that silver was correcting itself made us realise that holding silver any longer would only lead to further losses.
As desk members began to discuss investment ideas, many agreed that at this point it was impossible to raise our rankings from 400 to where Duke Fuqua was – around $1,900. “We rode the silver bubble for too long.” I don’t remember who said that but it was to the catalyst to me thinking of buying an inverse ETF. If we can ride the rise in silver prices then we can also ride the fall of silver prices and thankfully I was right.On May 3nd – ZSL opened near $16 dollars and we bought around $17. Due to some glitch with LightSpeed, we weren’t able to buy more than 100 shares. The next day we bought another 100 shares at $18. On Thursday we bought right when the market opened – $20.80. I was probably the most shocked one out the entire group, we saw a net gain of $1300 in one day. It was great and the desk members were jumping up and down (not really, we were all studying for finals and we checked the market every half hour and would text each other the good news.)
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