David Fuller's view Silver's downward drift (weekly & daily) triggered another stop yesterday. Consequently, a position was sold at $30.963 on the 11th of February, against my purchase at $30.82 on 28th January. These prices include all spread-bet dealing costs.

The last two trailing stop triggerings have halved my silver longs so I may pick up a little more against the current background of oversold short-term indicators. If this and the gold longs seem somewhat masochistic, I agree, but am holding on because of the strength of palladium and platinum. They have been favoured recently because of some supply concerns and also because very few people have been long, relative to gold and silver bulls over the last decade. Some of those people are drifting away because gold and silver have underperformed since August and September 2011 and offer no compensating yield. However, they remain hard money, albeit fluctuating somewhat in price, at a time of fiat currency devaluations and low interest rates. Nevertheless, some strong upward dynamics are now required to reaffirm the floors within current ranges while also regenerating long-side interest. People will overlook the absence of yield when precious metals are performing.