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|Includes: iShares Silver Trust ETF (SLV), ZSL

Silver short ZSL covered for a very modest 3+% gain after providing insurance. Other shorts still held and getting hit as we evaluate the nature of this expression of relief. Tell you what; if this has any longevity to it whatsoever, the PM's (led by silver) will probably end up outperforming soon enough. Hence, goodbye ZSL.

Disclosure: No position in ZSL, long certain silver stocks