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Opening

Going Long on MGM

Hospitality and gaming stocks have been shellacked. I am likely catching the falling knife here, but I am going long MGM by selling rich puts. Revenues are going to be down. The question is for how long? COVID-19 is a real problem, but will likely be under control within six…
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Using Options to Build a Position in Cameco

Cameco is a company worth owning if you believe that uranium has a future. I am interested in establishing a sizable position and will use options to build that position while lowering my cost basis. The idea for this trade came from a recent Rick Rule interview on BNN where…
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Sandstorm Gold Royalties

I am buying Sandstorm Gold Royalties (SAND) at a price that I did not think I would see again. The severity of the pullback in the broad markets has created many casualties and opportunities. Sandstorm is a well managed precious metals royalty and streaming company. It is a growing cash…
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Buying Trilogy Metals Again

I am going back to the Trilogy Metals (TMQ) well. The share price has retreated and offers up a bargain in my estimation. The JV has been formed, there’s plenty of money in the bank, highly prospective property to explore and more news related to the access road expected in…
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Buying Silver

Recycling profits from crude oil and /ES strangle into silver. Silver is down. It will likely head up again in my estimation as a tag along to higher gold prices. Bought /SI Mar for 17.82.
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Selling Strangle in /ES

I am selling a /ES strangle to take advantage of another pop in volatility. I will close it on a volatility drop or keep rolling it if volatility remains elevated. Sold /ES Mar -3160P/-3280 C for a credit of 102.00.
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Selling a New /ES Strangle

I am selling a new /ES strangle to take advantage of the volatility uptick. This one is more centered than the last one since the market has pulled back. Sold /ES Mar -3180P/-3310 C for a credit of 98.00.
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Buying /NG Below $2.00.

Going back to the well to buy natural gas on its plummet below $2.00. Is natural gas going out of business? It’s a commodity so the answer is no. I will hold onto it until it is profitable. Bought /NG Feb for 1.956.
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Another Kick at the Silver Can

I am going to have another kick at the silver can by buying it here. Its price has dropped back from when I sold it in December. I will sell it on a quick pop or keep it for a longer grind (hopefully up) into February/March. We shall see. Bought…
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Selling a Strangle in /ES Futures

The uptick in volatility is providing an opportunity to sell a strangle in /ES. My portfolio theta has been very low so this trade will help on that front. I am skewing the strangle to the downside as I want to keep the portfolio delta negative. Sold /ES Feb -3090…
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Natural Gas Again

How low will the price of natural gas go? No one knows, but I am looking for a bounce with this trade. Catching a fall knife perhaps, but it seems oversold. Bought /NG Feb for 2.129.
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Buying Natural Gas

Natural gas has been shellacked. I am already long by shorting puts, but this recent drop demands more action. Buying futures outright. Making a mental note that I won’t be adding to this position as it is already a large one in the portfolio. Bought /NG Feb for 2.214.
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Buying Silver

What is good for gold should be better for silver. So I am adding to my silver positions by buying the silver future. It is my intention to sell a call against the future at some higher silver price as volatility typically increases as precious metals prices rise. Bought /SI…
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Buying into Trilogy Metals (TMQ) Again

Trilogy Metals (TMQ) has retreated from where I last sold it at $2.01 USD. I am jumping in again as all of the original reasons for owning it are still valid including the expected positive decision regarding the access road and the likely formation of a JV with South 32.…
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Opening a NOB Spread

I am going to try this Notes over Bonds trade again. Last time I took it off for a scratch. Hoping for a quick move in my direction this time around. Sold /ZB Dec 159′ 18 and bought 2 x /ZN Dec 129′ 18.
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Selling APA Strangle

Apache Corporation options have a high implied volatility rank so I am selling a strangle with a bit more room on the upside to take advantage of any future volatility decline. Sold APA Dec 22.5P/27.5C for a credit of 1.62.
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The Future of Oyu Tolgoi

There is quite a dance underway at the Oyu Tolgoi complex with Turquoise Hill (TRQ), Rio Tinto (RIO), Entree Resources (ETG), the Mongolian partner and other government authorities all attending. Are the government interventions part of a negotiating strategy? How about the project re-engineering, delays and additional costs? Logic would have it…
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