I decided to close out both positions in The Global X Silver Miners ETF (SIL) and roll the proceeds into the Market Vectors Gold Miners ETF (GDX) position. SIL has very few options available and no weeklies, whereas GDX has more options including weeklies. I took a loss on the SIL positions, which has already been accounted for in my position value, so there's no change.
Rather than buy GDX at the current price with the proceeds from the sale of SIL, I decided to sell an ATM Put. This is a way to average down without buying the stock immediately. If the Put is assigned, I'll own 200 shares at an average cost of $32.25. If the Put expires, I'll sell another one.
Below is the trade history of the GDX and SIL positions. All prices include IB commissions.
Trade History for Market Vectors Gold Miners ETF
| Date | Stock | Price | Description | Transaction | Status | Stock Investment | Income Generated |
|---|---|---|---|---|---|---|---|
| 1/23/2013 | GDX | CSP Margin Used | CSP 100 GDX @ 42.50 | ($4,250.00) | |||
| 1/23/2013 | GDX | $44.56 | Initial Put Option | STO 1 Feb13 42.50 Put @ 0.34 | Assigned | $33.93 | |
| 2/15/2013 | GDX | CSP Margin Returned | CSP 100 GDX @ -42.50 | $4,250.00 | |||
| 2/15/2013 | GDX | $39.89 | Stock Assigned | AS 1 Feb13 42.50 Put @ -42.50 | ($4,250.00) | ||
| 12/30/2013 | GDX | Dividend Received | DIV 100 Dividend @ 0.19 | $19.10 | |||
| 6/4/2014 | GDX | CSP Margin Used | CSP 100 GDX @ 22.00 | ($2,200.00) | |||
| 6/4/2014 | GDX | $22.28 | Initial Put Option | STO 1 JUN27 '14 22 Put @ 0.37 | $36.91 | ||
| 6/4/2014 | GDX | Combined Cost Basis | $6,450.00 200 @ 32.25 | ||||
| 6/4/2014 | GDX | Totals | ($6,450.00) | $89.94 | |||
| DTE | 497 | Percent Income/Annualized | 1.39% | 1.02% |
Trade History for Global X Silver Miners ETF
| Date | Stock | Price | Description | Transaction | Status | Stock Investment | Income Generated |
|---|---|---|---|---|---|---|---|
| 1/29/2013 | SIL | CSP Margin Used | CSP 100 SIL @ 20.00 | ($2,000.00) | |||
| 1/29/2013 | SIL | $20.89 | Initial Put Option | STO 1 Mar13 20.00 Put @ 0.45 | Assigned | $44.51 | |
| 3/15/2013 | SIL | CSP Margin Returned | CSP 100 SIL @ -20.00 | $2,000.00 | |||
| 3/15/2013 | SIL | $18.11 | Stock Assigned | AS 1 Mar13 20.00 Put @ -20.00 | Sold | ($2,000.00) | |
| 1/8/2014 | SIL | Dividend Received | DIV 100 Dividend @ 0.07 | $7.42 | |||
| 6/4/2014 | SIL | $11.39 | Stock Sold | STC 100 SIL @ -11.39 | $1,139.00 | ||
| 6/4/2014 | SIL | Net Cost/Profit-Loss | ($2,000.00) | ($809.08) | |||
| Days Held | 491 | Percent Profit-Loss/Annualized | -40.45% | -30.07% |
Trade History for Global X Silver Miners ETF
| Date | Stock | Price | Description | Transaction | Status | Stock Investment | Income Generated |
|---|---|---|---|---|---|---|---|
| 8/30/2013 | SIL | CSP Margin Used | CSP 100 SIL @ 14.00 | ($1,400.00) | |||
| 8/30/2013 | SIL | $15.33 | Initial Put Option | STO 1 SEP 21 '13 Put @ 0.14 | Expired | $14.11 | |
| 9/20/2013 | SIL | CSP Margin Returned | CSP 100 SIL @ -14.00 | $1,400.00 | |||
| 9/20/2013 | SIL | Stock Assigned | AS 1 SEP 21 '13 Put @ -14.00 | Sold | ($1,400.00) | ||
| 10/22/2013 | SIL | $13.59 | Continued Trade | STO 1 NOV 16 '13 Call @ 0.39 | Expired | $39.11 | |
| 1/8/2014 | SIL | Dividend Received | DIV 100 Dividend @ 0.07 | $7.42 | |||
| 2/11/2014 | SIL | $13.73 | Continued Trade | STO 1 MAR 22 '14 14 Call @ 0.49 | Expired | $48.50 | |
| 6/4/2014 | SIL | $11.39 | Stock Sold | STC 100 SIL @ -11.39 | $0.00 | $1,139.00 | |
| 2/11/2014 | SIL | Net Cost/Profit-Loss | ($1,400.00) | ($151.87) | |||
| Days Held | 165 | Percent Profit-Loss/Annualized | -10.85% | -24.00% |
