Three Ways To Trade This Week's Silver Insanity (HL, SLW, SLV, ZSL, ABX, EGO, GG)

Last week, the price of silver formed a blow-off top, where the price peaked at $49.82 and then immediately plummeted on high volume. Silver futures opened Wednesday at $41.67, a drop of more than 16% from their peak. Clearly, there is an investment opportunity buried in here somewhere. These three trades will make you money regardless of where you think the silver price is headed. Buy the Silver Miners Hecla Mining HL and Silver Wheaton SLW got pounded early this week, as the price of silver took a nose dive. Both of these miners report next week, and you can expect enormous spikes in profits for both companies as the price of silver has run up over fifty percent since February. Last quarter's earnings will be unaffected by the recent volatility in silver, so make sure to scoop up these names at a good price. Buy a Silver ETF Whether you're bullish or bearish on silver, this week is when you want to lock into one of the Silver ETF's. The iShares Silver Trust SLV is a play on a run up in silver, while the UltraShort Silver ETF ZSL is a play for those who think silver goes lower. Buy the Gold Miners The price of gold has run up about fifteen percent since February, but the move has been gradual and steady. The gold price could slide five percent and gold miners would still be selling gold for more money now than they were at the beginning of their current quarters. Barrick Gold ABX reported a 22% jump in profit last week on higher gold prices. Eldorado Gold EGO and Goldcorp GG both report this week. Use the short-term weakness in the gold mining sector to get into one of these names at a good price.