Buying silver

The price of silver fell by 30% in the last 5 days, dropping from a high of $48 per oz to a price of $34 today. I believe the long-term trend of silver is still to go up and that it is now a good time to initiate a position in this precious metal and make a "buy on the dip". Silver price had gone up too much and too fast during the last 3 months. Such parabolic rises always ends up like that. Time has come for a consolidation before a continuation of the move higher.

I bought on Friday night before the market close a position on the "silver ETF", the iShares Silver Trust (ticker: SLV on the NYSE) at a price of $34.48 for a total of $10,000.