iShares MSCI Global Silver Miners ETF (SLVP)

Silver extraction and mining -- growth in these companies has increased cashflows. A conservative investor would probably have just a small position. A diversifying asset, as long as your portfolio can handle the volatility. Silver sits at the intersection of industrial demand and real asset scarcity.

Chart shows digestion phase after the huge runup. A satellite position within a diversified portfolio. Can be volatile. MER is 0.39%.

Precious metals bull markets tend to go on for 8-10 years -- they happen in phases, with 2 or 3 good-sized corrections along the way. The correction in early fall was shallower and lasted less time than he expected. He's fully positioned in precious metals.

Once a bull market starts to really mature, silver has a tendency to outperform and it's now doing that. It's famously volatile. Always stay with the best-in-class operators and the best assets. He doesn't want to gamble on hope. 

Classic inflation hedge if you think one of the biggest risks to portfolios is inflation.

Seasonality not a guarantee to buy or sell. Despite being "out of season" - could trend upwards. Expecting strength from silver in July. Recent up trend in silver a good sign for investors. Overall, would wait until July before investing. 

How to Play Silver. There are three different ways to play: Seniors (SLVP-N), Juniors (SILJ-N) or the metal, SIL-N. He would buy SIL-N on dips. But if the US$ gets stronger in the interim, then it would mitigate some of your gains.