I think using 30% of your position to hedge to the downside against your core long position is a good idea. The bounce off $30.20 has been on weak volume, and has trouble breaching the $30.50 area which shows a strong indicatation of a drop down further to the $28 to $26 dollar area.
SLV: Daily support is 29.09-29.14. Daily resistance is 29.83-29.88. Daily Tip is 29.79. Prices closed below a bullish crossover zone at 29.47-29.64. Others remain in effect at 28.53-28.66, 28.20-28.25, 26.51-26.65 and 27.36-27.52. Bearish crossover zones remain in effect at 30.11-30.27, 30.83-31.02, 31.71-32.00, and 32.12-32.43. Traders are short with a stop-loss on a close above 30.00. Cover 1/3 now and the rest at 28.50 or better, if offered.