Good morning. Quite an interesting day of volatility in the metals, highlighted by some “bet” that someone made calling for a top in Silver. Apparently they bought $1 million worth of puts – way out-of-the-money puts going out to July.
Now, I know a little about options and a little about how this stuff gets reported. Always seems like this kind of “news” comes out at a time like this, but never gets followed up on. What if the buyer is already out? Even a little dip like yesterday made the guy/gal some nice money.
So let’s not worry about these top callers here. Silver does need to rest, but there is going to be some volatility at these key inflection points (30, 40, 50, etc.) and a lot of rumors about a “top” being in.
Heck, this could get crazy for all I know and drop $5. That’d shake out a few folks don’t you think?
Keep your cool and your patience here. The dollar is now clinging on to $75 with the world blowing itself up. Not exactly a sign of strength.
Have a good day and trade the extremes!