Silver moved up again yesterday, and the options turned extremely bullish.
Earlier in the week, investors were buying short-term calls in the iShares Silverexchange-traded fund in hopes of a quick rally.
Now they’re looking out to the spring, buying big blocks of the June 35 calls and June 36 calls for $2.20 and $1.90 respectively. The trades occurred less than an hour after the open, and both appreciated about 10 percent as the fund pushed higher.