Silver continues to make gains, and the big options trade of the morning is calling a long-term floor.
More than 84,000 contracts have traded in the iShares Silver Fund, which tracks the price of the metal. Topping that action is a single print in the January 2014 23 puts, which were sold for the bid price of $2.07. Volume exceeded open interest, so a new position was initiated.
The put selling is a bet SLV will hold up above that $23 price through that expiration. The trader is also willing to buy shares if they trade below that price, which it hasn't seen in almost two years.
SLV rose 1.66 percent to $29.93 in morning trading, and is trying to close above $30 for the first time since May 1. Shares traded down to a 52 week low near $25 at the end of June and have been rallying since.
Overall option volume in the fund is already above average amounts, barely an hour into the session.
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