Is Silver Ready? Jim Rogers Prefers Silver, SLV August $19 Calls Active (SLV, Comex Charts) UDPATE

(Charts, option activity from Thursday) Both Comex Silver (Sep, SIU10) and the ETF $SLV are knocking up against solid 2.5-year ceiling resistance and could break out, unless a few trilli's in charge of the money supply decide to sell it off here :]. If $SLV takes out $19.50 it could rally to $25-26, which is channel resistance extended. The structure of the trend could change and not sure about an exact time frame.  It could chop around between $19.50-$22 (2008 exhaustion peak). GLD took out its 2-year resistance level in October and I wondered in March if SLV would do the same. Hedge fund manager Eric Sprott of Sprott Asset Management was bullish on silver on CNBC in May. He also started the physical gold ETF ($PHYS).

Jim Rogers (see recent posts) was bullish on silver last week on CNN, as well as sugar, oil and commodities in general as usual. Video below courtesy of CNN Money.
"If I had to buy a precious metal I'd rather buy one of the depressed ones like silver or palladium or something, but I'm not selling my gold on any circumstances." 
"I would prefer to buy silver just because you know silver is nearly 70% below its all time high, that's awfully depressed, so if I had to buy a metal I would urge your viewers to think about silver."

SLV (iShares Silver Trust ETF) -

Silver Comex Future (Sep 2010) - OptionsXpress

On Thursday 6/24/2010 $SLV was on the "top bullish" side of my ISE Put/Call Widget. As you can see, SLV had an ISEE Ratio (calls opened/puts x 100) of 1,132, Calls 3,420 and Puts 302. Look at the prints at 0.68 as well. A total of 4,660 Aug 19 Calls traded with 1,242 open. Today the call is trading at $0.80 with 4,967 contracts open (+17.6%, nice job for a days pay).

Courtesy of

Also, remember the big volume on 6/17 in $HL's (Hecla Mining) January 2012 $2.5 Calls at $3.20? The stock was up 5.28% on Friday and the call closed at $3.30 (+3.12%) with a 3.45-3.65 bid/ask. Volume was under open interest (34k vs. 21.7k) but I see 4,800 contracts were opened. That contract will increase if $HL breaks out of the symmetrical triangle and SLV breaks out.  HL has business risk along with commodity risk.

Relevant link: Hiyo Silver by What Are My options? on 6/25

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