"Shares of the iShares Silver Trust ( NYSE: SLV) surged to $51.27 on November 28, 2025, capping a 70% rally from $30 in late May. Yet retail sentiment on Reddit has turned sharply bearish, with investors actively discussing put option strategies rather than celebrating gains. The disconnect reflects deep skepticism about silver's ability to sustain all-time highs, driven by historical precedent and concerns about social media-fueled momentum."
"Reddit's r/StockMarket lit up with contrarian positioning in late November. One post titled "Am I crazy for wanting to buy put leaps on SLV?" drew 38 comments as investors debated bearish strategies despite the ETF trading near record levels. The author wrote: "when it crashed in 2011, it lost 50% in 2 years around April/May 2013. Then the bottom finally came 4.75 years later around Dec of 15 for a 72% decline from the ATH.""
"The safe-haven narrative is questioned, with the Reddit post noting "when things go caputs, silver looks to also go caputs" The put strategy gaining traction involves buying January 2028 $40 puts for approximately $4, targeting a 50% decline to $25.60 that would generate returns of 3.5x. This mirrors the 2011-2013 pattern when SLV lost half its value in two years."
SLV surged to $51.27 on November 28, 2025, marking a 70% gain from $30 in late May. Retail sentiment on Reddit turned bearish as users debated buying long-dated January 2028 $40 put LEAPS trading near $4. The bearish thesis cites silver's 2011 peak followed by a 72% multi-year crash and recent extreme volume days in October 2025 suggesting potential institutional distribution. The put strategy targets a 50% decline to $25.60, implying roughly 3.5x returns if realized. Skepticism centers on silver's historical failure to sustain breakouts and questions about the safe-haven narrative.
Read at 24/7 Wall St.
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