After recovering losses via 2027 silver leaps, the author plans to hold them expecting silver to reach $200/oz as the gold-silver ratio compresses.
Unpriced research observations (excluded from Calls and Returns):
XAGUSD — LONG Author holds 2027 silver call leaps at $60 and $80 strikes and expects the gold-silver ratio to compress from 50:1 to around 30:1 while gold continues rising, pushing silver as high as $200 per ounce. The mechanism is relative undervaluation of silver versus gold as the ratio normalizes. Time horizon is the 2027 leaps; the author explicitly accepts the leaps could go to zero. Exact non-equity contract requires separate historical validation; no generic proxy.
I believe gold to silver ratio compresses from 50:1 to around 30:1 while gold continues going up putting silver as high as 200 an oz.