Author argues silver is in market-cycle euphoria after tripling to $76 and expects reversion to ~$30, holding Jan 27 $55 puts and planning to add on complacency.
Unpriced research observations (excluded from Calls and Returns):
XAGUSD — SHORT Author believes silver is beyond euphoria after tripling from about $30 to $76 in 2025 and will revert to its starting 2025 level, similar to the prior cycle where the round trip took about six months. He holds Jan 27 $55 puts and intends to add on sentiment complacency. Exact non-equity contract requires separate historical validation; no generic proxy.
In my opinion we are beyond the top/euphoria/whatever one of these picture name it. There is no question that the price of silver will return to the normal levels it started 2025 with.