Another Option Expiration Day

A busy week begins with another Comex option expiration day. The front month Jul22 silver options will price at the Comex close today but so will some gold options, too. Does this explain some of the price action seen so far today?

I guess we’ll start there. Recall that last Tuesday, we took a look at the open interest in the Jul22 silver options and were surprised to find it so small. I recall saying something like “certainly above $21 but below $22” as it was wide open with only a large amount of puts at $21 and calls at $22. So with that in mind, seeing CDS be allowed to storm…

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