The largest exchange traded fund for silver fell about 4% Tuesday as options sentiment was mixed in the ETF, according to a report.

Trading in iShares Silver Trust (NYSEArca: SLV) was brisk again Tuesday as volume exceeded 100 million shares.

Reuters on Tuesday afternoon reported speculators were viewing call options on the ETF as an opportunity to capitalize on a rebound from the correction.

“We also see protective put buyers looking to lock in their profits from this great move in silver,” said TD Ameritrade chief derivatives strategist Joe Kinahan, according to the report.

“Everyone has heard that silver is in a parabolic uptrend, but it now appears ready to take at least a respite to calm down a bit,” added Larry McMillan, head of options research firm McMillan Analysis Corp, according to Reuters.

iShares Silver Trust

Full disclosure: Tom Lydon’s clients own SLV.

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