Bill’s Commentary:
“I guess the question at this point is WHY?”
Good Morning and welcome to part 2 of the September Silver $200 Calls of confusion.
Yesterday, I had witnessed a large scale purchase of this said option, within a 40 minute time period before the S&P close, within a trading range between .001 and .002, going from a Volume of 134 all the way up to a total of 1,080 swaps at the ICE close (International Commodity Exchange). By all measure, one would have expected to see a change in the Open Interest which was recorded at 4,812 (buyers/sellers combined). The option value closed at 0.001 cent = $5. As of this morning, even after shutting down my trading platform and restarting, the Open Interest has not changed. It remains at 4,812. To add, the is an “ask” price of 1.5 cents and no bids up on the board so far this morning.
Since this trade was done after the Comex close, 1:25 PM Est, it may be that the Open Interest won’t change until the next trading day (Monday).
Admittedly I have no idea what this means. I do see $125/$150/$175/$200 Calls spread out till March 2025 (excluding the Jan/Feb serial months, for now). It could be a form of what is called a Calendar Spread, but is way super overweighted in Sept.
If anything else noteworthy happens on Monday, I’ll send out another note. Have a great weekend and as always
Stay Long!
Jeremiah Johnson
BillHolter.com 
Thank you pamelamoves@gmail.com
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I pay scant attention to the moves between $28/$32. The manipulation can only function in a range, outside of that range, as with the Fed, they lose control.
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