Precious metals are generally used as defensive assets in times of uncertainty. This has certainly been true of gold in recent weeks. Now, it looks like silver may finally be joining the party. Silver prices jumped last week, with the iShares Silver Trust (SLV) moving up 5% in one day.

With $7 billion in assets, SLV is one of the most popular ways to trade silver. The options activity in SLV was extremely bullish, with thousands of calls being purchased, including a very large call butterfly strategy expiring in October.