Put volume was unusually heavy last Friday on iShares Silver Trust (NYSE: SLV), with activity ramping up to five times the norm. During the course of the session, traders on the International Securities Exchange (ISE) bought to open 26,684 puts on SLV, compared to just 1,374 calls.

In fact, the security's 10-day ISE put/call volume ratio of 2.15 ranks higher than nearly 91% of comparable readings taken during the past year, revealing that traders have rarely snapped up bearish bets over bullish at a faster pace.

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