iShares Silver Fund (SLV) is up 22 cents to $14.32 after silver (July) gained 16 cents to $14.44 Thursday. Options volume is picking up, with more than 20K Jan 12 put/Jan 16 call strangle traded. The volume has been in large blocks, mostly on the NYSE and AMEX, and trading at the offer. Looks like a buyer (or buyers) opening new positions, perhaps in anticipation of increasing volatility in the metals market over the next 6 – 7 months. SLV implied volatility is at 34.2, from about 32.5 yesterday.