Bearish flow noted in First Majestic (AG) Silver with 17,017 puts trading, or 9x expected. Most active are Aug-25 6 puts and Jun-25 9 calls, with total volume in those strikes near 16,400 contracts. The Put/Call Ratio is 2.20, while ATM IV is up nearly 3 points on the day. Earnings are expected on August 7th.
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