Bearish flow noted in First Majestic (AG) Silver with 6,895 puts trading, or 3x expected. Most active are Aug-25 6 puts and 7/3 weekly 8.5 calls, with total volume in those strikes near 6,100 contracts. The Put/Call Ratio is 1.87, while ATM IV is up over 11 points on the day. Earnings are expected on August 7th.
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