The call options skew on silver lately has been raising some red flags for me. There's a pretty lopsided volatility structure building up—the kind you typically see when retail enthusiasm starts morphing into outright mania on the derivatives side.

Honestly, a decent shakeout could be exactly what this market needs right now to shake out the weak hands and establish a more sustainable footing.

Price-wise, we might still push toward that $100 level first before things get interesting. Once we tag that level, I'd expect some consolidation or even a meaningful pullback from there.

Short-term positioning warrants caution. The setup looks stretched.