So yesterday, I also bought some May silver options contracts. I got a spread from $35 to $38 (bought $35, sold $38) for an upside maximum of $15k (if silver hits $38 or more) at a cost of $3,165 (almost 5:1).
BUT I just got stopped out again from my gold which is a bitch since it had been up, and is up again - it just didn't quite work but my losses were small and I still have the $1700 March (Feb) call. Once note to beginners is that the "March" option always expires in February - a month ahead - so it is confusing at first.
On silver I bought down low at $31.56 so the bounce, if it holds, got me into a nice silver position again after I sold out last time at $31.8 (from $29.8). Maybe next time for gold, we will see.
I also bought S&P at 1305 and intend cover after a fairly quick profit on that one.