Where gold goes, silver often follows, and in the options markets that is increasingly so...

3 month Puts have now been cheaper than Calls for more than 97 days...

As the chart shows, bearish options on exchange-traded funds tracking the metals have been cheaper than bullish ones for the longest time since at least 2009.

It doesn't appear the trend is set to change anytime soon, as Fed credibility collapses (red line - inverted expectations of rate-hike-pace) so Gold (gold line) and global developed market bonds (green line) have soared tick for tick...

So what happens next?

“There’s more upside risk for gold than there is downside,” Josh Crumb, the chief strategy officer who helps oversee $1.7 billion at Toronto-based GoldMoney, said in an interview in New York. “For gold to fall, they would have to raise interest rates more than the market expects, and I think that’s a very unlikely scenario.”