From the Ed Steer commentary:

The next story is the latest offering by silver analyst Ted Butler. In this essay, Butler points out that "the 'raptors' (the commercials other than the eight largest traders) have not only built up a record or near record net long position in both gold and silver futures, they have established a record long position in call options for the first time in memory." His conclusion is, that "not only are the near-always-correct raptors positioned for an upside move in gold and silver, they are positioned for it to occur soon." Let us all fervently pray that he is correct. The story, entitled "Welcome to the Jungle", is linked here.

Hmmm. Now the question is, are they just in it for a quick killing or for a little longer term.