I think the margin increases have almost washed out the weak hands. If SLV gaps down tomorrow, I'll be going long by selling more puts. I usually sell somewhat out of the money options because I just want to collect premium, rather than take a position in the stock. This time I'm going to sell at the money puts hoping for an assignment - at the very least, I'll get a nice premium. It's difficult to get the timing exactly right, but there should be a decent bounce fairly soon.

One caveat - this is not risk free. Perhaps surprisingly, the recent plunge in silver has occurred without a bounce in the dollar. Should the dollar bounce, silver could go a fair bit lower before it bounces. If that happens, I can wait it out because I have plenty of cash. For that reason, I'm going to take a shot.