Everyone seems backwards in investment science here.
There are the stackers who are saying "buy physical"( they'll be ok in time), the shorts who say "silver to $1" and the slv longs who say "today is the bottom"(that has been said too many times to short attention span Americans).
The real play is to stack physical as real silver is pushed down by paper pricing and buy slv puts at the same time. This way the trend is your friend. Let the price come off another 5 or 10 points-who cares-just stack more as it goes down and use the put profits to hit it again next month and stack greater physical quantities with. When the premiums leave the puts, stop buying them. Game over and we are really at the bottom then.
You are hedging and will remain nearly neutral as price drops depending on premium you pay to buy coins.
IF slv remains flat or nearly so, then you will be losing. what then? Call it a bottom? or keep on hedging every month and losing more and more premium Historically, silver prices have been flat for long periods of time.
Your 'real play' is of no value to those who believe SLV wil drop sub $10. The 'put profits' are non-existent and are offset by losses in physical silver held.
It is only of value to those who want to buy now with time decaying, downside protection.