Why not? I banked a 40% and 75% gain on SLV long via short term call options...and then today I banked a 200% gain on half of my SLV short position...in 2 days of trading. You can go long or short anything if you know how to do it. :-)
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The main reason why not is because you're gambling. SLV is almost certainly manipulated. Even if there are favorable indicators (like right now the COT is low vol. which would seem bullish), contracts or even spoofing occurs regularly.