huge volume of options traded, page-2

Most were large trades from one account to another, so just arranging between owning entities, for financial efficiency between them, without outright investment.

Your logic is OK, from one perspective.

However, consider this. If you believe price of MMN is bound for, say, $0.66, or more, that is a threefold increase from $0.22.

If MMN goes to $0.66, then expect MMNO to be worth $0.66 - 0.25 = $0.41, or more if a premium applies. This is 41/7 = sixfold increase, if you want to sell in that time.

Of course, if you want to hold on to MMN for longer term, and you have to convert MMNO to MMN, the equation reduces to $0.66 / ($0.07 + 0.25 = $0.32). This is a two fold increase.

Depends on your point of view about silver, MMN and MMNO for the long term.