Bird-in-hand trade

All Stock futures are down (calling stocks as Equity is a misnomer)
Precious metals (PMs) are UP.
Two trading options:
(a) Go short the already down futures via SPY, NDX
(b) Go long PMs via SLV, GLD

Because of the continued support to the stock futures via or due to Quantitative Easing, the bird-in-hand would be to going with the long trade on the PMs. I'll be buying March ATM options on GLD and SLV.

Straight trading a PM such as Silver is best accomplished via a Leveraged ETF (ProShares Ultra Silver, AGQ, which is 200% Silver position) versus a regular 100% ETF such as SLV. To trade options on these ETFs, it's best to stick with the ETF with the most liquidity and tight bid-ask spread. In the case of Silver, SLV offers the best value to trade options. To trade options on Gold ETF, I can't seem to find anything better than GLD.