Nice post Ronbo. I have a few other comments for Andrew as I have been looking into other ways of skining the cat.
When Ronbo is talking about his puts they are representing a 5000 oz contract of silver, so you can see where the large potential profits come into play on a significant move.
Halagonian, has mentioned and answered my question on puts on the silver ETF SLV. SLV pretty much tracks silver on a one to one basis. So if silver is at 36 you would expect SLV to be at 36. A two dollar move in silver you would expect say a two dollar move in the price of SLV. You can get some leverage on the SLV puts as Hal has pointed out. Each put contract is representing 100 shares, so that is where your leverage is. When I looked at the price of the 34 put on Friday it was 1.72. Later Hal said it was trading at 1.52. So the premium would be 172 and 152 respectively. I don't know, if you could short SLV straight out. You would have to ask a broker because when you short you borrow the stock from the broker also this is an ETF.
Reguardless of a futures put or a puts related to SLV the puts will eventually expire so time becomes the enemy. You ZSL would not expire.
Now with your ZSL it is the Ultra Pro Share 2X silver short. You would expect on a percentage basis for it to move 2x in the opposite direction of silver. For this you have no expiration date to worry about. However, I guess if silver went to 100 bucks it may approach zero. Who knows. By the way I have a position in ZSL that is showing a small profit at this time. I am a little disillusioned at my original potential profit projections I had on this do to a better understanding on how the leveraging works. I may post more on that later.
There are also the mini 1000 oz contract that can be used to trade. I traded them a few years ago and I believe Ronbo has traded them.
So a number of ways you can use. However, what if silver goes up or goes sideways. You still would have the ZSL, but your puts could expire. I myself was wanting silver to go up to the 50% retracement level over 41 to add to ZSL on strenght or take a put option position on strength.