All that matters from this point onwards, is what happens on the next rally in silver and gold. Will JPMorgan et al go short again?
Ed Steer included this in his daily from Ted Butler. I think it worth posting here. Click through for the rest of Steer's great daily.
"Silver analyst Ted Butler posted his mid-week commentary for his paying subscribers yesterday...and here are a couple of free paragraphs...
"At the low point [yesterday], silver was down by more than a dollar from Friday’s close, while gold was down more than $40, before both came back somewhat. I’d attribute the decline to HFT manipulation and further attempts to induce speculators to sell into collusive commercial buying. Considering the dreadful news from Europe, I wouldn’t know what else to attribute the decline to. In a sense, I feel sorry for those who don’t believe in the manipulation premise, because if it wasn’t manipulation behind this decline, any other reason would sound hollow. Yes, I’m still living in a sort of twilight zone where world financial conditions are more conducive to strong gold and silver prices than at any time in my personal experience, yet those prices are weak instead."
"This has not been an easy time for silver (and gold) investors, mainly due to this counterintuitive and debilitating price action. My own view is that none of this price weakness is accidental or coincidental. I sense the recent takedowns have been designed to break the spirit of silver and gold investors. Sadly, I fear the manipulators, led by JPMorgan, have succeeded in demoralizing some investors, all under the lie of hedging and market-making. I suppose this is as it must be in a manipulated market. I can only speak for myself in that I wouldn’t think of selling here and I know that the ingredients for an explosive rally are in place. I don’t know the timing or circumstances of that explosive rally to come, so I am not going to dwell on that aspect."