We are shocked at how timid everyone is in the analyst community. Most of them do not even know how to articulate the bull case - and that is as bullish as it gets. They will be converted to bulls down the road and that is where the future buying will come from. It is not a surprise and we are not alarmed. Silver producers, scared of a global meltdown, took advantage of the quick rally to lock in profits.
Silver is an industrial metal too.
As a result of that spike, silver may have some work to do before it regains its composure and soars. Also, you know we have noted in the past, silver is a mule. It goes when it wants to, not because of commotion outside the silver market - and that is what we had the past couple of days. We repeat - second confirmation of that story. Fundamentals - The news for us gold family people was always bad for a couple of years.