This past weekend David Morgan indicated that Silver may continue to languish until as far down the road as late Summer! I hope not. I have read the writings of traders who continue to hold back on the buy button until the PM markets indicate a solid trend is in place. They are also likely waiting for Silver bullion to make a sustained breakout of its very own Symmetrical Triangle trading range. The triangle is contracting and now between $5.75 and $6.20.

One final point on the ECU Daily chart is on the timing of the Daily breakout. This breakout if in fact that's what it is has occurred a bit too late. A bullish breakout should normally occur approximately thirds of the way into the apex of the formation. It has now done so too far into the formation and thus its sustainability must be suspect. But the outlook is not all that bad in terms of timing because breakouts can also occur approx 125% into the formation ie. 25% past the apex.

The macro outlook suggests the Dollar is due for a rollover back down to 85. Not only do the technical indicators support this possibility but the latest uptrend is now breaking down. The latest awful monthly employment report, record & growing trade deficits & us treasury bond rally all support the case for Gold & Silver more than the Dollar. The Cabal is going to have a difficult time keeping PMs down under this bearish climate.

Hobbers: Sorry I have no further to contribute with regards to the property ownership issue other than to agree with what EcuSolid posted the other day. IIG owns Velardena. It's just a matter of how long the current lease grants ECU the right to operate the property. IIG and ECU have a good working relationship. It's the previous property owners that are and have been muddying the waters. Good thing ECU (actually IIG?) have won the original court case. Sounds like they will win the appeal too. It is not 100% clear to me if IIG or ECU is the defendent, but I think it's the former with ECU providing assistance in a court of law.