Consider the dying of paper markets: Fear and risk make the spec community back off and or set sell stops as tight as possible....This tends to create volatility to the downside - even as (in silver) the shortages mount....The default RISK due to shortages therefore tends to lower the spot price...Specs, those that bother to find out anything) when they find out about JPM going naked to take down the market each time actually sends this message most strongly!

Therefore the more silver runs into supply problems, the more the price drops! The more the price drops, the greater the risk for a default by JPM. A vicious circle.

How much more perverse is THAT!?

And this may be a valid way of looking at COMEX situation.

We should recall that the backwardation period just ended slowly devolved....It was not a factor for rising prices....It simply defined a shortage....And now we see ourselves back at around $13US silver this AM in an increasing shortage situation.......That confirms the above.

You folks want a smoking gun for manipulation? If the market isn't manipulated, there would be no shortage...It is as simple as that.

All other discussion leads back to that.

Pretty grumpy today!