Nice move for ECU today. Maybe we are seeing an end to the spread trade of the banks and hedge funds going long the bullion and short the pm's. Dan Norcini today on jsmineset.com .

"Silver was not to be outdone by its cousin and moved to within whiskers of the $24 level. It still looks on target to make a run at $25.

What is most encouraging is the fact that the HUI has now moved convincingly up and away from that pesky 520 level making a new all time high for the index. We’ve yet to get two CONSECUTIVE closes above that level. If we do, it should serve as a floor on any subsequent downside test and would give us the strong probability that the mining shares are ready to do some serious catch-up to the bullion price.

It’s not as if we have not been giving sufficient warning to the hedge fund crowd about their infernal ratio trades which have now blown up in their faces. It is a fact that a profitable trade strategy can be held way past its time and what was once a money maker now becomes a liability. Good traders learn to recognize signs that it is time to take the money off the table that the trade has given you close out the position, and look for opportunities elsewhere. Here’s another hint for that crowd – buy the mining shares and short the broader equities if you must have a spread trade."