My interpretation is that the increase in the margin requirement for silver - and - the impasse at the CFTC regarding position limits, were both leaked in advance to the usual suspects. This explains why there has been so many bullish events for silver this week, yet the metal and the juniors have both been contained and driven lower. The crooks at JPM had no issue with going further out on a limb and piling on more shorts this week to drive down silver, since they were informed in advance that no changes were coming from the CFTC. I know that the vote was not completed until yesterday, but the parties involved obviously made their intentions clear.

So why is silver headed higher today? If there was a huge amount of new shorts piled on this week, and then bearish news on margin requirements came out last night, then the damage is done and the shorts are being covered. They will not show up in the COT structure for this week, and will be closed and not reported in the net for next week. Mission accomplished as silver was restrained, and no hint of the illegal capping will show up in the documented open positions.

So the rigging continues, the clueless continue to deny its a factor, the bulls have been stuffed and perhaps more than a few sold out and moved to the sidelines, and the huge outstanding short has bought another week without blowing sky-high. However, even with all of this criminal activity, silver remains very close to 30-yr highs, the open interest is largely cleansed of the weak short term traders, and the large short position remains a liability that has not been resolved. So overall I say its very bullish.

And however much bullion was dumped into the system along with paper shorts to help drive prices lower, that is just less bullion on hand remaining for the next bear raid. The buyers in the last few months are not traders that flip paper. The drawdown continues at the COMEX as real bullion is being demanded for delivery. Bear raids do not discourage those who want metal - it ENCOURAGES more buying on the dips. Longer term things look very good.

cheers!

mike