All of this only serves to reinforce my bullish outlook. Yes, the market can be severely disrupted for a short duration, and the spot price can be carpet bombed to temporarily spook specs to the sidelines. Then what? I do not see a fundamental backdrop that can sustain any deep selloff. Yeah, I know the talking heads tell the story that silver is abundant and all that crap, but the data points that I review tell me otherwise, and the truth is that the talking heads have never understood this market, and have been saying the same story all the way up. I do not think they are right this time after being wrong for years.

So the question is at what point does the tsunami of paper start to receed? And all those shiny gold and silver coins are left on the beach waiting for those who pick them up first, in the bargain junior mining stocks in the wake of that selloff. My guess is that we get a strong rally into the close today. I strongly doubt anyone wants to stay short in the PM sector over the weekend with the Saudi protests, the ongoing violence across the mideast, and the recoil from the disaster in Japan. Not to mention triple witching and the pushback as the players try to screw each other and manipulate entire sectors so their options paper expires worthless. What a den of crooks this market has evolved into.

I am still buying this morning but I think the best bargains of this correction are already behind us.

cheers!

mike