Silver, a smaller and less monetary-driven market than gold, feels the effects of the invisible hand more violently than gold. A falling lease spread composite since late March reveals the hand's reemergence around $31.75. Negative lease spreads tend to reverse into weakness unless the trend becomes uncontrollable.

Chart 1: Silver Lease Spread Composite (SLSC) and Silver Price, USD


Fear not, the invisible hand has been accumulating both gold and silver into weakness since late 2011. The upward drift in silver's net long as a percentage of opening interest NL%OI near all-time highs since late February reflects it.

Chart 2: Silver London P.M Fixed and the Commercial Traders COT Futures and Options Net Long As A % of Open Interest