I think it will be very important what postion JP Morgan is going to take vis-a-vis silver from here on. Tomorrow the COT report will show how the OI has changed during the period Wednesday 2nd and Tuesday 8th, which was a period of major attack on the longs. However, we still won't know what has occurred between Tuesday and now, which seems to have been a phase of major capitulation.

If JP Morgan has been able to work away major part of its short position and simultaneously build up a long position, the odds may be favorable for JP Morgan to start supporting the price of silver and let it rise towards the $42 area over the next 6 weeks.

Whatever JP Morgan's silver position, I am satisfied that gold $1575 and silver $28.60 have held sofar today. If these levels don't get attacked again in the late hours of Friday, which time frame has been JP Morgan's specialty in the past, I think the worst is over.