this is from ed steer of casey research:

The liquidation of the spec longs in gold and silver is proceeding like molasses in January. The bullion banks are obviously in no rush to get this done. It appears that they have all the time in the world...and are drawing the process out for as long as possible. A manufactured 'summer doldrums' if you will. Even though gold is down $65 from its high...and silver over $3...the 200-day moving averages are still quite a ways off...and there hasn't been very much short covering by the bullion banks during this decline. If JPMorgan, HSBC USA et al really put their minds to it...it could get ugly, as we could get another monster sell-off like last year. Ted Butler and I spent part of yesterday talking about this scenario...a scenario that I've spoken of several times during the last month or so. But can they...or will they? Here's hoping they can't...but based on past history, I don't like the odds.

http://www.caseyresearch.com/displayDrp.php?e=true