the shorting conspiracy is as real as the involvement of those people who trade etfs. For as long as there is 100:1 leverage and people doing long/shorts it will continue to exist. The main issue is the majors were really really short in a big way and when others started going long silver those huge paper losses were starting to be painful in the books.
The market makers are however worried that the physical silver backing their paper is running dry and eventually their 100:1 exposure will not be possible. Hence they are closing their positions and going to the other side.
The millions of ounces shorted by the commercial majors (JPM, HSBC, CS and others) will need to be covered eventually and the price of silver will reach new highs.
If I was JPM and was short a few million oz on silver, I know I'd be trying to push it down till I could make a buck... for those interested check http://www.caseyresearch.com/gsd/home gives a good report on daily action and overall commentary.
peace and Silver to all.
AYN Price at posting:
6.1¢ Sentiment: Buy Disclosure: Held
