The resiliency of silver in this market has been astounding.
It doesn't take a rocket scientist to figure out that JP Morgan is continually shorting silver. Those numbers are reported. In a market void of position limits, this bank simply creates as many short contracts as they deem fit- to try and keep the price of silver suppressed. Here's a piece that details JP Morgan's huge short position. http://harveyorgan.blogspot.com/2011/03/cash-balances-decline-rapidly-at.html
The 64,000 dollar question is why. Why do they care? So today, I was reading Turd Ferguson's, "Along the Watchtower" blog. He posits (via an anonymous cartel) that JP Morgan has tied a vast number of derivatives to a low silver price. That as the price of silver rises, losses begin to mount exponentially at JP Morgan. This actually makes sense to me. It would explain why they have so feverishly tried to reduce the price of silver. That in fact since they have always been able to manipulate the small silver market- that the bank would be confident that it could keep the price of silver down when selling those derivatives. It looks like the last battleground is here. Thirty six bucks an ounce. Beyond this price, JP Morgan begins to bleed money like a stuck pig. That makes me happy. It makes sense. I have no way of proving or disproving the allegation. So read this and perform your own due diligence. http://tfmetalsreport.blogspot.com/2011/03/questions-continue.html