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More signs of an intermediate bottom, but confirmation is everything.
The money printers are making a significant stand here, and calling out their supporters in the associated professions and public forums.
I suspect they will fail, and perhaps spectacularly. But timing is always quite difficult.
The Axis Of Those-Who-Have-Stuff-the-US-Wants
As a reminder, as skeptical as you might be, do not get in front of this market. If you cannot buy into it, wait for it, but do not short it with all the liquidity being provided directly to Wall Street from the Fed.
Having said that, this market is thin, and weakly held. On an event it could drop precipitously. It is giving off many topping signals, and signs of instability. Bernanke's Fed is fighting it with billions in liquidity given to the banking system. Unfortunately this money is not finding its way to the real economy, but is largely consumed in bonuses, lobbying, disguising corrupt balance sheets, and speculation.
Dangerous fast market conditions can develop quickly in response to some trigger event in these types of markets, as a result of the reckless and irresponsible fiscal and regulatory climate in the US.
Despite some calculated bear raids today, silver remains resilient based on sheer physical offtake.
Default seems to be in the cards for the paper mongers. But who can say when the reckoning will come.
