"But it was silver that JPMorgan et al were after...and did they ever do a number on it. Both Ted and I agree that the big rise in silver during the first seven hours of trading in the Far East was probably a short covering rally...especially the two dollar jump shortly after midnight New York time. Then it appeared that the usual not-for-profit seller was there to sell silver down below forty-nine dollars...and from there it stayed pretty steady until precisely 9:30 a.m. Eastern when it, along with gold, were trashed.
Silver got smacked for almost $3.50 before the bottom was in...and although silver recovered nicely from there...it only closed up about 40 cents on the day...instead of the $2.50 it would have closed up if 'da boyz' hadn't pulled their bids.
If silver had closed up that $2.50...there would have been around $1 billion dollars worth of margin calls going out to the Comex short holders this morning. That was prevented from happening...and that's not the first time the bullion banks have pulled that stunt during the last week of trading."
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- Ed Steer, Gold and Silver Daily