Silver Touches $39

Silver just touched $39.  It appears we will see $40 again by tomorrow.  Silver has now retraced 37% of last week's sell off from $49.52 to $33.05.  This week has been strangely quiet while silver melts back up.  Has the cartel staged a hit-and-run attack, or are we merely in the eye of the hurricane as the cartel's biggest gun (No QE3 announcement) has yet to be played?