Silver Up 5% From Yesterday's Lows

Silver has powered higher throughout the morning COMEX session today, and is now up over 5% from yesterday's lows just under $33.  We can't call an end yet to silver's correction, as yesterday's low near $32.90 was technically a lower low than last week's intra-day low of $33.05.  We continue to see LARGE volume on any dip below $34, as large long interests come out of the woodwork to scoop up deals on silver.
While it is a positive sign that silver held support near the lows of $33, and did not fall further to test the $30-$32 congestion zone, it looks likely that silver may indeed test this level before we see the next major leg higher. Until the hedgies and commercials flip their black boxes from sell the rally mode to buy the dips, silver is likely to range trade with a continued short bias.

We also continue to be wary of The Bernank publicly claiming an end to QE (even while ramping up QE behing the scenes), which would likely result in a renewed sell-off in silver.  The solution? Keep stacking physical, and be extremely cautious with any paper position.

Long term holders have nothing to be concerned about this entire correction, it is nothing more than a buying opportunity during a long term secular bull.