Yesterday we advised readers that commercial traders have built up their biggest long position since the 2008 bottom. As the commercial long position has grown to 52,553 contracts, it appears that commercial traders are expecting a price spike in silver soon.
The commercial traders are apparently not the only ones.
Yesterday afternoon James Turk declared that silver has bottomed, and that it will regain the $40 level in the next couple of weeks. Turk further goes out on a limb by saying we could see a move in silver this summer that literally "shakes the world".
As the COMEX silver July delivery month is rapidly approaching and the registered supply is now down to a scant 27.9 million ounces, this would not surprise us at all.
Click here for the entire James Turk interview:
