Silver Unable to Clear $30, Dropping Again on Asian Open

Silver is down .50 on Asian trading Monday morning to $29.30.  Rather ominous for Monday's price prospects with the standard 3am EST LBMA open and 8:20 EST COMEX open smashes looming.  From a short term paper perspective, it does not look good for bulls that silver was unable to even reach the $30 resistance level again, much less regain it.  Silver now looks likely to challenge the overnight lows of this correction near $26.05.  For those looking to STACK THE SMACK, the 2012 Silver Eagles are now being pre-sold at numerous PM retailers. 
We are not yet seeing the severe tightness in the physical market that was seen during the September smash, as Eagles and Maples can still be readily found for under a $3 premium.  Look for physical premiums to skyrocket and supplies to dry up if/when silver again nears $26.  If support at $26 fails, silver could drop all the way to long-term trend support at $21-$22, which would provide strong long term support.  Should the paper futures price come anywhere near $21-$22, look for Eagle/Maple premiums to rise to the $5-$6 range.