I have to agree with James on this one.  I've been posting about the curious behavior of precious metals futures exchanges, extended delivery lead times,  massive concentrations of silver short positions among a very small number of bullion banks and the continuous foot dragging by the CTFC on what is a clear case of concentrated position limits in my opinion.     In any case, Mr. Turk is one of the smartest people on the subject in my opinion.     Well worth the read.

Silver Begins 2010 with an Impressive Start

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The so-called smart money started recognizing silver’s extraordinary undervaluation.  Buying power began to exceed selling pressure, with the result that silver started being ‘accumulated’.  Its price began to rise and has been working its way higher ever since.  Silver has been rising this decade within the uptrend channel marked by the two green parallel lines.

Silver’s rise from $3.51 in February 1991 to $18.458 at present – approximately a 9.1% annual rate of appreciation over this 19-year period – pales in comparison to what lies ahead.  Silver is still in stage-1 of its bull market; the big price gains don’t start occurring until widespread participation by the public begins in stage-2, but that will not begin until silver breaks out of its base when $50 is eventually hurdled.  With that event silver will start garnering worldwide attention just like gold started doing when gold entered stage-2 of its bull market by hurdling above $1000.

The speculative stage-3 for silver, which will be marked by extraordinary price gains like those of silver’s last stage-3 in 1979-1980, is still far in the future…."

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