I have never seen a report with a swing like this.  It shows that the bullion houses were net buyers of around 36,000 contracts of gold and 11,000 contracts of silver with large and small speculators doing the selling.  This should be very bullish for gold and silver next week.

The news that JP Morgan has a loss of Two Billion and a position that is still open IS A BIG DEAL.  The initial market reaction was to sell off but now silver and gold are moving up.  The chances are now increasing that they will be forced to stop taking these huge trading positions and this may well mean that they have to cover their silver shorts.

The selling is paper and manipulated by governments.  In the end physical beats paper and as we dip here I am buying as much as I can.