In the Elliott Wave Analysis of Comex Silver posted on 23 Nov 2010, I had warned readers that once the complex fourth wave (within the 3rd wave) was done, we will see the continuation of the move strongly to the upside (because we will still be in the 3rd wave mode). This is precisely what happened. (The May contract dipped to 2640 before climbing higher).

I am hearing incessant calls for an update on Silver, and frankly we can sum it up in three small words “Don’t be short”. If we get any dip towards 42 in the cash market, there will be hoardes of buyers.