Therefore, I’m still assuming the delay in the Commission responding to my March 5 letter suggests that it is seeking to dance around the substance of the allegation that the big concentrated short position in COMEX silver is suppressing the price of silver.
With this in mind, a grassroots effort to buy and hold physical silver took hold in late January and lasted into early February. The sudden rush of physical silver purchases drained the existing physical supply and created a stress in the just-in-time delivery system that the bullion banks maintain.
“We continue to intersect excellent drill results as we step out from the current margins of the El Curso orebody. There remains an additional 100 m to drill until we connect El Curso with the Milache orebody to the west, and there is a similar gap to fill to connect El Curso with the Porvenir Cuatro orebody (previously mined) to the east.”
John Miniotis, President and CEO, commented, “Our drill results continue to far exceed expectations. The consistency of our Phase I exploration program has been quite remarkable, as we’ve now intersected high grade mineralization over impressive widths..
Silver also broke out of a short-term downtrend when it broke $26/oz. and is currently hovering right around that level. The miners have reacted favorably and have run up nicely but are still incredibly cheap and priced as if gold were priced $200-$250/oz. lower.