I smell shark...

Things are just about dead normal. Every year, POG goes fishing - spear-fishing. A plain ole plunge. Its enough to scare the witless from their benches, hence the flurry of selling...paper. The spectators, all rah-rah in December, are now just a typical mob. "The bubble is bursting! The sky is falling! And Canaccord is at it again (true, as usual). My guess, apt to be as wrong as the next guy's, is that we'll see things heat up again in March-April, then subside again May-August, then heat up again through year-end. I used to enjoy watching to see what tall tales the press would invent to explain the seasonal cycle. That was before they became a pack of knee-jerk marionettes. The only coherent message in the press these days is that there isn't any coherence.

What I notice is that, no matter how fast JP and the Boys can drop the price from New York, seemingly every day now, there isn't any supply to take delivery of. Silver is being vacuumed off of internet sales sites at a hefty premium to spot, and the only thing really selling off is paper - ETF's and that lot. CMM's SP performance, relative to others in the industry, has actually been very strong these last three weeks, as have many of the juniors. When the results of backwardation , combined with physical shortages for delivery (some folks seem to think that there isn't any silver left), I imagine we'll see a spike in POG as he comes rushing up for air.

I'd like to think we'll hit commercial production right about that time...

I hope all of you are having a great beginning to the year.