Hey Sketch, Here's a little more to add to yours and Vhf's re that transparent act called Barclays.

Looks like Barclays has been down on silver for quite some time (see below). Nothing like bad mouthing the very product you want to buy up on the sly. It's about time that horse they've been beating finally tosses them off.

On the 19th of May this year, Mineweb posted an article, below, on Base Metals which included Barclays assessment of the silver market at that time. I like this comment best: "In our view, silver's poor fundamentals are likely to add to downward pressure on prices." This was around the time of the earthquake in China. Negative then, negative now. Here are some others as of last May:
-------------------

"Barclays forecasts tarnished outlook for silver, base metals less volatile

In their latest Commodity Investor report, Barclays Capital forecast a "tarnished outlook" for silver this year, asserting that "silver's fundamentals appear to be the weakest within the precious metals complex."

The analysts projected "continued industrial demand growth-albeit at a slower rate" for silver, while other forms of demand are likely to remain on their downtrend while mine supply should rapidly accelerate.

"Six years of robust growth have been primarily fuelled by demand from India, China and the U.S., particularly on the back of strong demand from electrical and electronics sub-sector," the analysts noted. "However, this year, although we expect continue growth in industrial applications, we do not expect that growth to significantly outpace the anticipated decline in other sectors.

"This year we expect overall fabrication demand to be mostly unchanged. By contract we expect the growth in mine supply to remain particularly robust."

Noting the large number of major projects and expansions scheduled to come online, Barclays forecast the largest annual silver mine production increase since 1990 for a record 6.5%. "In our view, burgeoning mine output should offset weakness in other forms of supply, leading to an overall increase in supply," the analysts said. "Silver's fundamentals appear to be the weakest within the precious metals complex. "

"Investment demand remains the only factor that could provide some partial compensation," according to Barclays. Speculative interest on Comex is already strong, while the three physically-backed silver ETFs now cumulatively hold 6.6Kt, with flows for the year to date up almost 700 tonnes. In our view, silver's poor fundamentals are likely to add to downward pressure on prices."

http://www.mineweb.co.za/mineweb/vie...