For many weeks I have focused on the continually building base in silver. All rallies above 11 have been stopped cold; however, all decent dips continue to garner strong support … as the shorts cover, or small new buying appears. The silver open interest fell 674 contracts to 86,340, so yesterday’s nice bounce was mostly due to shortcovering. Since silver has traded between $8.50 and $11.50 – months now – it still seems to me silver has been SOLD OUT for some time and is just waiting for the right catalyst to make its move for $15. It wouldn’t take much as the silver open interest is SO LOW. If the specs decide to make a big move into silver, JP Morgan and the other major short are likely to begin choking.