Mr. Steer says,

"...Please don't ever forget that two or three U.S. bullion banks are still in total control of these two markets. Their decision to go short [or not go short] is entirely what's driving the price pattern...either up or down...."

IMHO, the bullion banks do not have total control, and are in fact losing control over time. Demand for physical is strong, and with the Indian rupee also strong these days, Indian demand is on the rebound. The bullion banks can slow down the rise of PMs, but they have far from "total control" - I'm sure they wish the price were still well below $500, but they don't have enough clout to make that happen.

JMHO,

Gg