While we wait for the Bernank to strongly hint at QE3, here is some comments from http://www.tfmetalsreport.com/blog/1984/madness-continues

With that as a segue...doesn't silver just piss you off? Not the metal so much but the The Forces of Darkness that control it. Helped along by the dopey hedgies and their WOPR machines, The Evil Empire just stands back and laughs while all of us pull our collective hair out. Market bad = silver down. Market good = silver down. You can't win. Well, we'll see about that. To me (again read the caveat that began this note), silver is poised to explode. The drop in total open interest is fantastically bullish. As of Friday night, OI was back to late May levels. This tells you two things:

1) The shakeout from $42 to here blew out all of the new longs that came into the market in July.

2) Those who are going to sell have now sold. The remaining longs will likely be resolute. Declines from here will have the effect of pressing on a spring.

I expect silver to hold the lows of last week near 37.50. If it doesn't, there should be strong support near 37. I'm a buyer. The Wicked Witch may be able to suppress price for another day, another week or another month. I don't know how long she can last and I don't really care. The fundos are overwhelmingly positive and will, eventually, win the day. Of that, you can be certain.

That's all for now. Today should be particularly exciting so hang in there and try not to let your emotions get the better of you. TF

1:00 EDT UPDATE:

Gold found a bottom this morning right about where I'd hoped it would. You can see it on the chart below. Gold bounced twice at 1722.50. Very nice. From here, watch this current range very closely. A move up through 1750 would signal a move back toward the overnight highs. A move down through 1735 will signal a retest of 1720. Silver continues to struggle from a lack of buyers. It just sucks. A move back up through 38.60 may lead to some short-covering, however, and that may be enough to generate come excitement and drive it back toward 39.50.