From Ed Steer's Wrapup...I hope we are close to a turning point.

The internal structure of the precious metals market from a Commitment of Traders perspective is the most bullish I can remember in years...and that's just based on an educated guess as to how much it has improved since the Tuesday cut-off. It's an easy call to say that we are at or below the December 2011 lows in every important measurement in the COT report.

These engineered sell-offs achieved the desired results. JPMorgan et al have now reduced their short positions to very low levels once again...and at the same time have tricked the traders in the other two categories into going massively short. That was the plan...and it worked to perfection. 'Da Boyz' know their prey all too well.

I'm sort of hoping, like I was last week at this time, that we have two more quiet trading days in gold and silver on Monday and Tuesday so that we get an accurate picture of this historic bottom in all four precious metals...especially silver.