this is from bill murphy's commentary from lemetropolecafe. he thinks silver is in play, and i hope he's right

When fear returns to our markets, and gloom takes over again, look for the crisis bid to come back into gold. Both gold and silver should really begin to fly then, regardless of what the dollar does. They will divorce with both precious metals flying to the upside, with or without a weaker dollar.

I stuck my neck out at both conferences in Spokane and Toronto saying that, if I was right, gold should go back up right away and not correct as almost all the other pundits were predicting … saying the strength in the physical market (thanks to the Indians and Chinese) was an overriding factor vis-à-vis the monstrous commercial short position on the Comex. So far so good. The "correction camp" is behind the 8 ball again.

I would say that 90% of the gold market commentators at the conferences were looking for a correction. Rarely have I come across such unanimity. The confidence in the humongous commercial short position being a winner was universal. There was little to no talk about the strength in the physical market.

At the same time it continues to blow me away how little excitement there is out there in the investment world over the near term prospects of gold and silver. The Café Sentiment Indicator is around a 4, with gold trading around $1,000. I find this astonishing and continue to maintain, as I have for months, it is a MOST BULLISH INDICATOR. Markets do not fall apart when there is LITTLE ENTHUSIASM right off all-time highs.

A real plus today was both gold and silver gapped way up, then came back to fill those gaps, only to return and make new highs. Technically, a home run performance for both precious metals … as those opening gaps no longer need to be challenged.

The gold open interest rose 2725 contracts to 452,994, as the new buyers were ready and waiting for The Gold Cartel assault. The silver open interest is back up at its highs, up 2,505 contracts to 128,507. As mentioned for weeks, silver is IN PLAY, and trades that way. The new silver buyers are in for the long haul and a BIG MOVE.

Silver closed on its highs and was a stout performer all session long. JP Morgan and fellow so-called commercial shorts are sucking wind right about now.