this is from gene arensberg's latest report:

Silver is a little different story as far as we are concerned. COT action (see silver COT data below) does not suggest that the Big Sellers (BS) have been aggressive on the short side of the second most popular precious metal. Despite some modest negative money flow from the largest silver ETF, we sense that demand for physical silver in bar form has ramped up considerably over the past two weeks. We are privy to rumblings in the rumor mill of plans by “major players” to accumulate substantial amounts of the white metal – most likely through the COMEX in New York, but probably also in the London physical camp.
This is not the first time such rumors have circulated. We heard similar stories in April and again in May. It is not the silver accumulation story that we are interested in so much as its longevity. Rumors that don’t die are usually not just rumors.

http://treo.typepad.com/got_gold_report/2010/06/20100607GGRUpdatePDF.pdf