today's commentary from bill murphy of gata:

There is no telling what the price of silver can do on the upside. The situation is explosive…

*The Gold Cartel raid failed. They were unable to flush out spec longs like they used to do on a regular basis. Today’s substantial price rises in both metals means major margin call selling is behind us.

*The investment world is beginning to realize the world of hurt JP Morgan is in with so many lawsuits against them for their role in the silver market manipulation scheme. Has anyone ever heard of more class action suits in such a short period of time?

*Those lawsuits have to be putting a great deal of pressure on the CFTC to do something, which will put even more pressure on JP Morgan.

*The big money knows how vulnerable JP Morgan is with their massive short positions. All they have to do is continue to buy up the physical market and wait until JP Morgan is forced to cover.

*While there always is a chance JPM will go for cash settlements, I can’t see it. Their liability there might be worse because they have told the CFTC these massive short positions are hedged. If they cower up and default on physical deliveries, can you imagine the lawsuit and CFTC ramifications? If they did so, it would be an admmission to the CFTC and to the suing lawyers that they are guilty.

*How the US Government and the rest of The Gold Cartel fits into this story is a whole other matter.

*We would never have seen a silver chart like this over the past decade … not this kind of comeback so quickly…