Additionally, the large physical silver holding companies--Sprott Physical Silver Trust (PSLV:NAR), Central Fund of Canada (CEF) and the Zurich Cantonal Bank, the silver ETF--have not purchased any quantities of bullion in quite some time. That begs the question of why these big, traditionally bullish entities aren't stepping in at these low silver prices.
The other question investors are asking is, "When is this going to turn around?" They get depressed and say, "I can't win because the manipulators always win. It's pointless to be in this market." That mindset has taken hold of a lot of people who were once very bullish in the silver market.
This is all proof that we're very close to the bottom, if not at the bottom. When sentiment is this low, people become fearful. As Jim Dines says, the cure for low prices is low prices. It won't go on forever, even though it may seem that way now.
- David Morgan via Investors Ideas
