Lines on Charts: Silver

Silver futures are trading at $28.875 up $1.005.
I happen to know something about this market and because of that very rarely post on it.*
From Nifty Charts (that's Nifty as in the Indian equity index):

...MORE

If China's economy implodes you can kiss that $26 support goodbye and look for a $16 handle.
*From our July 2007 post "EU Emission Caps, Kyoto and Three Ancient Civilizations":

...As a side note, in December 1979, as silver was making its historic run, an old Jewish trader told me he was lightening up on Ag.
When I asked why he said "I hear the Indian ladies are taking their bracelets off and they've been trading it longer than I have".

Comment at MarketBeat:

The exchanges fired a popgun at the specs. When the powers that be (read: commercials) want to go nuclear they use two words: . Liquidation Only

ibid:

• • 3:11 pm September 25, 2008
  • Climateer wrote :
  There aren’t many commodities with the equivalent of the “Silver Users Association” whose raison d’état is to keep silver prices down. The SUA was very unhappy with the introduction of Barclays silver ETF. On a related note, I have a friend who was in the room when a (very) large commodity trader said “Those Hunt boys don’t know what deep pockets are”. Within a week both the CBOT and the COMEX went liquidation only. A lot of opacity in that market. A creative type could probably get a pastiche out of Robert W. Service’s Creamation of Sam McGhee:
  “There are strange things done in the midnight sun
  By the men who moil for gold;
  The Arctic trails have their secret tales
  That would make your blood run cold…” . I keep getting tripped up by “LaSalle St.”