For just about every month, you see a takedown of gold and especially silver in the day or two before the options on the futures contracts expire. Last month I speculated in a post I thought that maybe the shorts had finished covering and there would be a reversal in the script where the prices would spike in the day or two before the expiration. My speculation on that was incorrect and the usual pattern held and silver has since corrected again this month. If we don’t see a big takedown later today or tomorrow, it is quite possible the shorts have finished covering and a big rally is likely to follow next week. So far the trading action is range bound but silver is hinting at an upside spike. Yesterday, I nibbled, if we get a pullback today or tomorrow I will get more aggressive. Despite suggestions seen elsewhere that seasonality should keep silver quiet to down in July and August, I don’t believe any past patterns are relevant in a market that has been capped for 60 years.