Gold and silver are currently doing well in London.  Silver is up .21 at $20.52 and gold is up$3.90 at $987.40.

In the past few minutes silver has dropped over 60 cents to $19.86 or down .45.

Paper players are in action?
FTS

Absolutely.  

The point is how powerfull they will be in this time.

Not very in my opinion.  The playing with the lease forward rates and the covering that is taking place is what I have been expecting for a while.  There has been a frenzied attempt to cover after they create a dip.  I don't see any 10 to 15% pullbacks in the near future.  After having said that look for one within two weeks...lol

Today gold closed down$19.20 at $964.30 and silver closed down .56 at $19.75.  So far this week gold is down $10.00 and silver is down .06.

This morning silver was as low as $19.52 before rebounding to the current $20.10, up .35.

as high as $20.75.. it seems that huge battle is going on.. papers are loosing ...

The paper players are losing 100's of millions and are really scrambling now.

Article by T.Butler as of yesterday (just extract):

The shorts have gotten absolutely hammered.

While I don’t feel sorry for them, decades of watching them pull dirty tricks at the last moment (with the help of the regulators) and triggering sharp sell-offs, makes me uneasy to declare them finally defeated. Until, at least, I read their actual financial obituaries or bankruptcy notices. So, for the time being, let me declare them seriously wounded. Like all wounded animals, however, they still may be dangerous.

How wounded are they? In silver, the big four shorts are out more than $1 billion in the past two weeks, and around $2 billion in the past two months. The big four gold shorts are out close to $3 billion in the past two months. Similar losses can be found in oil, natural gas, base metals, the grains, cotton and some other markets.

Who are these shorts that are being mauled? Generally, they are banks and financial institutions and large exchange member insiders who have traditionally inhabited the short side in most markets. They are the market makers.

Sapper, thanks for posting that excerpt.  It looks like I was a little conservative in my estimate of the paper player's losses.

Today gold closed up $25.00 at $989.30 and silver closed up 1.04 at $20.79.  This is the 1st time silver has closed up over one dollar since 1980.  So far this week gold is up $15.00 and silver is up .98.

Today gold closed down $15.40 at $973.90 and silver closed down .65 at $20.14.   So far this week gold is down .40 and silver is up .33.

It didn't take long for the NY metals market to knock silver back by 65 cents.