I have also heard a few experienced investors state that they believe the long-time investments banks shorting the physical markets are becoming long the junior PM's so that they can hedge their losses. As the physical market defaults and their losses mount, their gains with the juniors will more than compensate thanks to the miracle of recently suppressed leverage. A reasonable scenario as many juniors have been under extreme accumulation now for a number of months if not years and we have seen some highly suspect compression during the same phase. So perhaps these one time enemy investment banks may soon be our best ally? As they say, profits and success surely make one forget another's past misbehaviour. Perhaps one day we might even see a few annual meetings of PM juniors held in the elaborate offices of GS and JPM in NY.

Anything goes these days - VHF