The silver markets had a slightly bullish session on Wednesday, only to give up most of the gains. The FMOC minutes came out during the session, and there was no clear-cut mention of further quantitative easing by the Fed. Because of this, there was no run into the precious metals markets, nor was there a massive selloff. Quite frankly, it left a lot of questions unanswered.
The market still remains consolidative for us, and we think that in order to buy silver we need to see a daily close above the $30 level. As for selling, we will not do it until we see a sub-$25 print. In the meantime, will very neutral in this market although we do have a somewhat negative bias.