The commodities market

The commodities market became bullish in 1999. Based on historical precedent (happened in cycles of fifteen to twenty-three years), the commodity bull may run until sometime between 2014 and 2022, although there will be some setbacks along the way. In the 1970s gold at one point went up 600 percent before beginning to react. It consolidated and declined 50 percent over a two-year period, causing many to give up. It then turned around and rose 850 percent. That is how markets work. 
- Jim Rogers (Author of book: A gift to my children)

Gold and silver is currently consolidating and declining. Have you given up or are you still holding?

In-stock Inventory at Silver Bullion Pte. Ltd. [Updated 6/5/2013 10:06]

Based on the current inventory as seen in the above chart from silverbullion.com.sg, there aren't any available physical silver to be acquired at the current price (updated 6 May 2013 10:27PM) of USD23.91 [SGD29.50]. From the silver bullion bars range only the Perth Mint Silver Bar (1KG) can be pre-ordered with a 5 weeks wait period. The rest are sold out and no pre-orders available. Now if the prices were to go lower from here (say USD21.00, 19.00, 15.00?), who'd be able to get their hands on some physical silver given that it is unattainable even at current prices?

Now with that said, it would make no sense at all (if) the prices were to go lower from here because you'd think with this remarkable physical demand, prices should be going north. But the daily silver prices are determined by the COMEX. Most of what is traded in these contracts represents silver that does not exist. Effectively, the price discovery mechanism for silver seems to be broken. However, price management/manipulation can only be temporary because eventually, physical shortages will occur which will drive prices higher.