60% silver correction. Would this then be the low?

Using 49.80 as the high and 19.40 as the low, that would be a 61% correction in silver. This correction then would be approximately the same depth (60.5%) as the 2008 remarkable drop. So 19.40 should provide a stout support with many traders and investors stepping in at this price. Could it go lower than this? Given the suspicious price discovery mechanism at the COMEX, I have no doubts that it could, but surely the strong physical demand from China and major central banks of the world will put a floor or limit the downside? We have to wait and see.

The other possibility is, we don't see below 20.00 and we see a turn around from here. Time will tell.

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.