SLW still betting that Silver takes off soon and I think people are trying to position for the next leg higher. Silver seems stalled but SLW isn't buying it. We should see soon if we get another big leg higher in the metals and the miners as well. The Miners still betting that we do and soon. The volume is very light now on the upside, so this could be a set up for a retail wipeout to the downside with the overnight silver seller and the high volume 5-7% down day on SLW coming real soon. I have been holding short SLW and long leveraged silver for almost a month now and it hasn't moved much. Based on this relationship, we have a very large move coming soon. I have not seen a premium of this magnitude hold for this long in well over a year and usually the reversal is violent as the retail crowd gets stuck holding the bag. GLTA, hopefully March will usher in some more volatility in the metals and miners as we make a move out of this range one way or the other.