$XAG is showing the board—buy orders are hanging and pushing down the sell orders hard; the price keeps scraping along the whole day’s high, with volatility as narrow as a razor’s edge. This is the posture of a lousy operator after soaking up the float, getting ready to kick the gas and blast the bears. The big-holder accounts’ long-to-short ratio is nearly four times, with long positions making up almost 80% of the weight. Smart money is all squatting on the long side. Don’t wait for it to really take off before chasing—what the shorts are doing by entering now is basically handing out the year-end bonus. #XAG