The so-called 'smart-money' has been piling into short silver positions in the last few weeks (creating the biggest hedge fund silver short in two years as of last week)... as silver rebounds from a record losing streak.

The last two times hedgies were this short, silver managed notable gains...

It appears that after a record-breaking streak of losing days - amid what may have been forced liquidations from Noble Group...

$16 has brought back the buyers (and perhaps Noble has ceased its commodity liquidations).