Great Panther Silver Limited, (TSX: GPR NYSE.A: GPL)headquartered in Vancouver, Canada, is a profitable primary silver producer operating two 100% owned mines in Mexico. Over 94% of revenues are derived from unhedged precious metals production with approximately 74% generated from silver sales and 20% from gold. Since entering production in the first quarter of 2006, the Company has seen five consecutive annual increases in revenues and provides strong leverage to future rises in precious metals prices. The Company has also been growing its resource and reserve base at both 100% owned operations. A new resource/reserve estimate is expected for the Guanajuato Mine Complex and the San Ignacio Project in the second quarter of 2012 and a new resource/reserve estimate for the Topia Mines during the third quarter of 2012. Great Panther continues to replace mined ounces, grow resources and reserves at both operations, and is targeting a 10 year mine live at each.For more information, please visit the website or contact Rhonda Bennetto, VP Corporate Communications, toll free at 1-888-355-1766 or by email at [email protected] Sponsor Advertisement As Ted Butler has pointed out countless times, it’s what JPMorgan et al do on the next rally that will determine how it unfolds.Gold traded within a five dollar price band through most of the Friday trading day on Planet Earth…exceeding it only briefly between 8:10 a.m. at 9:40 a.m. Eastern time. Those two times represented the high and low price ticks of the day…such as they were.I was particularly impressed by the fact that ‘free-market forces’ were able to thread the needle by closing gold on Friday in the 60 cent price gap between the Wednesday close and the Thursday close. I hope there was a prize for doing that.Gold closed on Friday at $1,642.40 spot…down twenty cents from Thursday. Net volume, at 77,000 contracts, was the lightest since I can’t remember when.Silver’s price action was rather similar to gold’s, but the price was more ‘volatile’…with the high and low price ticks come at approximately the same times as gold. The silver price actually broke through the $32 price mark on its high tick [$32.01 spot] for the second day in a row but, as you can tell, it wasn’t allowed to close anywhere near that price.Silver closed at $31.70 spot…down a dime from Thursday. Net volume was a shockingly light 19,000 contracts.The dollar index hung in around the 79.60 mark until about 10:00 a.m. Hong Kong time on their Friday morning…and then rolled over. Most of the decline was in by 10:30 a.m. Eastern time in New York…and the index basically traded sideways from there. The dollar index closed down about 34 basis points at 79.14.Four out of the five days this week, gold stocks opened in positive territory…and then quickly got sold off into negative territory regardless of the price action in gold that followed…with stock prices continuing to erode all day along. The Friday trading action was exactly that as well. The HUI closed on its low of the day, down 0.97%. In my twelve years of watching this market, I’ve never seen anything like this. It’s unnatural.Virtually all of the silver stocks finished down on the day as well…including all the stock represented in Nick Laird’s Silver Sentiment Index. It closed down 0.17%…the same amount it closed up on Thursday.(Click on image to enlarge)The CME’s Daily Delivery Report was a yawner, as only 11 gold contracts were posted for delivery on Tuesday.There were no reported changes in GLD yesterday, but over at the SLV ETF an authorized participant withdrew 1,262,086 troy ounces of silver.For the third day in a row there was no sales report from the U.S. Mint.The Comex-approved depositories reported receiving 732,023 troy ounces of silver on Thursday…and shipped only 4,966 ounces out the door. Since Wednesday, JPMorgan’s precious metals warehouse has added another million ounce of silver to their stash, which now sits at 14.0 million ounces. The link to that action is here.The Commitment of Traders Report that came out yesterday [for positions held a the close of Comex trading on Tuesday] was basically a non-event. There was virtually no change in the Commercial net short position in silver…less than a hundred contracts but, as Ted Butler pointed out to me, the total open interest blew out by almost 7,000 contracts, so a lot of spread trades were put on during the reporting week.In gold, the Commercial traders increased their net short position by a hair over 5,000 contracts, or 500,000 ounces. Nothing to see here, folks.As expected, The Central Bank of the Russian Federation updated their website with the March numbers…and they showed that they had purchased 500,000 ounces of gold to add to the 28.3 million ounces they already held. I must admit that after seeing nothing added in January…and 100,000 ounces sold in February…I was relieved to see this number. I thank Nick Laird for his wonderful chart below.(Click on image to enlarge)Here’s a chart that Washington state reader S.A. sent our way yesterday. It’s entitled “Total Credit Market Debt Owed“…and needs no further embellishment from me.(Click on image to enlarge)Here’s an interesting story that appeared in an Australian newspaper just the other day. It includes a photo of the Perth Mint’s 10 kilogram “Year of the Dragon” gold and silver ‘coins’. I thank Australian reader Brad Ellett for sending it to me…and Australian reader Wesley Legrand for putting it in a format that I could use in this column. You’ll certainly need the ‘click to enlarge’ feature for this one.(Click on image to enlarge)I have the usual number of stories for a Saturday, including a bunch that I’ve been saving all week for today’s column. I hope you have the time to run through them all over the weekend.Inflation is as violent as a mugger, as frightening as an armed robber…and as deadly as a hit man. – President Ronald ReaganToday’s ‘blast from the past’ isn’t really from the past at all…but a “60 Minutes” video that was sent to me by my father-in-law, Bill Radtke.Lesley Stahl profiles British musical savant Derek Paravicini, whose computer-like memory for music is matched by his creative abilities to play it in any style. Derek, a musical genius and nephew of Camilla Parker Bowles, plays the piano like you’ve never heard. Yet, he doesn’t know his age, nor does he know how to hold up three fingers! Also, he is blind!Having taken seven years of classical piano classes…plus having sat on the Programming Committee of the Edmonton Symphony Orchestra for eleven years…I know greatness when I hear it.This is one of the most amazing videos that you’re ever likely to watch. It runs 14:22 minutes…and is posted over at youtube.com…and the link is here.Well, it was a very quiet Friday and, for the most part, a very quiet week in both gold and silver. But it wasn’t quiet because that’s what the markets in the precious metals wanted to do…it was quiet because, as Jim Rickards pointed out in his commentary above, these markets are managed.Where we go to from here is the $64,000 question for which I have no answer at the moment. Of course, if left to their own devices, the precious metals would explode the outer edges of the known universe almost instantly…and the current economic, financial and monetary system would be a smouldering ruin within five business day…as I have pointed out on many occasions.But since that won’t be allowed to happen, at least not while ‘da boyz’ have any say in the matter, we’ll probably get something quite a bit less than that.I doubt very much that this current oversold condition in the precious metals and their shares will last much longer…and it only remains to be seen how high and fast gold and silver will be allowed to rise once they break through the key moving averages.And, as Ted Butler has pointed out countless times, it’s what JPMorgan et al do on the next rally that will determine how it unfolds. Will they immediately become the short seller of last resort once again, or will they step aside and let the metals run for a bit?That, and only that, will be the deciding factor…and all we can do is wait it out. A lot of investors have already voted with their feet and their wallets and have exited the precious metals market…and as we know, any bull market tries to shake off as many non-believers as it can before making its next big move…price-managed or not. This is certainly the case here.I’m still “all in”…so nothing has changed from my end.Before signing off for the day and the week, I have this little announcement that the nice ladies over at Casey Research sent my way yesterday…and I’d like you to run through it, if you wouldn’t mind.Next week Casey’s spring summit…“Recovery Reality Check”…will be held in Florida. If you’re not registered to attend, you may want to purchase the complete audio collection (available in a 20-CD set and/or MP3 downloads) so you can listen at home. The faculty presenting includes David Stockman, director of the Office of Management and Budget under President Reagan; resource investing legend Rick Rule; Casey Research Chairman Doug Casey; Harry Dent, best-selling author of The Crash Ahead; Lacy Hunt, executive VP of Hoisington Investment Management…and 26 other financial luminaries. And they are telling me if you order before the show starts on April 27th…you’ll save $100. To learn more about the 31 financial experts and what they are presenting, you can click here…and it costs nothing to check it out.I’m outta here! Enjoy what’s left of your weekend…and I’ll see you on Tuesday.