Well, it's almost time for the producers to deliver, says Raj Ray, associate metals and mining analyst with National Bank Financial. He is looking for producers with flexible mine plans that can generate cash flow against a backdrop of static gold prices.

Downward manipulation of gold and silver is real, declares Jason Hamlin, but the longer it continues, the higher prices will go when the free market reasserts itself.

Now I am not commenting on whether or not the sector will remain bullish. As of yesterday’s close our case for the precious metals was still okay and what happened yesterday, just an inflammatory market event.