``SLV is down 28.1% YTD, and was off as much as 39% on June 27. Normally, you'd expect to see significant outflows of metal from the fund in such a downdraft--but that didn't happen, in spite of the exodus that did occur in the major gold ETF, GLD... if the bull market in precious metals were over, one would think both funds would see massive selling and outflow of metal from the crash in prices.''

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