Legendary investor Eric Sprott was interviewed by Max Keiser in his Keiser Report on the RT cable news network, where he explained the strong possibility that the recent downward move of the silver price was caused by a coordinated 'raid' on the COMEX future markets while all major markets were closed.

He also clarified that his fund wasn't a net seller on that time: I will be a buyer of silver today. I will be a buyer of silver tomorrow. We have not lost any faith in what has happened to silver.

As for what happened with that instantaneous $6 dollar drop in silver on May 1:
In my mind it was just one of those raids that we experience from time to time. There was no particular reason for it. And then we end up with 5 margin rate increases. It just reeks of someone manipulating the price of silver down. I have no fear of silver here. Yes it will be parabolic, but it's going to be way more parabolic than what we have today... I believe that gold today is the de facto reserve currency. It's outperformed everything for 11 years. Silver has always been a currency, people are now treating it as a currency, and it's a very, very small market. There is no way that with roughly $50 billion of silver inventory around that we can make it a currency, so I see the price going much higher. And on the ridiculous recent trading volume in silver: One of the things we should look at is the trading of silver in the paper markets, I mean the Comex and the SLV. Last week it averaged 1.2 billion ounces per day. There is only 700 million ounces mined in a year. There is only 33 million ounces of physical silver that is available for delivery by the commercial shorters. If something like 3% of the people that were trading silver in one day demanded physical delivery, there would be no silver on the Comex.... The key market is the physical market. I don't think this raid is going to work.

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