Here is the latest from one of my favorite analysts, Clive Maund:

[1] http://www.gold-eagle.com/editorials_08/maund082309.html

The last paragraph: 

The current increasingly bearish Silver COT picture is certainly a worry not just for silver bulls but also for gold bulls as well, and is a reason why, although we are now positioning ourselves for a gold breakout to new highs soon, we are open to the possibility that it may be preceded by a brief but violent shakeout which is why our long positions are protected by cheap Put options. Such a shakeout may be the “ambush” that we have suspected may take place for some time, which would enable the Big Money protagonists to achieve the double whammy of not only shaking the “little guy” out of his positions and mopping up his holdings, but covering their shorts and reversing positions ahead of “the big one”.