Fed Open Mouth operations (yack attacks) and coordination with other central banks keeps confidence in the dollar and demand for U.S. Treasuries elevated.
The Dollar Index* is higher today than it was before the Federal Reserve launched a series of quantitative easing programs that involved printing over $4 trillion out of thin air in order to buy U.S. Treasury Bonds and mortgage backed securities from the too big too fail banks.
How did the Fed pull this off without causing a collapse in the dollar?

PutinAfter adding 6,700,000 ounces (208 tonnes) of gold to her reserves in 2015, and 700,000 ounces (21 tonnes) in January 2016, the Central Bank of the Russian Federation announced today that it had added another 300,000 ounces of gold (9.33 tonnes) to its reserves in February 2016:

numberIt seems inconceivable in any supply demand analysis for there to be a significant and persistent shortfall in supply of an underlying commodity while the price falls consistently.
There is either a miscalculation of the price of silver at the price setting mechanisms at COMEX and the LBMA Silver Price and/or a miscalcuation of the physical silver supply and demand dynamic.