gfp: I think you are spot on about countries liquidating metals out of necessity. Except for China and Russia of course. there also has to be a lot of margin call induced selling by over leveraged players. The big leverage credit funds continue to lock out investors from exiting. Lots of those funds are eventually going to go belly up with stakeholders settling for dimes on the Dollar. Once this market carnage stabilizes it is going to be the buying opportunity of a millennium for precious metals because hyper inflation is baked into the cake after this war.