i read a deal where it said that some commercial banks were tipped off about the collapses, and since the struggling outfits were selling off their precious metals to try to stay afloat, the other banks shorted the heck out of metals, and punished the failing ones even more. the result was a spike down that went below even the production cost of silver, for example.
they have been in the process of covering their short contracts, and there was so much liquidation going on that they were able to take out long positions after covering, so it is very likely that there will be a sustained upward push on precious metals.
it explains the disconnect between oil prices and silver prices, as the big commercial failures tended to not be in oil futures due to charter rules for many of them.
so i am just justifying to myself that i held during this plunge and hope that i get back in the money after missing the last profitable spike. LOL
"If at first you don't succeed,
skydiving is not for you"
