The facts thus far scream of NY manipulation and desperation.
Regards - VHF
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3 Weird Things About Tonight's Huge Silver Selloff
Joe Weisenthal
May 1, 2011
After last week's manic action, silver is falling out of bed to start the new week, declining by over 9%.
A few quick thoughts on the weirdness:
- Nobody really knows what's up. Querying around, nobody has any solid sense (yet) of what's driving the decline. There was no particular news that would seem to be feeding into this. Update: There's a little bit of chatter about the weak Chinese PMI report from this morning, but it doesn't seem that convincing or robust of an explanation.
- Silver is a major standout. Gold isn't moving the same way. Other commodities are down a bit, and the dollar is up, but not on the same scale.
- US futures remain higher. This is a big surprise, given how consistently silver has traded in the same direction as equities.
