Spot Silver was trading over $39 minutes before it commenced a plunge of over 16% in a 24 hour period of time.

7:00 AM EST....what a difference a day makes.

Silver now down 33.47% since the April 28, 2011 close of $48.40.

Spot Silver closed at $30.91 on December 31, 2010. It is trading at $32.66 in the premarket this morning.

This market event is showing strong similarities to the August 2005 through June, 2006 market behavior. I believe there were 4 margin increases between April 17, 2006 and May 16, 2006.