Gold was hit hard by a selling flurry around 3 AM Eastern Time, with most of the selling timed to events in London.
Check out the plunge in gold lease rates on 2 February in the last chart.
Silver proved to be more resilient.
If and when the metals brokers and their pyramid of leverage breaks, be careful about any holdings you may have that are mingled with theirs, otherwise your victory may be marred by a loss of funds related to the collateral damage of a default and a financial reorganization.
I hope for the best, but if there is another financial dislocation in the markets it is going to be quite ugly. They are running a little low on scapegoats and patsies, and the pain to be distributed will be great.
