While gold has been hammered off a bearish double top formation [Sep 7, 2011: Potential Double Top in Gold] (and what i assume to be hedge fund liquidations - i.e. sell what you can), silver had a double whammy as it's part industrial metal, and part precious metal. With the thumping in the cyclicals and commodities (see copper!), silver is getting pounded from both ends. I am using the silver ETF (SLV) for charting purposes - you can see the carnage.
[click to enlarge]
File this under the headline When hedge funds are forced to sell - reminds me of a lot of commodity stock action summer 2008 before the Lehman crisis. They were the one area everyone was hiding out (me included) and then BOOM!
Thus far the Donald Trump top seems to be in! [Sep 16, 2011: Did Donald Trump Just Mark a Near Term Top in Gold?]