The collapse in the silver price from $49 an ounce to below $36 is a harbinger of collapses in a wider range of commodity prices. It is the end of speculative bubbles that have been building for several months. The collapse is triggered by changes to the way the trade is executed. Look for downside in silver to around $31/ounce.
What's next after last week's brutal sell-off? Will more speculators be flushed out of the market - particularly after the CME slapped 25 percent margin increases on U.S. oil futures late Monday - or can the market shrug off the bad news and find a more stable footing.