Precisely as we warned listeners on this week’s SD Metals & Markets, silver was greeted with an epic waterfall smash on Sunday’s Globex, plunging 10% to just over $20/oz moments after the open.
Percentage wise, the Globex opening smash rivals the 2011 May Massacre that took silver from $49 to $43.
While support has initially held at $20 with a low of $20.20, we mentioned Friday that a capitulation spike to $18 is possible, retracing the entire 2010-2011 bull move from $18 to $50.
Gold was also greeted with a waterfall smash tonight, but is still trading above the April 15th low of $1320:
Meanwhile, 5 levels below 1 Chase Manhattan Plaza…