Here We Go Again- Gold & Silver Plunge to $1350, $22.50 on Globex

Gold and silver have been greeted to yet another waterfall plunge as the first trading since the CME hiked margins in both metals by 18% after today’s COMEX close.  Silver has plunged nearly another dollar to $22.50, and gold another $25 to $1350.

*Update: Both metals have already retraced nearly all of their latest losses, as silver has quickly spiked back to $23.15, and gold to $1365

Silver’s .75 gap-down nearly to $22.50:

ny silver

silver

Gold’s $30 vertical plunge back to $1350 support:

gold

With the lack of a strong 5-10% bounce in the aftermath of Tuesday’s overnight lows of $22.005 and $1325, a re-test of the lows is entirely possible in the next 48 hours- regardless of any physical fundamentals as physical silver has all but evaporated from the retail and even wholesale markets.