Silver dropped another $2.27 again on Wednesday May 4th 2011. Starting the day over $40 reaching as high as $41.90, then swinging back down to a low of $38.94 to settle at $39.45.
Billionaires and hedge funds took part in todays drop as George Soros and others were sellers of gold and silver today.
Fund managers have said that Soros could, in theory, sell gold and silver to take profits and then build positions back up within days, or even hours.
If sharks were in the water yesterday, the great white showed up today in Soros. Now it seems as the killer whale has been invited by the CME as they have announced a 4th and 5th margin increase for silver to go in to effect on the close of business Thursday, May 5th 2011, and Monday May 9th, 2011
See the official advisory notice here;
It seems that there are individuals, or groups out there that do not want the silver price to keep increasing and are doing everything they possibly can to surpress the price against the US$.
Ultimately the reasons for higher priced silver are still there, however, it becomes rather immoral when rules are changed in the middle of the game as they have been recently within the precious metals and commoddities markets.
Silver will rise again, and fast. If your still in a silver investment, do what you can to maintain and hold your postions. This is also a great entry point for those that have been waiting for the anticipated pullback.