It requires only a relatively small perturbance to initiate a market waterfall. For months now gold and silver have been screaming ahead – along with the US equity markets. The MSNBC talking heads and every hopeful and aspiring fund manager on Bloomberg has trumpeted the good news. 

Within the past year, till yesterday,  gold had risen 44% - within the past 30 days 14%.  From this point last year copper had appreciated over 100% - closing Wednesday at $3.13 per pound. Yet in a very short time period (24 hours) gold has fallen $37 per ounce, silver $.88 and venerable copper has fallen from its 52 week high point high point, 12% to $3.03.

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