There's plenty of evidence to suggest the price of PM's is being manipulated down. Apparently an almost identical chain of events caused a similar drop in 2011 and those events are surprisingly similar to events on gox over the last few days.
This^
Precious metals markets are far too complex, convoluted, and rigged to apply simple 'Crusoe economics' and expect to have an understanding even close to the reality of the matters.
Apparently, inventories at the comex are running low, and their is the risk that the exchange will not be able to meet deliveries, thus forcing them to enter the market for physical gold, which would cause a price spike, which 'they' don't want. The alternative is therefore to smash the price down in order that they can replenish their stocks on the cheap. First smoke signals came last week with rumours of the Fed reigning in QE, which is bearish for gold. Then there was the widely circulating reports that Cyprus was being forced to sell €400 of its Gold. After waves of futures (paper gold) selling in NY, Friday past, the computers 'froze' (smacks of MtGox) at the London bullion exchange, locking out would be sellers, who then went into a panic, entering futures markets to hedge or short. This tipped the price below key support levels, which triggered a waterfall heading down towards the next key support levels. $1250 gold, $20 Silver.
ABSOLUTELY FK ALL TO DO WITH BITCOIN AND BITCOIN WILL NOT BE AFFECTED IN ANY MEANINGFUL SENSE!People need get their sense of perspective with how insignificant Bitcoin still is in the grander scheme of things. This is why 90% of what there is to read on this forum regarding Bitcoin economy and price projections is sheer idiocy on toast.
