True to form…and right on schedule…a seller showed up at exactly 3:00 a.m. New York time, and the selloff began in both gold and silver.

On Friday, both gold and silver had a positive day…as did the HUI. What happened yesterday was similar to what happened on Wednesday. Then Thursday came along and these gains vanished…so I’m reluctant to read too much into Friday’s action.

There was very light trading on the Globex in both gold and silver on Monday. A small rally that started shortly after New York opened for business was quietly capped the moment that trading in London ended for day. This is so typical.

They showed up in Comex trading shortly after London opened…about 4:00 a.m. New York time. At first it was only a persistent decline, but shortly before the New York traders showed up it intensified…with the boys in New York gleefully helping out once trading began there.

Silver stuck its nose above $18 for a moment, but obviously someone noticed, as the spike didn’t last long. Volumes were extremely light again yesterday.