A large number of silver contracts were dumped on the Comex open on Sunday evening, a very quiet market period.
This ran the 'stops' and the price.
A similar number of contracts were then bought back at a lower price. And then the market was roiled, but started to recover from a very obvious price smackdown.
It is a little hard to see it on the 15 minute chart which just looks like a lot of selling. I hear that 2500 contracts traded in 15 minutes is a near record for an off hours session.
The action is much easier to see on the 5 minute chart below that.
This looks very much like the Dr. Evil strategy which the banks and funds like to use when the regulators are turning a blind eye.
I have included a 15 minute gold chart just for comparison sake.
If this was selling by a trader with an eye to raising cash, that trader should be fired. If it was done by a trader seeking to manipulate the price of the market, the CFTC should be able to find out fairly easily and publicly fine them. But don't hold your breath for that to happen in the US.
The world sees this, and is appalled.