To put this huge drop in perspective, eight weeks ago gold closed on Friday
January the 25th at $910.50 which was an all time high.
silver on that date closed at $16.41 which was a 28 year high.  We are still
seeing nice prices for gold and silver.

P.S.:  Although I can't say that I am happy about losing around $50,000 this
week.

IMO, this drop was quite a big. Perhaps there is still little space to move further down. Anyway, many people was trying to load up but plenty of dealers were out of physicals. I believe there will be times when it will be even more difficult to get some bullions.

(Potential) Loss 50K during the week that is challenging.  

Sapper, I lost all of the gains of the past eight weeks, that's all.  It looks like gold and silver are already on the way back up.  Gold is now up $9.10 and silver is up .50.  I cannot find any silver in one of the largest shops in Seattle either.   This shortage will put pressure on the price and it will return to where it was.  The only unknown is when.

Popeye, perhaps this is the beginning of some consolidation period where PMs would move in a ceratin range with the higher volatility. But at the end they will overcome the recent highs, anyway. I believe that will still happen in 2008. JMHO
FTS

BTW, some experts on TV are calling for 8.00 USD silver and 550 USD gold...

It has been my experience over the past 50 years that tv experts are the worst people to listen to.  Kramer is a good example when he told everyone not to get rid of their Bear Stearns stock just two days before the collapse.  That is not the only huge mistake that he has made.  I have several examples of other tv experts that cost people millions if not billions.

Today gold closed up $9.10 at $919.20 and silver closed up .50 at $17.21.  For the week gold is down $83.30 and silver is down $3.46.  For the week silver is down 16.7%.

16% during the week is enough. I suppose that it may still be a bit negative in the beginning of the next week. JMO.
Yeah, experts on TV, I do have my experience, as well. I listened to them,... I paid a price for it  

Once again Kitco has refused to recognize the rise in PM prices on Friday and has gone back to the Thursday close of $16.71 for silver and $910.10 for gold instead of the Friday close of $17.21 for silver and $919.20 for gold.

I will not be using the erroneous figures put out by Kitco.  Today gold closed down $4.80 at $914.40 and silver closed down .22 at $16.99.  This takes into consideration the closing price in the East on Friday.

Today gold closed up $24.10 at $938.50 and silver closed up .92 at $17.91.

Today gold closed up $15.50 at $954.00 and silver closed up .50 at $18.41.

Once again the Bullion Banks have cut the silver lease forward rates for the third day in a row. They are now paying the paper players to enter the one and two month contracts.

Today gold closed down $6.50 at $947.50 and silver closed down .10 at $18.31.  So far this week gold is up $28.30 and silver is up $1.10.  

This morning the NY metals Market dropped the price of gold by $14.00 and the price of silver by .35 in the 1st few minutes.

Today gold closed down $16.60 at $930.90 and silver closed down .43 at $17.88.  For the week gold is up $11.70 and silver is up .67.  If you go by Kitco figures they counted Fridays .50 increase in silver on this weeks total.  If you use their figures silver closed up $1.17 this week.