Gold Nears $1650, Silver Breaks $31

As anticipated, the gold and silver paper futures smash has continued and intensified into the NY COMEX session.  Gold is now down a cool $50, and silver is down 4%, and has just broken below $31. 
Gold has found some support at $1650, but looks to want to drop to $1600 at a minimum, and silver looks likely to test $30.  We will keep a close eye on PHYSICAL PREMIUMS, as a paper sell-off was anticipated with futures traders losing all confidence in the futures market in the wake of MF Global.

Metals	Date	Time (EST)			Change		Low	High
		GOLD			1660.70		-50.60	-2.96%	1655.70	1678.40
		SILVER			30.99		-1.24	-3.85%	30.78	31.35