I was reading this over at www.billcara.com

"Precious metals were falling hard from this morning's highs (in brackets): gold 1011 (1029), palladium 470 (510.5), platinum 1986 (2118.5) and silver 20.48 (21.35). The problem here is that MF Global, one of the world's largest derivatives and precious metals traders appears to be in failure crisis as the stock was down -70% in three hours of trading today. MF Global took over the previously ill-fated Refco Futures. What goes around, comes around. It's why I questioned the prudence of Bank of America buying Countrywide for so many billions when NOBODY knows the extent of the Countrywide liabilities. The $USD is stronger, mostly against the Pound and the Loonie. The Euro was strong and so too was the Yen (+2.4% today). So, normally, precious metals would be trading higher, but if a counter party might fail to pay, then traders will sell their positions in fear of capital loss."

apples with oranges

1 MF had a rogue trader run up losses in the wheat pits last week.
2 everyone was selling any kind of broker yesterday, including ones that had no exposure to anything (GFIG).

MF is up 24 % today