Metals and oil and all commodities have crashed. Silver has crashed, down better than 55% from its highs, 20% fall just today.

Gold crashed almost 10% today.

Why in a time of financial panic, do these traditional havens fall?

Remember, the trade of the past five years has been long financials, long energy, long commodities.

Now that is unwinding in a hurry...sell financials, sell energy, sell commodities. It's all about liquidation, no?

The GLD and SLV ETFs are the 800 pound gorilla in the room right now, when it comes to physical gold and silver pricing.

But paper gold and paper silver have little to do with physical.

The ETFs are supposed to buy and sell physical rapidly, to maintain parity with the "market" price.

But when they sell, who is buying? And when they buy, who is selling?

Could they be shuttling gold and silver from one set of books to another, while really not exposing it to the market, or going out to the market to buy?

Could this be a cozy shuffling of assets on the books? Maybe they aren't buying or selling on the open market at all...