I am just conjecturing, although I have stayed abreast of this situation (it is quite close to my heart):

The COMEX is rigged, just like the FRN, the stock markets, most elections, and everything else manipulated by the international, criminal bankster cabal aka The Babylonian Banking Beast.

As alluded by Breacher, there exists a disconnect between the paper/electronic and physical PM markets.

eBay is a rather inconsistent bellweather, but it is true that the metals have taken a hit in recent weeks, and that is due to the fact that most people do not acknowledge the aforementioned disconnect, primarily because the majority still has faith in the egregiously rigged fiat system.

MF Global has been a wake-up call for those who still hold to the misplaced belief that paper/electronic metal is the same as physical metal, and although many of those victimized by this scandal will vow only to obtain physical metal from now on, still more will continue in the fiat metal charade.

As in 2009, many, if not most, will settle for FRNs in lieu of physical PMs, and thus the charade can continue unabated.

Make no mistake that the smack-down in PM prices is being engineered in order to flush out the weak hands.

I believe that silver and gold will come down even further, and thus now is a good time to focus on obtaining PHYSICAL PMs at relative bargain prices to what they will invariably be one year from now.

Please try to look at this gross manipulation for what it represents to those of us who want to return to an honest monetary system:

An opportunity to trade fiat FRNs for physical PMs.