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Chris Duane on the Leap Day Metals Massacre--02-29-2012

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Leap Day, February 29, 2012 was a momentous day for the precious metals markets. Gold and silver were slammed from 10am EST onward. Millions of ounces of unbacked paper gold and silver stampeded into the markets, destroying all weak holders in the process. But one must wonder how many real weak metals holders are left. Federal Reserve Chairman, Ben Bernanke testified before Congress today, and coincidentally, precious metals raids often occur before, during, and after his testimony. 

It's interesting to note the purchasing power of silver has been increasing over the past 50 years. In the early 1960's one silver dollar bought about four gallons of gasoline. Today, the same silver dollar buys around 8 gallons, but it has gone as high as 12 gallons. So much for paper based "assets."

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