MARKET CALL: CME Margin Hike Triggers Hi-No Silver Away!

"The Lone Ranger" started as a radio series in 1933. It subsequently ran as a TV series for 21 years until 1954. The premise of the show was that the last surviving Texas Ranger is nursed back to health by Potawatomi tribesman Tonto. The two ride together throughout the West on their horses Silver and Scout, doing good while living off a silver mine that provides them with income and bullets. When they start to chase the bad guys, the announcer shouts, "Hi-Yo Silver Away!" The exciting theme song of the series was written for the movie, "The Lone Ranger and the City of Gold."

On Friday, commodity traders in the silver pit were shouting "Hi-No Silver Away!" Silver led a rout among the precious metals and their ETFs. SLV dropped 28.5%, and GLD lost 10.3% (charts). But their trading volumes didn't suggest a selling panic in either ETF.