Fundamentally, the market looks strong and there are no signs of a sharp sell-off in the offing. We can’t see a top to the market.

Industrial demand for silver has been lagging significantly since it went over $11.

Sugar prices in the past few months have pulled back because of the weaker oil price. Now that oil is at around $70 a barrel, sugar has to follow.

Sugar prices are energy-driven; there’s nothing else moving the market at the moment. It’s all about the ethanol story.

There is some classic, typical profit-taking going on.

Prices at these levels can’t be justified based on fundamentals only. While we haven’t seen the top of the market yet, the risk of prices collapsing is very high.

We’re entering bubble territory. Prices have moved away from reality, and are no longer linked to fundamentals.

The hedge funds have pushed this market up, and now they are bringing it down again. Then we may see a small rebound as physical buyers come back into the market.