I am currently listening to Greg Hunter interview with Steve Quayle.
At the 35 Minute mark he says that his 40 year friends in the precious metals business told him that last week $10 Trillion in (greatly discounted) paper metal certificates were sold. That is what drove down the price.
He also says that what those sellers are doing is taking the cash proceeds and buying up all available physical metals. What is being said by other dealers is in a week or two there will be no metals available at all.