links for 2011-04-27

Shortly after the start of overnight trading at 12:10 a.m. on Monday, silver futures surged to a multi-year high of $49.82 per ounce. Nine hours later, by the start of stock market trading in the U.S., the May Silver contract was down eight percent. Shortly before midnight Monday, the futures would touch a low of $44.61, completing a 10.5 percent correction in less than 24 hours. (Me: I look for a pullback in silver as a buying opportunity)

Today’s big housing numbers comes from the Case-Shiller home price indexes. The indexes, which measure how prices have changed over the previous three months, show prices falling in every major metropolitan area (except, weirdly, Detroit). The 20-city average declined 3.3 percent from a year ago, and 1.1 percent from the previous three-month average. This is the seventh successive month of widespread price declines.