//////Why are precious metals plummeting?/////
Because the smart money knows that next year taxes are going up. Thus they are selling precious metals before the end of the year to pay their long term capital gains at this years lower tax rates.
PM’s should resume their rise after the end of the year.
Smart money does not pay taxes on the sale of precious metals.
I do not know what this rate will increase to in 2013 under the new “lucky owe-bama” tax starting 1-1-2013. 2013 - the year of the plague rat.