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Benedicte Gravrand, Opalesque Geneva:

The commodities markets jittered during the first week of May, as aggressive sell-offs drove prices down, especially those of oil, gold and silver. According to the Kudlow Report on CNBC, shares on U.S. markets dropped about 1.5% for the week (although they went up a bit on Friday), silver dropped 26%, oil 5% and gold and copper 5% - and the dollar went up around 2.5%.

It is too early to see evidence of dramatic gains or losses from hedge funds following the sell-off, but some managers and advisers had expected the overheated trades, and think prices will pick up again. One of those expecting was George Soros. When The Wall Street Journal reported that prominent hedge-fund investors such as himself were dumping silver, this apparently triggered more selling.

Managers foresaw the dip, expect more rallies Data from the Commodity Futures Trading Commission indicated hedge funds and large managed funds had left the silver market long before this week's plunge, Barron's ......................

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