Silver 13% "crash" non-event

Silver has fallen to $42 in a matter of hours, from the $49.xx levels. While many have commented on a crash:

• Silver Falls 13%, S&P 500 Futures Up – Osama Bin Laden Killed
  
• Silver has fallen 12%, what's going on?

I consider this to be non-event. Silver has not crashed, given the thin volume it's unlikely that it has created any fear or panic. Moreover, silver is up like 40% in 2 months, 100% in 4-5 months, having seen +4% or +6% many days during the past few weeks, a drop of %12 doesn't deserve more commenting than a rise of 6%.

I don't believe this is shaking enough the craze for silver, or the euphoria — specially given that it's contained only to this particular market — to call for a crash yet. Time will tell.

Full disclosure: I'm still long out of the money puts on silver, so expecting a major decline in the coming months.