Silver spikes 4% in ongoing market turmoil

Silver has spiked over 4% in overnight trading with gold trailing with a 1% rise. Markets are still roiling in the wake of the Swiss National Bank de-pegging the Franc from its tight exchange band with the Euro. Fallout from the surprise decision is still being felt in 10%+ declines of major Swiss firms share prices, and more worryingly several trading firms dealing in FX have collapsed due to leverage extended to their clients for EUR:CHF shorts. Shades of  the MF Global collapse could be on the cards over the coming days and weeks.