After an early attempt to follow gold higher, the silver market traded weaker for most of the session as the market seemed to be undermined by its industrial metal status. The global environment for base metals has certainly worsened with the demand outlook for industrial metals being lowered as several major economies head towards recession. The sharp sell off in copper and energy prices along with steep gains in the Dollar were bearish outside market influences for silver this session. Certainly part of the weakness in silver may be a deflation psychology starting to take hold in a number of physical commodity markets.