Settlement for the $7.75 billion of five-year notes sold last Thursday is today, the dealers noted.

In the credit markets most domestic buyers were either on vacation or on the sidelines before and after the Fed's action, dealers noted.

The shares plunged 62.4 to 219.9p, with some dealers noting long-only funds were selling to raise cash to use to take up their rights.

Some dealers noted earlier in the week that the repo rates were not rewarding enough.

But some dealers noted that Chicago silver prices were usually a bit higher than those at the Comex, where 5,000-ounce contracts are traded.

But the dealers noted that few customers could afford to take such a short-term loan.

While the mood was decidedly bearish, dealers noted that sellers were almost as scarce as buyers.

Collectors and dealers noted, somewhat sadly, the modern trend to collect toy trucks that will never be played with.

"The market has made its mind up that higher interest rates are going up," one dealer noted, "and the market is probably right."

But now, more dealers are noting a consistently improving trend.