Remarkably, it's already staged a big comeback, and it just turned positive on the day.

Miller Tabak's Jonathan Krinsky offers some commentary on why the details of the sell-off may actually be positive for those bullish on gold and silver:

 

The other interesting action, which started last night, has been the precious metals. After being down over 8% at one point, Silver has nearly recovered the entire decline. Gold has actually gone into positive territory. If you are a Bull on precious metals, there are some positives in that type of action. First, Gold did NOT make a new low with Silver overnight. The low of 1338 was slightly higher than the April 16th low of 1322. That could be considered a non-confirmation and “potential” bullish divergence.