Silver is down some .38 so far this evening. I cannot believe it's physical selling that's taking the price down, though I'm not sure to what extent the Sydney and Hong Kong markets, now open, trade paper or physical or both.
The New York Globex market is also open, so I wouldn't be surprised to see that that's where the selling is coming from and that it's paper. Who in his right mind would dump huge amounts of physical silver at this point in time anyway.