"How far will it drop and when do I start buying again?"

Below is the “corrections” chart by Jeff Clark (www.caseyresearch.com), which shows all major pullbacks in silver since the Silver bull market began in 2001.

-The average of all corrections is 19%.

-However, it’s generally true that the larger the rise, the bigger the subsequent pullback. Applied from a high of April 25 2011 of $49.79 and to a low of $35.71 May 05 2011 (as I write this post), it had "corrected" thus far -28.28% and could head lower.

-If we correct further to say -33.3%, we'd get a price of $33.20

-Although unlikely but not impossible, a huge -50% correction would see a price of $24.90

-The fundamental fact is that, despite the recent correction, silver is in big bull markets. Until that changes, pullbacks are buying opportunities.