Britain's team pursuit quartet have been beaten in the gold medal race-off against world champions Australia.
Steve Cummings, Paul Manning, Rob Hayles and Bradley Wiggins were behind from the very first lap.
The formidable Australian quartet, who had broken the world record qualifying for the final, clocked a time of three minutes 58.233 seconds.
There was heartbreak for Chris Newton, who helped GB to qualify for the final, as he missed out on a silver medal.
Only the four riders who took part in the final were presented with medals which meant Newton, along with Bryan Steel, who also rode in the early rounds of qualification, missed out at the ceremony.
The British team finished in a time of four minutes 01.760 secs, three-and-a-half seconds behind their opponents.
The quartet of Graeme Brown, Brett Lancaster, Brad McGee and Luke Roberts helped Australia pick up their fourth track cycling gold medal of the Games.
"They're the world record holders, they're the best team in team pursuit there has ever been," said the Olympic individual pursuit gold medallist Bradley Wiggins.
"If it wasn't for those four guys we would have been on top of the world for the past four or five years.
"We gave it 110% so we can't be too disappointed."
Spain had earlier claimed the bronze medal with a comfortable victory in the third place race-off against Germany.
Meanwhile Britain's Ross Edgar was knocked out of the quarter-finals of the men's sprints.
Edgar faced a tough battle against world champion Theo Bos and the Dutchman clinched his place in the last four with a 2-0 victory in the three-race decider.
And Victoria Pendleton capped off her first Olympics finishing in ninth place in the women's sprint.