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« Silver prices: Sell, Hold or Buy? | Main | Silver prices continue to tease »

Silver prices drop ‘down under’

MarketWatch in LA were quick off the mark with this news article as the markets opened down under with a sudden sell off albeit in thin trading, as they reported as follows:

Silver prices fell sharply in early Monday trading in Asia, with the spot price plunging more than 10% in a matter of minutes, according to Kitco data.

At one point early Monday, the price dove 12% within 11 minutes, according to Dow Jones Newswires, which put the intraday high at $48.15 an ounce before a plunge to $42.21.
By 9:50 a.m. Sydney time (7:50 p.m. U.S. Eastern time), spot silver traded at $43.66 an ounce, recovering from below the $43 level earlier in the day.

Some reports pointed to low volume, due to holidays in some markets Monday, as exaggerating the move, and said the sharp drop pointed to a speculative move against the silver price.
On the futures market, silver for July delivery SIN11 -8.14%   was down 9.6% at $43.965.

Gold hit too

Gold prices also fell, though by a less dramatic margin. Spot gold moved above $1,570 an ounce, only to drop below $1,550 in tandem with the move for silver.

By 9:50 a.m. in Sydney, spot gold had rebounded somewhat to $1,555.40.
Dow Jones Newswires measured the early drop at 2.2% — from a fresh all-time high of $1,576.52 down to $1,542.61 — saying the drop occurred just ahead of silver’s early Monday dive.

Benchmark gold futures for June delivery settled at $1,556.40 on the Comex division of the New York Mercantile Exchange, but the contract GCM11 -0.53%  was at $1,554.50 in electronic trade early Monday.

Also so bear in mind that the London Stock Exchange will be closed on Monday as it is Labour Day in the UK and so there is another Bank Holiday. So the next serious action will come on the New York Stock Exchange when it opens later today.

The US Dollar also had a bumpy start, up, down and then up again as we write.

usd chart 02 May 201.JPG

Prepare for a bumpy trading day.


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sk chart 28 April 2011.JPG

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Reader Comments (1)

I see this situation to be more of a buying opportunity for fallingman, than validating gloatfeed for Di.

May 3, 2011 | Unregistered CommenterArgyromaniac

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