Silver: What Gives?
By Skyler Greene:
On news of the Supreme Court upholding the ACA and anxiety over the Euro summit, silver sold off today to hit a 19-month low.
Silver, which has industrial uses that gold lacks, exceeded gold's losses Thursday. Silver is used in electronics, solar panels and photography. The July-delivery contract slumped 2.6% to settle at $26.247 an ounce. That is the lowest ending price since November 2010.
In light of this, you'd think silver investors would be cutting and running. However, this hasn't quite happened yet, according to Gene Arensberg from Resource Investor:
"More recently, as silver has fallen below $30, instead of SLV holders acting all fearful and rushing the exits, they have been doing a little dip buying instead. For example, in late April with silver then near $30 and threatening to break lower, SLV reported holding 9,552.14 metric tons of silver metal in their London-based custodian's vaults," he said.Complete Story »