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There are three reasons to believe that the silver bubble has burst with last week's tremendous 30-percent crash.
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Gold and silver have rebounded on Monday after last week’s big drop. Gold is trading above $1,500 per ounce and silver recovered to $36 per ounce
The Silver Price rallied to $38.00 at Monday's London Fix – rising over 11% from Friday lunchtime's Fix – before also slipping back to trade 26% below late April's 3-decade record.
Before this past week, the COT report and the high correlation among unrelated commodities already point to the financialization of commodities as a financial asset class.
Today’s release of April’s jobs data was a real game changer for investor psychology.
Silver Bullion rallied from a drop below $34 per ounce, the fifth daily plunge running and some 31% below last Thursday's new three-decade high. Dollar prices to Buy Gold whipped in a $10 range Friday morning in London, trading up to $1488 per ounce - some 5.5% below Monday's record-high spike- as European equities and global commodities stemmed their losses.
Oil prices rose by 1.3 percent on Friday as a weakened dollar sparked a rebound, but economic data expected during the US market hours could force the commodity south.
The silver price in US dollars experienced a very sharp fall back of over 30 percent within 4 days. The main trigger were extremely rare and aggressive margin hikes for COMEX futures, which helped to eliminate a large chunk of speculative positions on the metal.
Commodity prices fell once again, and Silver Bullion sank for the fourth day in succession, losing 22.5% against the Dollar since Thursday last week - the sharpest plunge since April 1987.
Spot silver prices slid for the fifth straight day Thursday to the lowest in a month, while the euro secured gains against the dollar Thursday before the European Central Bank meeting where it is expected to reinforce its hawkish outlook.
Silver nursed losses on Thursday after suffering its biggest three-day drop in five years on heavy profit taking while the euro consolidated gains against the dollar before the European Central Bank meeting where it is expected to reinforce its hawkish outlook.
Gold sat tight as Silver Prices sank once more in London trade on Wednesday morning, holding above last night's 2-session low of $1528 per ounce while silver dropped to new 3-week lows, flirting with the technical definition of bear market.
Gold prices hit new all-time Dollar highs at the AM London Fix on Tuesday, but silver traded near a two-week low as world stock markets slipped and commodity prices fell hard.
The dollar rebounded from three-year lows and U.S. crude slid more than 1 percent on Monday on the back of news that a U.S.-led operation killed Osama bin Laden in Pakistan.
The Bank of America Merrill Lynch said in a report that there was strong possibility of silver hitting $80 an ounce, causing ripples in the silver stock and ETF markets.
Even as silver prices are hovering near their all-time record high, there are some investors who ardently believe prices will continue to go upward. And then, there are people who think it's realistically possible that silver will breach an unbelievable $100 an ounce!
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Gold continued its explosive rise, when measured in the falling US dollar currency, on Friday trading for $1,540 per ounce, marking a new record high yet again and set for its seventh successive weekly gain.
Silver and gold were within sight of historic highs on Friday and could resume an uptrend as the U.S. dollar held near three-year lows against a basket of currencies on hopes U.S. monetary policy would stay ultra-loose, keeping inflationary price pressures high.
Silver soared to an all-time high on Thursday and gold rose to another record, as a falling dollar and signs that the Federal Reserve would maintain a loose monetary policy boosted precious metals' appeal as a hedge against inflation and economic uncertainty.
