Greek Financial Crisis Weighs on Silver

Silver prices are taking heavy hits in the recent week from continued European economic woes that are helping to support the dollar.

On Wednesday, silver prices plunged threatening a breakdown once again through the $15 an ounce support level as volatility in global currency markets spilled over into the precious metal sector. Confusion over what, if any, role other EU members plan to take in Greece’s debt crisis is sending mixed signals.

The outlook for the euro in the currency markets yesterday was much more positive, depressing the dollar. It looked like silver and gold prices could recover slightly from last week’s huge losses Tuesday.

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