Precious Metals-Silver down 2 percent after margin hike; gold steady

Reuters Africa reports that spot silver prices dropped almost 2 percent on Thursday, down 22 percent from a record hita week ago.

The market news is quoted as saying,

“There is liquidation going on in silver after prices rose too much and too fast. Nobody knows where the bottom is, but Idon’t think there is much room below $35,” Ronald Leung, a dealer at Lee Cheong Gold Dealers in Hong Kong, said.