Legal Action Brings Silver Down to $17.07 an Ounce

News regarding a price-fixing lawsuit in the silver industry has led to a decline in price for the precious metal.

Silver fell 1.74 percent, or 30 cents, to trade at $17.07 an ounce on Wednesday. That is 12 percent below its 100-day simple moving average, according to iNVEZZ.com.

Reuters reported that litigation alleging silver price fixing on the parts of Deutsche Bank AG (NYSE:DB), The Bank of Nova Scotia (TSX:BNS) and HSBC Holdings Plc (NYSE:HSBC) has been centralized in Manhattan federal court. That, along with a strengthening US dollar, has contributed to the decrease in sentiment for the silver market.