Silver Could Extend Losses this Year: Commerzbank AG

Bloomberg reported that, according to technical analysis from Commerzbank AG, silver may continue to drop this year.

As quoted in the market report:

The metal slid to $27.975 an ounce in London today, the lowest since Aug. 20. A close at $28.007 would be a 20 percent drop from Oct. 4, the common definition of a bear market. A slide below $28.26 in the next few days would mean the June 2012 trough of about $26.11 would “be back in play,” Commerzbank said in a Feb. 26 report.

To view the whole Bloomberg report, click here.