Silver Drops to Low of $21.32 an Ounce

Speculation that the US Federal Reserve will taper its stimulus program after its meeting ends today has weighed on metals prices. The Fed is expected to make an announcement at 2:00 p.m. EST, and a Reuters poll shows that analysts estimate a $10-billion cut in the Fed’s $85-billion monthly bond-buying program.

As investors await the decision, silver futures for December delivery are down $0.46, to $21.33 an ounce, MarketWatch reported. Meanwhile, spot silver prices hit a low of $21.32 an ounce today, their lowest level since August 14, according to Reuters.