Silver Falls to $22 an Ounce

Silver fell to $22 an ounce this morning, a decline of $0.528. Earlier in trading, silver declined to $20.84, the lowest price seen since September 2010, Reuters reported. Lower gold prices have contributed to the recent fall in silver prices.

Silver futures on the COMEX in New York also dropped by as much as 9 percent, the source states.

More than 3,000 lots of silver futures were sold on the COMEX in just 20 minutes in early Asian trading today.

“The drastic move lower happened pretty much after the Chicago Mercantile Exchange’s (CME) electronic platform Globex opening,” MKS head of trading, Afshin Nabavi, told Reuters. “The move was exacerbated by the fact that it happened when liquidity was very thin in Asian trade.”

Silver is down about 30 percent this year, the source said.

Dow Jones Newswires said silver prices fell as Japan-based investors rushed to sell silver to make up for their losses from declining gold prices.