Silver Futures Sink for Fifth Session in a Row

Bloomberg reported that silver futures for December delivery settled today at $20.442 on the COMEX in New York after sinking 1.6 percent. Prices have fallen for five sessions in a row, the longest period since April 4.

As quoted in the market news:

Silver has tumbled 32 percent this year, heading for the biggest annual drop since 1981 and making it the largest decliner behind corn among the 24 commodities tracked by the Standard & Poor’s GSCI Spot Index. Prices have dropped amid concern that the Fed was ready to start slowing its $85 billion in monthly bond purchases.

‘The market has come back to concentrating on Fed tapering,’ Frank McGhee, the head dealer at Integrated Brokerage Services in Chicago, said in a telephone interview. ‘Prices are declining, and we may hit a point where you start getting mine closures. But you would need to see a significant round of closures before we find long-term price support.’

Click here to read the full Bloomberg report.