Silver Futures Slide Despite Greece Uncertainty

iNVEZZ.com reported that on Tuesday, silver futures “extended a bear run” despite negative developments in Greece. Specifically, COMEX silver futures for September delivery were down 0.45 percent, at $15.655 per troy ounce, on Tuesday morning.

As quoted in the market news:

The white metal surged as much as one percent yesterday, but by afternoon in Europe had traced back much of the gains, eventually closing with a hefty 1.3 percent loss.

Greece’s decision to impose a week-long bank holiday and to limit cash withdrawals and outbound money transfers induced a short-lived rally for precious metals, as risk-averse sentiment generated some safe-haven demand.

As the euro slid, however, the dollar soared, which capped gains for goldand silver, eventually pressuring the metals enough to retrace much of the day’s gains.

Today there seemed to be less than expected fears of general instability across the eurozone resulting from the Greek crises, as precious metal values indicated.

Click here to read the full iNVEZZ.com report.