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Dec. 01, 2014 09:14AM PST
The silver price dropped sharply Sunday night after Switzerland voted as expected in a referendum on whether the Swiss National Bank should increase its gold reserves.
The silver price dropped sharply Sunday night after Switzerland voted as expected in a referendum on whether the Swiss National Bank should increase its gold reserves. The white metal followed gold downward, hitting $14.08 per ounce. According to iNVEZZ.com, that’s its lowest price in five years.
As quoted in the market news:
Silver for immediate delivery had shed 2.9 percent, or 45 cents, to $15.01 as of 06:36 GMT, and was trading over 10 percent below its 50-day simple moving average. It fell as much as 8.91 percent to $14.08 in earlier trading, the weakest since August 2009. Spot silver has suffered a second session of steep selloffs after closing 4.51 percent in the red on Friday.
Fortunately for precious metals fans, the carnage was short lived. By Monday morning, silver was up around $16.40 and gold was sitting just above $1,200 per ounce. The Kitco chart below illustrates the exciting price action.
