Silver Price Today: Silver Drops to $16.62 per Ounce

On Tuesday, the silver price dropped 2.2 percent to hit $16.62 per ounce.

The fall came as the US economy continued to show signs of recovery, according to Reuters. Specifically, single-family home sales in April outpaced expectations, while planned business investment spending increased. The positive economic news pushed investors away from safe-haven commodities, and could signal a lasting shift toward assets that pay interest.

On the flip side, the debt crisis in Greece may whet investors’ appetite for commodity metals; however, Reuters notes that “the impact on demand for metals from wider political worries is usually short lived.”