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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.
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.”