Price drop

[JinKesef]

Anyone know why silver dropped so much today? 

[Pete]

Marketeer speculation - big traders just love volatility making money on both the dips and the rises.
All metals pricing is fake in my opinion but some analysts will find a plausible global event to attempt to explain but generally this is bull.
Just dive in and take advantage of the lower price as next week it will likely recover for no other reason than profit taking by those who forced its collapse.

[Oldun]

Intermediate cycle low well overdue.

[sixgun]

21 minutes ago, JinKesef said:

Anyone know why silver dropped so much today? 

The gold price got up to the $1350 area. This level is heavily protected. Price has been sent down from that level before. Silver in itself is not important but it acts as a lever on the gold price. There was a concerted dump of paper contracts by the usual trading banks and price fell.

[ChrisF]

Value of the pound went up too.

[SiliconToad]

Quote

Fed Chairman Jerome Powell gave a speech in New York Thursday night, in which he reiterated the Fed’s monetary policy will remain on hold due to the modest increase in risks to continued U.S. economic expansion. Markets did not react significantly to Powell’s remarks, as he just concluded two days of testimony on economic policy to Congress.

Gold, Silver Bulls Fade As Traders Favoring Paper Assets

 

Basically, global economic activity is strong and the US Fed chair said they are going to refrain from increasing interest rates. Unfair to the world, perhaps, but since the USD is the global reserve currency and gold/silver is generally traded in USD, this is where the impact is coming from. And "favoring paper assets" means more shorts on the market. 😐

 

[TonyS]

Knowing what I now know, in 1972 I wouldn’t have voted to remain in the EEC. Like others, I didn’t vote for the “United States of Europe”.

Never mind bullion, how the hell do we untangle ourselves from the rest of the web entwined in our legislation?

At least we don’t have to break free from the euro, (or do we?).