Silver surges 6.8% from lows after slammed 10% lower in 4 minutes

Summary. Silver experienced an especially topsy-turvy session on Monday, May 20. In early trading, the metal hit a 2-1/2 year low somewhere in the $20.30 range. Quoting an analyst in Japan, the initial steep drop was likely due to a large bank or hedge fund in Asian trading, but an otherwise “unidentified investor.” This heavy selling in the beginning though likely led to some automatic buy orders at a certain support level. Last week though, hedge funds and other speculators reduced their long positions in silver. However, there continues to be robust physical demand, with many investors happy to buy silver at this price level. Read more…

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