Silver price retreats rapidly in blow to new retail buyers
Business
February 3, 2021
A rally in the price of silver fuelled by a sudden burst of interest from retail traders rapidly unwound on Tuesday, with many veteran investors left scratching their heads over the episode.
Silver fell 4.5 per cent in early London dealings to $27.67 an ounce, after leaping as much as 12 per cent the previous day to the highest level in eight years.
The pullback underlines the difficulties facing small investors, even when they combine forces, in influencing the global silver market, where $6bn worth of the metal changes hands in a typical day. It also reflects growing pushback on the internet forum Reddit against the effort to push up silver prices a strategy posed by a user last week.
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