….after slammed 10% lower in 4 minutes.
Today’s AM fix was USD 1,353.75, EUR 1,051.95 and GBP 890.86 per ounce. Friday’s AM fix was USD 1,376.75, EUR 1,069.15 and GBP 903.62 per ounce.
Gold fell $22.20 on Friday to $1,364.90/oz and silver closed at $23.632.
Silver fell victim to heavy, concentrated selling overnight in thin, illiquid Asian trading. Silver was slammed 10% and fell from $22.36/oz to $20.30/oz in just four minutes — from 23:05 GMT to 23:09 GMT.
Silver has recovered 7% of the price plummet and is now down 2.7% today at $21.60 an ounce.
Silver’s weakness may have contributed to gold falling 1% to $1,354/oz.
It is likely that the very aggressive selling in illiquid Asian markets overnight was by a large hedge fund or bank or a combination of hedge funds and banks with deep pockets. Reuters quoted an analyst at a Japanese bank who said that silver’s price falls were due to one “unidentified investor.”
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