Spot Silver (SLV) Breaks Below $30/oz.
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The price of spot Silver broke down overnight and tapped new, four month lows below $30/oz. The move comes in response to a general turn in sentiment that began in late February as prospects for further Fed quantitative easing began to diminish. Since then prices have taken a significant haircut, dropping from a high of $37/oz to just under $30/oz. The latest round of selling could push the price of silver down to technical support near $26/oz, as weak long positions get squeezed.
iShares Silver Trust (NYSE: SLV) is the ETF that tracks Silver. It last traded at $28.81, down 1.4%.
iShares Silver Trust (NYSE: SLV) is the ETF that tracks Silver. It last traded at $28.81, down 1.4%.
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