The silver price took a beating last week, losing 17% of its value over a two-day period in the midst of a gold market collapse.
Continued US equities gains, a relatively strong dollar, major ETF sell-offs, Cyprus’ plan to sell gold reserves, and the breach of the $1,500 technical support level were all part of the gold meltdown story.
Silver was dragged along for the ride.
Just over a week ago silver was above $27 and is now just over $23, where it seems to have found some stability. Many analysts expect strong resistance at $24, however, as significant technical damage appears as an obstacle to robust recovery.
BMO reduced its silver price forecasts by 9% to $30 for 2013 and 20% to $32 in 2014.
Silver was trading at $23.380 Monday at 13:30 EST.
Sources: Resource Investing News; InfoMine.com
