by Michelle Smith, Silver Investing News:
After trading in a tight range for the last several weeks, silver has finally broken new ground. However, the metal moved to the downside and into bear territory, meaning that some market participants are now bracing for further price declines.
On Monday, silver still closed above $28, even if only two pennies above the mark. But the metal’s downward spiral did not stop there.
Tuesday, the market started out under pressure, which intensified as stocks rallied. Metals, including silver, continued to bleed as money flowed out of hard assets and into equities. Exaggerating matters was the greenback, which continues to show unexpected strength. Silver’s trading range was over $1, and having hit an eight-month low on Tuesday, the metal finished with losses of $0.76, at $27.26.
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