Silver Turnover on COMEX has Tripled This Year Versus 2010

LONDON – Silver’s high fix, when it was way overbought, was $48.70 on April 28th.  Gold held up briefly as silver toppled over, but as the commodities sector as a whole got caught up in the onslaught, gold in particular, was sold in order to raise cash against margin calls.  Gold’s high fix was $1,546.50 on the morning of 3rd May.

The speed of the falls of these two metals is well-documented, but for the record, silver dropped to a low fix of $32.50 in 12th May, while gold fell to a low fix of $1,478.50 on 17th May.  These were falls of 33% and just 4% respectively.  On an intraday basis the price declines represented the unwinding of part of the most recent very sharp upward legs that had commenced in late January.  Silver’s move was unwound by 75% and while gold’s correction was obviously much shallower, it was still over 40% of the post-January move.

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