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Silver price plunges nearly 10% as Reddit rally reverses
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The buying frenzy that sent silver to an eight-year high Monday went into reverse on Tuesday with futures on the Comex exchange dropping by 9.5% in afternoon trade to $26.65 an ounce, after CME Group hiked margin requirements.
“The rush in silver was the perfect moment to take profit,” Georgette Boele, an analyst at ABN Amro Bank NV told Bloomberg.
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“Investors will liquidate their positions when “they realize that prices can’t be pushed higher.”
UK’s Royal Mint said it saw 14 times the usual demand over the weekend for its silver products, including bars and coins
Silver the next target of exuberant Reddit social media traders
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Silver prices have recently been trading around eight-year highs.
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Early on the morning of September 12, 2001, my home phone didn t stop ringing. I eventually picked it up and my panicked boss wanted me to come into work ASAP.
I was a desk jockey for a stockbroking firm and the phones were ringing off the hook. Clients wanted to sell, sell, sell following news of the terror attacks overnight in Manhattan.
The trading floor was abuzz with a mixture of excitement, uncertainty and unease.