Gold and silver dropped Tuesday as investors waited for delayed economic data and saw little fresh geopolitical news in the holiday-shortened week.
Spot silver fell 2% to around $74.85 per ounce. Silver futures dropped 4% to $74.7 per ounce.
Mining stocks were also under pressure before the open. Hecla Mining, which owns the Green Creek Mine in Alaska, was down 3%. Endeavour Silver lost 3.5%.
First Majestic Silver fell nearly 4%. Coeur Mining slipped almost 3.4%. Teck Resources and Silvercorp Metals were each roughly 3% lower. Wheaton Precious Metals declined more than 2%.
Silver exchange-traded funds were hit harder. ProShares Ultra Silver was down 7% in premarket trading. iShares Silver Trust and ABRDN Physical Silver Shares ETF both fell just over 3%, according to FactSet.
Despite renewed tensions in the Middle East, analysts at Deutsche Bank said in a note Tuesday that silver was “trading $7 below its real adjusted price in 1790” after the morning drop.
Gold moved lower as well. Spot gold fell more than 1% to $4,931 per ounce. Gold futures declined nearly 2% to $4,952 per ounce.
Precious metals had already seen heavy swings this year. In late January, prices tumbled after President Donald Trump nominated Kevin Warsh to lead the Federal Reserve, which strengthened the U.S. dollar. Silver futures plunged 30% that day, the worst drop since March 1980.
Source: https://www.cryptopolitan.com/tech-rout-drags-stocks-bitcoin-steadies-67k/