The price of silver during trading on the Comex exchange (a division of the New York Mercantile Exchange) is falling by 10.43%, having reached $ 26.35 per troy ounce by this minute, according to the data of the trading floor.
The previous day, the silver price rose above $ 30 per troy ounce for the first time since February 2013.
Market participants believe that the recent rally in silver is due to the coordinated actions of private investors, guided by prompts from a popular Internet resource, as was the case with the shares of GameStop Corp and AMC Entertainment Holdings.
However, unlike the GameStop stock market, the silver market is roughly $ 1.5 trillion in value. It turned out to be more difficult for private investors to influence it.
The London Precious Metals Association, which oversees the silver market, said more than a billion ounces of silver were sold on Monday, more than three times the average at the end of last year.
“Anyone who buys silver should know that it’s called 'devil's metal' for a reason,” said Adrian Ash, head of research at BullionVault. “Volatility can be fast and strong, and it can be difficult to miss a long-term uptrend in prices if you suddenly find yourself at a loss.”