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The silver rate dropped 10% on Tuesday as the CME increased margin needs for silver contracts.
Peter Hug, international trading supervisor of Kitco Metals, said that the silver press effort has currently "backfired" as bullion stocks have run completely dry consequently, and also with costs up and also couple of physical products to offer, it is now much more tough for retail capitalists to push the rate up.
0:00 – Silver capture
8:30 – Silver costs shot up
10:15 – CME margin demands up for silver
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Why #SilverSqueeze ‘backfired’; price is now collapsing – Peter Hug
The silver price dropped 10% on Tuesday as the CME raised margin requirements for silver contracts.
Peter Hug, global trading director of Kitco Metals, said that the silver squeeze attempt has now “backfired” as bullion inventories have run dry as a result, and with premiums up and few physical products to sell, it is now even more difficult for retail investors to push the price up.
0:00 - Silver squeeze
8:30 - Silver premiums shot up
10:15 - CME margin requirements up for silver
__________________________________________________________________
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.
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