May 11, 2011, 2:43 p.m. EDT
Silver down nearly 8% as dollar strengthens
Concerns about Greece’s debt load drag euro
By Claudia Assis and Virginia Harrison, MarketWatch
SAN FRANCISCO (MarketWatch) — Silver futures on Wednesday led yet another commodities selloff , down 8% as traders judged a default for Greece unavoidable, a sentiment that weighed down the euro and sent the dollar higher.
Gold for June delivery declined $15.50, or 1%, to settle at $1,501.40 an ounce on the Comex division of the New York Mercantile Exchange.
July silver retreated $2.97, or 7.7%, to settle at $35.52 an ounce.
Greece’s debt restructuring seems “inevitable,” said Bill O’Neill, a principal at Logic Advisors in New Jersey. “That’s a real threat to the banking system.”
Full article: http://www.marketwatch.com/story/gold-silver-futures-rise-in-electronic-trade-2011-05-11
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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