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[뉴욕=이데일리 김정남 특파원] International silver prices plummeted in one day. Eun said that the ants scored as a’second game stop’ and tried to buy intensively, but returned the rise to the authorities’ regulations.
According to the New York Merchandise Exchange on the 2nd (local time), silver for delivery in March ended at $26.402, a drop of 10.3% per ounce compared to the previous trading day. It soared more than 9% the day before, and fell back in a day after it rose to the highest level in eight years since February 2013.
Silver, which is considered as a major commodity product along with gold, has recently jumped in price as individual investors focused on online community Reddit have noticed. As if they defeated major hedge funds with GameStop (GameStop, GME), they would target some investment banks (IBs) that established short positions in silver as a target.
However, the silver market is so large that it is incomparable to certain stocks such as Gamestop, and the targets of investment are also various such as futures, spots, stocks of related companies, and ETFs. Even within Reddit, there was an article saying that intensive buying of silver was a wrong choice.
In addition, CME Group, which operates the exchange, increased the margin for silver futures contracts by 18% from this day. CME Group decided to raise the margin of the previous day to $16,500 from $14,000 the previous day along with the surge in silver prices. “It’s not uncommon for exchanges to do this when prices fluctuate dramatically,” said David Madden, market analyst at CMC Markets, through Marketwatch. Said.
US Commodity Futures Trading Commission (CFTC) acting chairman Rostine Benham issued a statement on the day and warned that “we are closely monitoring the situation.”
Share prices of silver-related companies also fell. The share price of silver producer Cour Mining ended at $9.03 per share, down 19.90% from the previous trading day. It fell to $8.92 during the intraday. Pan American Silver fell 13.41% to $31.50.
Gold prices fell slightly. Gold for April delivery closed at $1833.40, down 1.6% per ounce on the same day.