4
May
Silver Slumps on Higher Margins; Gold Drops on Report of Soros Fund Sales
4 May 2011 Bloomberg.com
Silver futures dropped, heading for the biggest three-day fall since March 2008, as an increase in margin requirements on the Comex in New York drove investors away. Gold also fell after a report that Soros Fund Management LLC may have cut holdings.
Silver for July delivery slumped as much as 5 percent to $40.465 per ounce, after losing 7.6 percent yesterday and 5.2 percent on May 2. The metal was at $41.175 at 2:01 p.m. in Singapore, taking losses over the three days to 16 percent. Immediate-delivery gold fell 0.2 percent to $1,533.28 an ounce, also lower for a third session.
