Silver Plunges to Lowest Since 2010 as Gold Drops for Eighth DayBy Glenys Sim & Phoebe Sedgman
May. 20, 2013
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Silver plunged to the lowest level since September 2010, sending its ratio to gold to the highest in 33 months, while bullion extended the longest slump in four years as investment holdings contracted and stocks rallied.
Silver for immediate delivery tumbled as much as 7 percent to $20.6985 an ounce, and was at $21.345 at 11:32 a.m. in Singapore. The ratio surged to 64.89, the highest since August 2010. Gold lost as much as 1.5 percent to $1,338.85 an ounce, the lowest price since April 18, and was at $1,347.23. Gold is down for an eighth session, the worst run since March 2009.
Silver has slumped 30 percent in 2013, making it the worst-performing precious metal, on concern that industrial use isnít strong enough at a time when demand is waning for a protection of wealth. Silver held in exchange-traded products dropped to a four-month low on May 17, while hedge funds and other large speculators increased bets on lower prices by the most since March in the week to May 14.