Silver selling continues after market close, silver down over 11% on the day to $34.980.
Silver has lost nearly 30% this week.
The pressure will increase due to a 16.7% increase in trading deposit requirements that go into effect at the close today. This means the standard 5,000-ounce silver contract will require $18,900 per contract to open a position, and maintain $14,000 of that to keep the contract overnight.
Investors must exit positions if they can’t afford the higher margins requirements. The exchange raises margins during times of high volatility to ensure market participants are adequately capitalized.
Trading as high as $48 at the start of the week, iShares Silver Trust ETF ended the session down 11.9% at 33.72.
Gold, is down 2.2% today at $1480.90. Up 24% in the past year.
Good news for most of us, Oil continues its fall closing at …