One of the best trades of the year just staged a massive reversal.
Silver futures fell 8.7% on Monday, after topping $80 an ounce for the first time ever in overnight trading. The precious metal settled at $70.46 an ounce. It was the worst day for silver futures since February 2021.
The move is even more dramatic on an intraday basis. Peak to trough, silver plunged 15%, the biggest high-to-low change going back to August 2020 when it dropped 16.85%.
“This is a historic move,” said Jeff Kilburg, CEO and chief investment officer of KKM Financial. “We haven’t seen a move like this in a long time.”
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