The price of silver is going up and down like a yo-yo. On Sunday and into the first part of Monday, the price skyrocketed on news that Reddit was touting the metal. But as the data clearly showed, the price was not driven up by retail buying of physical metal.
To be sure, there was retail buying. But even if they depleted the finite inventories of Eagles and Maples, they were not the buyers that pushed the price up to $30. That would be the futures speculators.
Speculators use the futures market because it offers great leverage. But leverage gives them itchy trigger fingers, and they will sell to take profits or stop losses at any time.
That time began around 15:00 GMT Monday, and lasted through 6pm Tuesday.
On Tuesday alone, the price dropped two bucks.
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