Published: December 19, 2012
Press Release
Silver's Latest Selloff -- City Index UK
City Index UK -- So what happens to silver as it falls victim to metals' selloff? The recent damage in metals -- particularly gold -- is a result of the unwinding of this summer's buying gold against euro as a flight to safety from Greek election woes. The unwinding of that long gold/short EUR began to unravel these past few weeks after the dissipation of Eurozone tail risk (Greece debt buybacks, Spain bank bailout and preliminary Banking Union).
Silver is up 14% year-to-date, compared to gold's 7%. It is the fourth best performing commodity after wheat, soybeans and platinum at 24%, 22% and 14% respectively. Speculative activity among futures' traders has also been kinder for silver, with the number of net longs reaching a 22-month high of 41,275 contracts earlier this month. In contrast, gold net longs fell to 166,000 contracts, the lowest in three weeks.
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