Silver Prices Tumble 5.3% in London, 5.9% in NY

The week was filled with a series of dark days for precious metals. Silver was the most depressed as prices tripped and then stumbled away from 2009 highs and a four-week winning streak. The metal retreated 5.9% in New York and 5.3% in London.

New York silver futures for December delivery closed Friday at $16.06 an ounce, plunging $1.01 for the week. It was the biggest weekly drop since February.

London silver was hit almost as hard. It sank 91 cents to close at $16.20 an ounce — a far cry from the year’s high of $17.38 reached on Thursday, Sept. 17. The good news is that silver is still up 50% this year when compared to the $10.79 closing price on Dec. 31, 2008.

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