The price of silver dove Sunday night, sinking to a low print of $42.67 per ounce, a shocking 10.9% drop. Silver, which rebounded back to $43.57, fell amid fears that ebullient sentiment was pushing gold’s sister precious metal into bubble territory. News that the CME Group raised margins on silver futures, yet again, further roiled investors and traders.
Gold fell alongside silver, hitting a low of $1,541.50, before rising back to trade at $1,546 per ounce, off 1.1% from last Friday’s close. Rumors that President Obama was set to announce that Osama Bin Laden was killed by U.S. forces outside the Pakistani capital of Islamabad helped drive flows away from safe havens such as precious metals. S&P 500 stock futures advanced 9.00 to 1,371.50 on the news.