Silver has followed gold in taking a major price tumble.
On May 20, the “spot” price of silver fell below $22 an ounce, its lowest price in over two years. At press time, it was trading at $21.98.
And that may just be the beginning, according to two Citibank analysts.
“After nearly a decade of rising silver prices, we expect the combination of growth in mine supply and sluggish demand to continue to keep silver prices under pressure,” the analysts wrote, according to CNBC and other news sources.
Silver’s slump comes as the price of gold is also seeing a continued decline. On May 20, it hit $1,343 an ounce, a month-long low. At press time, it had recovered and was trading at $1,384 an ounce.