There was some more talk around during the day that the Securities and Exchange Commission is over its supposed guidance period for passing back comments and there was no news, so people were thinking maybe a decision must be imminent.
The fact that you get this announcement of a strike at what is basically the world's largest silver producer is more likely than not to have supportive impact.
There was stop-loss selling in fairly illiquid market conditions. Silver has come down on the back of that.
Following a period of rapid price appreciation it is not unusual to see physical buyers withdraw and wait for signs of stabilization or a correction before returning to the market.
I think the market certainly positioned itself for that and as we got closer to that $10 mark, it just became irresistible and the stops went off and some fresh buyers came in.
There's been a lot of selling and profit taking — across all asset classes, actually. Oil is weaker, gold, silver, platinum and palladium are weaker, and base metals are weaker. It's just fed on itself.
Really, the investment off-take is continuing unabated. It's crazy. There's a lot of traditionally positive gold news out there at the moment.
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