Silver Is Getting Crushed

AKIN OYEDELE

 SEP. 20, 2014

Silver is getting crushed.

On Friday, Silver fell more than 3% to less than $18 an ounce, its lowest level in more than four years.

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The price of gold also fell about 0.8% and touched its lowest level since January. Gold has been weak recently and is approaching a four-year low.

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Platinum also fell to a nine-month low.

The biggest story on Friday is the Alibaba IPO, and shares of the Chinese e-commerce giant are going in the opposite direction. Alibaba opened at $92.70 per share, after pricing at $68 on Thursday night, and in afternoon trade shares of Alibaba were at around $91. 

Still, the Nasdaq led markets lower after Alibaba made its debut. Any positive close for the Dow and the S&P 500 will mark a new record after these indexes made new all-time highs on Thursday.

Also on Thursday, Scotland said “No” to independence, and in late trade on Thursday the Yen fell to its lowest level since September 2008 against the dollar, and the British pound rallied against most currencies.

The dollar is set for its 10th straight week of gains — which would be the longest rally since Lyndon Johnson was president, according to Bloomberg’s Andrea Wong.