Monday, October 6, 2008

Silver Drops Slightly as Commodities Continue to Tank

Silver was able to hold pretty steady today in spite of the ongoing plunge in commodities, as base-metals join other commodities in a sharp fall. Other than gold, the entire sector has been under strong downward pressure, although gold hasn't responded as well to its usual safe-haven status because of the stronger U.S. dollar.

As far as silver goes, it dropped by 4 cents today to end at $11.285 an ounce.

While it's considered a poor cousin of gold, it still doesn't partake in the upswings gold may enjoy, while at the same time it may not fall as much as other base metals because of it being considered something other than a base-metal only.

It'll probably continue to hold stronger than other base-metals, but at the same time not climb in conjunction with gold once the dollar weakens.

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