The price of silver has fallen sharply

The price of silver fell sharply on Tuesday after a sharp strengthening in previous days, when it was supported by high interest from small investors. The spot price of gold was minus $ 2.44 or 8.41% to $ 26.61 (€ 22.09) per ounce (31.1 grams). The March silver contract on the Comex commodity exchange sold at a loss of $ 2.92 or 9.94% at $ 26.50 an ounce. On Monday, the price of silver reached USD 30.10 per ounce, which was the highest since the beginning of 2013. Silver, as well as silver-tied stocks, has come to the attention of small investors in social media, especially Reddit, who have been behind the sharp rise in the price of some stocks, such as GameStop, in recent days, causing large losses to hedge funds which shortened these shares, which means that they bet on their decline. For example, Melvin Capital lost 53% in January. Shares of video game retailer GameStop also continued to fall on Tuesday, falling another 60% to about $ 89 after weakening by more than 30% on Monday (February 1). It has lost more than 70% since closing on Friday (January 29).