US Silver Scrap, Silver Futures prices slump on strong Dollar

UNITED STATES February 23 2016 6:25 PM     

NEW YORK (Scrap Register): United  States silver scrap prices slumped on Monday, while silver futures prices at New  York Mercantile Exchange settled down as investors' appetite for riskier assets  such as equities curbed demand for the safe-haven, while a rising dollar weighed  as well.

The dollar’s gains came as the British pound plunged to a  seven-year low after London Mayor Boris Johnson’s shock decision to back a  campaign for Britain to leave the European Union in a June  referendum.

The major silver scrap commodities on the  Scrap Register Price Index traded down on Monday. The hallmarked silver scrap  prices decreased to $12.349 an ounce and non-hallmarked silver scrap prices  dropped to $10.961 an ounce.

The most active March silver contract on the  COMEX division of the New York Mercantile Exchange settled lower by 18.9 cents  to $15.184 an ounce on Monday.

Both gold and silver appeared to retreat  after enjoying recent haven bids during earlier worries about the global  economy. Bullion prices are usually growing in times of political and economic  uncertainty when investors seek safe-havens assets.