Silver slumps as investors booked profits after Brexit driven rally; US Scrap Silver prices down

UNITED STATES June 29 2016 12:03 PM

NEW YORK (Scrap Register): United States silver scrap prices down on Tuesday, while silver futures prices at New York Mercantile Exchange settled lower as prices taking a pause from the Brexit-inspired rally, as investors looked to lock into profits days after the precious metal surged to 27-month highs.

The major silver scrap commodities on the Scrap Register Price Index traded down on Tuesday. The hallmarked silver scrap prices down to $14.465 an ounce and non-hallmarked silver scrap prices up to $12.839 an ounce.

The most active September silver contract on the COMEX division of the New York Mercantile Exchange diverged from gold to finish up 10.3 cents to $17.889 an ounce.

In the frenzied days since last week's surprising decision by voters in the U.K. to approve a referendum paving the way for a departure from the EU, Bullion has largely avoided a major sell-off, as traders continue to seek shelter in safe-haven assets. 

Market players now turn their attention to a closely-watched two-day EU Summit in Brussels for clearer indications on Britain's next steps.