Silver Prices Fell Sharply amid Hawkish Remarks

SHANGHAI, Jan 19 (SMM) - James Bullard, chairman of St Louis Fed said in a media interview that he supported to raise interest rates by 50 basis points. If so, the interest rates shall be above 5% to depress inflation. The prices of silver declined amid the hawkish remarks. The spot silvers were $23.46/ounce, and the average ex-factory price of SMM1# silver was 5,110 yuan/kg, up 146 yuan/kg or 2.8% from yesterday. According to SMM research, the transactions were very light.