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Silver again slipped, this time by just 7.6%, as futures contracts slated for May delivery settled down $3.50 at $42.57 an ounce.

Since just before midday Thursday, shares of the iShares SilverETF (SLV) have dropped more than 17% through today's intraday low of $39.82 a share, reached about an hour before the regular session's conclusion.

The SPDR Gold ETF (GLD) finished down 0.4%. Futures for June delivery settled down 1.1% to $1,540.40 an ounce. That was the contract's biggest fall since mid-March.

Analysts are blaming the drop on a combination of factors, including three increases in margin requirements for silver futures by the CME Group in a little more than a week.

Other factors were at play as well. This afternoon, the U.S. dollar showed signs of strength, weakening the appeal of silver and gold. The PowerShares U.S. Dollar ETF (UUP) lost about 0.7% in the early going before climbing around midday to finish flat.

Still lingering in the background, however, are European sovereign debt issues, slowing growth in the U.S. and political unrest in the Middle East.

"(A margin hike) creates a scare factor but silver is just such a wild market right now," Daniel Pavilonis, senior market strategist with Lind-Waldock, told Dow Jones Newswires.

Whether increased costs will become even more of a factor as the week progresses is something to keep an eye on. The latest price increase started after the close of business today.

"Right now we have reached euphoric levels in gold and silver bullion.Investors have forgotten mining equities and certain key assets trading on sale," wrote Jeb Handwerger, editor of GoldStockTrades in a note to clients today.

One name worth putting on watch lists, he says, is General Moly (GMO). It controls the largest undeveloped molybdenum asset in North America, Handwerger points out.

From a technical standpoint, the stock is reaching long term support at $4.50 a share, he added. It closed today down 3.25% at $4.47 a share.

The stock isn't a key name in either the Global X Silver Miners ETF (SIL), which finished down 2% today, or the Market Vectors Junior Gold Miners ETF (GDXJ). It is a minor holding in the Market Vectors Rare Earth/Strategic Metals ETF (REMX), however.

REMX finished slightly higher on Tuesday. Handwerger has been urging his subscribers to consider other types of metals as diversification tools to gold and silver.