Gold, silver tarnished on trading floor

May 4, 2011 at 6:41 PM
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NEW YORK, May 4 (UPI) -- Silver and gold futures tumbled Wednesday on a report that investors George Soros and John Burbank sold precious metals.

Silver declined $3.20, or 7.5 percent, to $39.39 an ounce, the first settlement under $40 an ounce since April 7 on the Comex division of the New York Mercantile Exchange.

Gold shed $25.10, or 1.6 percent, to $1,515.30 an ounce.

The Wall Street Journal reported Soros' hedge fund operated by investor John Burbank and other leading groups sold much of its gold and silver because there's less chance of deflation. said a spokesman for Soros declined comment.

"It's almost like a bungee jump cord, you don't know when it's going to bounce after a freefall like that," Adam Klopfenstein, senior market strategist with Lind-Waldock in Chicago, told "It's a self-fulfilling prophesy."

The euro was $1.483, up from Tuesday's $1.4822. Against the yen, the dollar was 80.61, compared with Tuesday's 80.98 yen.

The dollar fell to 44.350 Indian rupees from 44.366. Against the Hong King dollar, the U.S. dollar rose to 7.7703 from 7.7695.

The Australian dollar fell to $1.0725 from $1.0737.

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