Silver futures lost significant ground Tuesday as markets priced in the worst “nuclear” option of Greece leaving the eurozone, says Rob Kurzatkowski, senior commodity analyst at OptionsXpress. Comex March silver future last traded at $16.450 an ounce, down 84.4 cents or 4.88% on the day. They note that a “Grexit” could have negative impacts on Europe’s economic growth, which would weaken demand for the precious and industrial metal. They add that technical picture points to lower prices for silver. “We see the March Silver contract pulling back a bit after hitting multi-month highs in mid-January. Prices failed to break through the 200-day moving average on the upside. Prices have broken the 20 and 50-day moving averages, suggesting that a near-term high may be in place,” he sayh.
