Silver collapses 13% on sharp selloff after China's data

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Source: Dukascopy Bank SA
Precious metals plunged for the second consecutive session on Monday after weak China's data sparked a massive selloff of precious metals as market players were worried that more cash will be needed to cover their positions.

Gold tumbled the most in 33 years on concerns over unexpected slowdown in China's economic growth. Meanwhile, holdings in SPDR Gold Trust reached a three-year low, while hedge funds reduced their bets on the bullion's price increase by 72% since mid-October.

Silver lost almost 13% amid a sharp selloff of precious metals after a release of disappointing China's data. Adding pressure, silver market is likely to remain in surplus for the fifth consecutive year in 2013 as Comex-tracked inventories are at 15-year high. Meanwhile, China has enough silver in its warehouses to meet industrial demand for 18 months compared to four months in 2009.

Platinum and Palladium followed the overall trend of the commodity group, plunging 7.56% and 5.68%. However, the metals' losses were limited by renewed supply concerns in South Africa. Strikes at Northam Platinum continued for the second week as workers demand an increase in bonuses.
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