The value of China’s only pure-play silver fund plunged by its maximum daily limit of 10% on Thursday, ending a frenzied bull run that had prompted its manager to issue a rare series of warnings.
The abrupt decline in the UBS SDIC Silver Futures Fund LOF follows weeks of gains – flagged as “unsustainable” by the fund’s manager – fueled by rising global interest in precious metals. Spot silver hit a record high of $72.70 an ounce on Wednesday and is on track for its best annual performance since 1979.
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