Spot Silver Plunges to $87, Gold Falls Below $4,570

Spot Silver Plunges to $87, Gold Falls Below $4,570

Precious metals experienced sharper declines, with gold dropping 1.43% to $4,550 and silver sliding 5.81% below $87 amid market volatility.

Fact Check
The assessment of the statement is based on a strong convergence of evidence from multiple high-authority sources. The statement consists of two claims: 1) spot silver reached $87, and 2) the price of gold fell below $4,570.For the first claim regarding silver, the evidence is overwhelming. Multiple sources, including Reuters and Seeking Alpha, report that silver's price surged well past the $87 mark, with specific reports citing prices rising past $90, to $91.13, and even past $92. If silver reached these higher values, it necessarily had to pass through $87. This part of the statement is conclusively supported.For the second claim regarding gold, the evidence is also strong, though slightly more nuanced. Multiple sources confirm that gold was trading at very high levels, surpassing $4,600. Critically, one Reuters article notes a fall in gold prices, providing a rationale for the downward movement. More directly, a report from Invezz states that gold "established support near the $4,570 level." In market terminology, establishing support at a certain price point typically involves the price falling to or slightly below that level before rebounding. This strongly implies that the price of gold did, in fact, touch or fall below $4,570. While one news brief from Futunn ambiguously states gold "broke through $4,570," which often implies an upward movement, the context provided by the more detailed sources about establishing support makes a downward breach more likely. Given that the silver claim is definitively true and the gold claim is strongly supported by high-quality evidence, the overall statement is assessed as 'likely_true' with a high degree of confidence.
Summary

Spot gold fell to $4,550 per ounce, down 1.43% after a $70 drop from the day's high, while spot silver declined 5.81% to below $87 per ounce. These significant same-day losses indicate heightened volatility in the precious metals market.

Terms & Concepts
  • Spot Silver: The current market price for immediate delivery of silver, as opposed to futures or other derivative contracts.
  • Spot Gold: The market price for immediate delivery of gold, reflecting real-time supply and demand conditions.